Certain Agreements With Respect to Insolvency or Liquidation Proceedings. (a) The parties hereto acknowledge that this Agreement is a “subordination agreement” under New York law, New York UCC 9-339 and Section 510(a) of the Bankruptcy Code and shall continue in full force and effect, notwithstanding the commencement of any Insolvency or Liquidation Proceeding by or against the Borrower or any subsidiary of the Borrower. All references in this Agreement to the Borrower or any subsidiary of the Borrower or any other Grantor will include such Person or Persons as a debtor-in-possession and any receiver or trustee for such Person or Persons in an Insolvency or Liquidation Proceeding.
Appears in 6 contracts
Samples: Passu Intercreditor Agreement, Collateral Agency Agreement (California Resources Corp), Passu Intercreditor Agreement (California Resources Corp)
Certain Agreements With Respect to Insolvency or Liquidation Proceedings. (a) The Each of the parties hereto acknowledge acknowledges that this Agreement is a “subordination agreement” under New York law, New York UCC 9-339 and Section 510(a) of the Bankruptcy Code and shall continue in full force and effect, notwithstanding the commencement of any Insolvency or Liquidation Proceeding by or against the Borrower or any subsidiary of the Borrower. All references in this Agreement to the Borrower or any subsidiary of the Borrower or any other Grantor will include such Person or Persons as a debtor-in-possession and any receiver or trustee for such Person or Persons in an Insolvency or Liquidation Proceeding.
Appears in 3 contracts
Samples: Collateral Trust Agreement, Collateral Trust Agreement (Chesapeake Energy Corp), Collateral Trust Agreement (Chesapeake Energy Corp)
Certain Agreements With Respect to Insolvency or Liquidation Proceedings. (a) The Each of the parties hereto acknowledge acknowledges that this Agreement is a “subordination agreement” under New York law, New York UCC 9-339 and Section 510(a) of the Bankruptcy Code and shall continue in full force and effect, notwithstanding the commencement of any Insolvency or Liquidation Proceeding by or against the Borrower or any subsidiary Subsidiary of the Borrower. All references in this Agreement to the Borrower or any subsidiary Subsidiary of the Borrower or any other Grantor will include such Person or Persons as a debtor-in-possession and any receiver or trustee for such Person or Persons in an Insolvency or Liquidation Proceeding.
Appears in 1 contract
Samples: Collateral Trust Agreement (Chesapeake Energy Corp)
