Common use of FINANCIAL EVENTS Clause in Contracts

FINANCIAL EVENTS. (i) Borrower makes a general assignment for the benefit of the Borrower’s creditors; or (ii) Borrower loses the right to do business, by forfeiture or otherwise; or (iii) A receiver or receivers of any kind whatsoever, whether appointed or not, in admiralty, bankruptcy law, common law, or equity proceedings, and whether temporary or permanent, shall be appointed for property of the Borrower; or Article VII, DEFAULT (continued) (iv) PETITION OR OTHER PROCEEDING OR ACTION IN BANKRUPTCY, regarding the BORROWER, is filed by the BORROWER or by creditors of the BORROWER; however, no proceeding or action in bankruptcy filed against BORROWER by its creditors shall constitute an event of default under the Financial Agreement unless such proceeding or action has not been dismissed within 60 days of filing. ALL PARTIES TO THIS AGREEMENT ACKNOWLEDGE AND UNDERSTAND THAT IN THE EVENT THAT A PETITION IN BANKRUPTCY IS FILED BY ANY PARTY OR AN INVOLUNTARY BANKRUPTCY PETITION FILED BY A THIRD PARTY IS NOT DISMISSED WITHIN 60 DAYS OF FILING, THAT THE FOLLOWING EVENT WILL OCCUR: 1. THE GOVERNMENT WILL IMMEDIATELY ACCELERATE THE ENTIRE AMOUNT OUTSTANDING AND DEMAND IMMEDIATE PAYMENT THEREOF; AND 2. ANY VESSEL THAT SECURES, IN WHOLE OR IN PART, THE SUM OWED THE GOVERNMENT WILL RETURN TO PORT AND NOT DEPART UNLESS ORDERED BY THE BANKRUPTCY COURT.

FINANCIAL EVENTS. (i) Borrower makes a general assignment for the benefit of the Borrower’s 's creditors; or (ii) Borrower loses the right to do business, by forfeiture or otherwise; or (iii) A receiver or receivers of any kind whatsoever, whether appointed or not, in admiralty, bankruptcy law, common law, or equity proceedings, and whether temporary or permanent, shall be appointed for property of the Borrower; or Article VII, DEFAULT (continued)or (iv) PETITION OR OTHER PROCEEDING OR ACTION IN BANKRUPTCY, regarding the BORROWER, is filed by the BORROWER or by creditors of the BORROWER; however, no proceeding or action in bankruptcy filed against BORROWER by its creditors shall constitute an event of default under the Financial Agreement unless such proceeding or action has not been dismissed within 60 days of filing. ALL PARTIES TO THIS AGREEMENT ACKNOWLEDGE AND UNDERSTAND THAT IN THE EVENT THAT A PETITION IN BANKRUPTCY IS FILED BY ANY PARTY OR AN INVOLUNTARY BANKRUPTCY PETITION FILED BY A THIRD PARTY IS NOT DISMISSED WITHIN 60 DAYS OF FILING, THAT THE FOLLOWING EVENT WILL OCCUR: 1. THE GOVERNMENT WILL IMMEDIATELY ACCELERATE THE ENTIRE AMOUNT OUTSTANDING AND DEMAND IMMEDIATE PAYMENT THEREOF; ANDAND Article VII, DEFAULT (CONTINUED) 2. ANY VESSEL THAT SECURES, IN WHOLE OR IN PART, THE SUM OWED THE GOVERNMENT WILL RETURN TO PORT AND NOT DEPART UNLESS ORDERED BY THE BANKRUPTCY COURT.

