Election under Bankruptcy Code Sample Clauses
The 'Election under Bankruptcy Code' clause outlines the rights and procedures available to parties if one of them becomes subject to bankruptcy proceedings. Typically, this clause allows a non-bankrupt party to make certain elections regarding the continuation, termination, or treatment of the contract in light of the bankruptcy filing. For example, it may specify whether the contract can be assumed or rejected by the bankrupt party, or whether certain obligations must still be performed. The core function of this clause is to provide clarity and protect the interests of the non-bankrupt party by pre-establishing how the contract will be handled in the event of bankruptcy, thereby reducing uncertainty and potential disputes.
Election under Bankruptcy Code. Each Co-Trustee and each other Person having rights under this Agreement by accepting the benefits hereof irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code for a secured claim that Person may have against a Titling Company or against an Exchange Note of a Titling Company other than the 20__-__ Exchange Note.
Election under Bankruptcy Code. The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or an interest or participation in a Note, irrevocably makes the election provided to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment provided by Section 1111(b)(2) of the Bankruptcy Code for a secured claim that Person may have against Other Borrower Assets (including a Specified Interest of a Titling Company other than the Collateral Specified Interest).
Election under Bankruptcy Code. The Collateral Agent, the Administrative Agent and the Lender, by entering into this Agreement, each Exchange Noteholder, by accepting an Exchange Note, irrevocably makes the election provided to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment provided by Section 1111(b)(2) of the Bankruptcy Code for a secured claim that Person may have against Other Borrower Assets, including (i) for each of them, assets allocated to a Specified Interest of a Borrower other than the Collateral Specified Interest, (ii) for the Lender, assets allocated to any Reference Pool and (iii) for an Exchange Noteholder, assets allocated to the Revolving Facility Pool or any other Reference Pool.
Election under Bankruptcy Code. Each Co- Trustee irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code for a secured claim that the Co-Trustee may have against assets of the Depositor other than assets related to the 20__-__ Exchange Note of the Depositor.
Election under Bankruptcy Code. Each Co- Trustee irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code for a secured claim that the Co-Trustee may have against assets of the Depositor other than assets related to the 20__-__ Exchange Note of the Depositor.