Debtor Relief Proceedings Sample Clauses
Debtor Relief Proceedings. Each of the Wholly-Owned Consolidated Subsidiaries, which owns a Qualifying Unencumbered Property or a lien described in subparagraph h of the definition of Permitted Liens, constitutes an essential asset of the Borrower, and if the Borrower shall ever voluntarily seek the benefits of any Debtor Relief Law, then the Borrower shall contemporaneously therewith, to the extent such entities are legally entitled to such relief, cause each such Wholly-Owned Consolidated Subsidiary to seek such relief. If any individual Wholly-Owned Consolidated Subsidiary, which owns a Qualifying Unencumbered Property or a lien described in subparagraph h of the definition of Permitted Liens, shall ever voluntarily seek the benefits of any Debtor Relief Law, then the Borrower shall contemporaneously therewith, to the extent the Borrower is legally entitled to such relief, seek such relief and cause each of the other Wholly-Owned Consolidated Subsidiaries, which owns a Qualifying Unencumbered Property or a lien described in subparagraph h of the definition of Permitted Liens, to seek such relief to the extent such entities are legally entitled to such relief.
Debtor Relief Proceedings. The Loan Parties shall notify Lender immediately of the filing of any petition, case, proceeding or other action against Borrower, any other Loan Party or any of the Collateral under any Debtor Relief Law. Each Loan Party agrees that any transfer, encumbrance or other use of any security (or any proceeds of such security) for the Loan after the filing of any such petition or other action and without specific written consent of Lender shall constitute a conversion of Lender's right, title and interest in said security or the proceeds thereof, as the case may be.
Debtor Relief Proceedings. Notwithstanding any other provision contained in this Agreement or the Loan Documents, the Borrower, Related Parties and the Lender agree that the following provisions will be applicable if bankruptcy, reorganization, liquidation, conservatorship, receivership or similar proceedings, including a Bankruptcy Proceeding, under any state or federal law now or hereafter in effect are commenced by or against the Borrower or any Related Party or if the Borrower or any Related Party otherwise commences any action to restrain, enjoin or otherwise impede the Lender’s exercise of the remedies afforded to Lender under the Loan Documents at law or in equity (collectively, a “Debtor Relief Proceeding”):
Debtor Relief Proceedings. Each of the Obligors specifically ------------------------- acknowledges and represents that one of the purposes of this Agreement is to provide them and their respective Affiliates with the opportunity to reorganize their respective affairs in lieu of filing a petition for relief pursuant to any Bankruptcy Law or instituting any other action or proceeding under any other Law seeking to restrain, enjoin or otherwise impede the exercise of the Agent's or any of the Lenders' respective rights or remedies. Accordingly, each of them further expressly warrants and covenants that:
2.9.1 none of the Obligors or any of their respective Affiliates shall (a) file for relief, protection or reorganization under or otherwise seek to take advantage of any Bankruptcy Law or other Law, or (b) cause to occur any act or omission (including, without limitation, making any assignment for the benefit of their respective creditors) enabling any of their creditors to invoke any Bankruptcy Law or other Law, or (c) commence or acquiesce to the commencement of any other proceeding attempting to repudiate, contest or challenge, or seeking to set aside, enjoin, restrain or overturn, or otherwise endeavoring to impede, interfere with or impair Pilgrim's or the Agent's exercise or attempted exercise of any of the rights, powers or remedies afforded to them hereunder or under any of the other Loan Documents (as the same will be modified pursuant to the terms and conditions of Article III below if the Closing referred to in Paragraph 4.1 below occurs) or at Law or in equity (collectively, "Debtor Relief Proceedings" and individually, a "Debtor Relief Proceeding");
2.9.2 however, if there shall be filed by or against any of the Obligors (or by or against any of their respective Affiliates) any Debtor Relief Proceeding, then each of the Obligors covenants to agree with and adopt, consent to, include and/or take (and not to contest, dispute or challenge the assertion and/or taking by Pilgrim or the Agent of), and to cause each of their respective Affiliates to agree with and adopt, consent to, include and/or take (and not to contest, dispute or challenge the assertion and/or taking by Pilgrim or the Agent of), the following actions and/or positions therein:
2.9.2.1 the continued enforceability of the terms and conditions of this Agreement shall be made an integral part of each and every plan of reorganization ("Plan") or order of discharge or other relief ("Discharge") submitted, sought, co...
Debtor Relief Proceedings. Borrower shall notify Lender immediately of the filing of any petition, case, proceeding or other action against Borrower or Guarantor or any of the Property under any Debtor Relief Law. Borrower agrees that any transfer, encumbrance or other use of any security (or any proceeds of such security) for the Loan after the filing of any such petition or other action and without specific written consent of Lender shall constitute a conversion of Lender's right, title and interest in said security or the proceeds thereof, as the case may be.