CREDITOR-DEBTOR PROCEEDINGS. 28.0 In the event any bankruptcy, insolvency, reorganization, or other creditor-debtor proceedings shall be instituted by or against the Licensee or its successors or assigns, or the guarantor, if any, the Security Deposit shall be deemed to be applied first to the payment of license fees and/or other charges due the City for all periods prior to the institution of such proceedings and the balance, if any, of the Security Deposit may be retained by the City in partial liquidation of the City’s damages.
CREDITOR-DEBTOR PROCEEDINGS. 28.1 In the event any bankruptcy, insolvency, reorganization or other creditor-debtor proceedings shall be instituted by or against Licensee or its successors or assigns, or the guarantor, if any, the Security Deposit shall be deemed to be applied first to the payment of license fees and/or other charges due the City or RIPA, or successor organization at the direction of the City, for all periods prior to the institution of such proceedings and the balance, if any, of the Security Deposit may be retained by the City in partial liquidation of the City’s, or RIPA’s, or successor organization’s, damages; provided, however, that if any such proceeding is instituted against Licensee or its successors or assigns, or the guarantor, if any, then such party shall have sixty (60) days to have such proceedings dismissed during which time no action or deduction shall be taken relating to or against the Security Deposit.
CREDITOR-DEBTOR PROCEEDINGS. In the event any bankruptcy, insolvency, reorganization or other creditor-debtor proceedings shall be instituted by or against the Licensee or its successors or assigns, or the guarantor, if any, the Security Deposit shall be deemed to be applied first to the payment of license fees and/or other charges due the City for all periods prior to the institution of such proceedings and the balance, if any, of the Security Deposit may be retained by the City in partial liquidation of the City's damages. In the event of any bankruptcy, insolvency, reorganization or other creditor-debtor proceedings, Commissioner has to right to terminate this license upon one (1) day's notice.