FINANCIAL EVENTS. (i) Borrower BORROWER makes a general assignment for the benefit of the Borrower’s BORROWER's creditors; or (ii) Borrower BORROWER loses the right to do business, by forfeiture or otherwise; or (iii) A receiver or receivers of any kind whatsoever, whether appointed or not, in admiralty, bankruptcy lawbankruptcy, common law, or equity proceedings, and whether temporary or permanent, shall be appointed for the vessel or for any other property of the BorrowerBORROWER; or Article VII, DEFAULT (continued)or (iv) A PETITION OR OTHER PROCEEDING OR ACTION IN BANKRUPTCY, regarding the BORROWER, is filed by the BORROWER or by creditors of the BORROWER; however, no proceeding or action in bankruptcy filed against the BORROWER by its creditors shall constitute an event of default under the Financial Agreement Preferred Ship Mortgage unless such proceeding or action has not been dismissed within 60 sixty (60) days of filingafter the filing thereof; or THE BORROWER UNDERSTANDS THAT IF IT FILES BANKRUPTCY, IT WILL LOSE THE VESSEL. ALL PARTIES THE BORROWER EXPRESSLY AGREES TO THIS AGREEMENT ACKNOWLEDGE AND UNDERSTAND UNDERSTANDS THAT IN THE EVENT THAT A PETITION OF BANKRUPTCY, THE VESSEL WHICH IS THE SECURITY FOR THIS PREFERRED SHIP MORTGAGE SHALL NOT GO OUT TO SEA, AND WILL REMAIN IN BANKRUPTCY IS FILED BY ANY PARTY OR AN INVOLUNTARY PORT IN THE JURISDICTION OF THE COURT WHERE THE BANKRUPTCY PETITION FILED BY A THIRD PARTY IS NOT DISMISSED WITHIN 60 DAYS OF FILING, THAT THE FOLLOWING EVENT WILL OCCUR: 1. THE GOVERNMENT WILL IMMEDIATELY ACCELERATE THE ENTIRE AMOUNT OUTSTANDING AND DEMAND IMMEDIATE PAYMENT THEREOF; AND 2. ANY VESSEL THAT SECURES, IN WHOLE OR IN PART, THE SUM OWED THE GOVERNMENT WILL RETURN TO PORT AND NOT DEPART UNLESS ORDERED BY THE BANKRUPTCY COURTFILED.

FINANCIAL EVENTS. (i) Borrower BORROWER makes a general assignment for the benefit of the Borrower’s BORROWER'S creditors; or (ii) Borrower BORROWER loses the right to do business, by forfeiture or otherwise; or (iii) A receiver or receivers of any kind whatsoever, whether appointed or not, in admiralty, bankruptcy lawbankruptcy, common law, or equity proceedings, and whether temporary or permanent, shall be appointed for the VESSEL or for any other property of the BorrowerBORROWER; or Article VII, DEFAULT (continued)or (iv) A PETITION OR OTHER PROCEEDING OR ACTION IN BANKRUPTCY, regarding the BORROWER, is filed by the BORROWER or by creditors of the BORROWER; however, no proceeding or action in bankruptcy filed against the BORROWER by its creditors shall constitute an event of default under the Financial Agreement Preferred Ship Mortgage unless such proceeding or action has not been dismissed within 60 sixty (60) days of filingafter the filing thereof; or THE BORROWER UNDERSTANDS THAT IF IT FILES BANKRUPTCY, IT WILL LOSE THE VESSEL. ALL PARTIES THE BORROWER EXPRESSLY AGREES TO THIS AGREEMENT ACKNOWLEDGE AND UNDERSTAND UNDERSTANDS THAT IN THE EVENT THAT A PETITION OF BANKRUPTCY, THE VESSEL WHICH IS THE SECURITY FOR THIS PREFERRED SHIP MORTGAGE SHALL NOT GO OUT TO SEA, AND WILL REMAIN IN BANKRUPTCY IS FILED BY ANY PARTY OR AN INVOLUNTARY PORT IN THE JURISDICTION OF THE COURT WHERE THE BANKRUPTCY PETITION FILED BY A THIRD PARTY IS NOT DISMISSED WITHIN 60 DAYS OF FILING, THAT THE FOLLOWING EVENT WILL OCCUR: 1. THE GOVERNMENT WILL IMMEDIATELY ACCELERATE THE ENTIRE AMOUNT OUTSTANDING AND DEMAND IMMEDIATE PAYMENT THEREOF; AND 2. ANY VESSEL THAT SECURES, IN WHOLE OR IN PART, THE SUM OWED THE GOVERNMENT WILL RETURN TO PORT AND NOT DEPART UNLESS ORDERED BY THE BANKRUPTCY COURTFILED.