Common use of Financial Status and Insolvency Clause in Contracts

Financial Status and Insolvency. Any Loan Party shall: (i) admit in writing in a pleading filed in a legal proceeding (other than in a legal proceeding filed by or on behalf of any Lender) to its inability to pay its debts generally as they become due; (ii) file a petition in bankruptcy or a petition to take advantage of any insolvency act; (iii) make an assignment for the benefit of creditors; (iv) consent to the appointment of a receiver, liquidator or trustee of itself or of the whole or any substantial part of its properties or assets (other than at the request of Administrative Agent or any Lender); (v) file a petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws or any other applicable Law; (vi) have a court of competent jurisdiction enter an order, judgment or decree appointing a receiver, liquidator or trustee of a Loan Party, or of the whole or any substantial part of the property or assets of a Loan Party, and such order, judgment or decree shall remain unvacated or not set aside or unstayed for ninety (90) days; (vii) have a petition filed against it seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws or any other applicable Law and such petition shall remain undismissed or unbonded for ninety (90) days; (viii) have, under the provisions of any other Law for the relief or aid of debtors, any court of competent jurisdiction assume custody or control of a Loan Party or of the whole or any substantial part of its property or assets and such custody or control shall remain unterminated or unstayed for ninety (90) days; or (ix) have an attachment or execution levied against any substantial portion of the property of a Loan Party or against any portion of a Collateral Property which is not discharged or dissolved by a bond within sixty (60) days. For the avoidance of doubt, appointment of a receiver or a Person functioning in a similar capacity for any properties owned directly or indirectly by the Loan Parties that are not Collateral Properties shall not constitute a Default or an Event of Default.

Financial Status and Insolvency. Any Loan Party (a) Borrower shall: (i) admit in writing in a pleading filed in a legal proceeding (other than in a legal proceeding filed by or on behalf of any Lender) to its inability to pay its debts generally as they become duedue as part of a general scheme to induce an involuntary bankruptcy (for the avoidance of doubt, correspondence from Borrower to Agent or any Lender outside of legal proceedings admitting insolvency or inability to pay debts as they become due will not give rise to liability pursuant to this clause (a)); (ii) file a petition in bankruptcy or a petition to take advantage of any insolvency act; (iii) make an assignment for the benefit of creditors; (iv) consent to to, or acquiesce in, the appointment of a receiver, liquidator or trustee of itself or of the whole or any substantial part of its properties or assets (other than at the request of Administrative Agent or any Lender)assets; (v) file a petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws Laws or any other applicable Law; (vi) have a court of competent jurisdiction enter an order, judgment or decree appointing a receiver, liquidator or trustee of a Loan PartyBorrower, or of the whole or any substantial part of the property or assets of a Loan PartyBorrower, and such order, judgment or decree shall remain unvacated or not set aside or unstayed for ninety sixty (9060) days; (vii) have a petition filed against it seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws Laws or any other applicable Law and such petition shall remain undismissed or unbonded for ninety sixty (9060) days; (viii) have, under the provisions of any other Law for the relief or aid of debtors, any court of competent jurisdiction assume custody or control of a Loan Party Borrower or of the whole or any substantial part of its property or assets and such custody or control shall remain unterminated or unstayed for ninety sixty (9060) days; or (ix) have an attachment or execution levied against any substantial portion the Property or other material asset(s) of the property of a Loan Party or against any portion of a Collateral Property Borrower which is not discharged or dissolved by payment or a bond within sixty thirty (6030) days. For the avoidance of doubt, appointment of a receiver or a Person functioning in a similar capacity for any properties owned directly or indirectly by the Loan Parties that are not Collateral Properties shall not constitute a Default or an Event of Default.; or

Financial Status and Insolvency. Any Loan Party Borrower (which term for purposes of this Section 11.1.4 shall include the Guarantor) shall: (i) admit in writing in a pleading filed in a legal proceeding (other than in a legal proceeding filed by or on behalf of any Lender) to its inability to pay its debts generally as they become due; (ii) file a petition in bankruptcy or a petition to take advantage of any insolvency act; (iii) make an assignment for the benefit of creditors; (iv) consent to to, or acquiesce in, the appointment of a receiver, liquidator or trustee of itself or of the whole or any substantial part of its properties or assets (other than at the request of Administrative Agent or any Lender)assets; (v) file a petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws or any other applicable Lawlaw; (vi) have a court of competent jurisdiction enter an order, judgment or decree appointing a receiver, liquidator or trustee of a Loan PartyBorrower, or of the whole or any substantial part of the property or assets of a Loan PartyBorrower, and such order, judgment or decree shall remain unvacated or not set aside or unstayed for ninety sixty (9060) days; (vii) have a petition filed against it seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws or any other applicable Law law and such petition shall remain undismissed or unbonded for ninety sixty (9060) days; (viii) have, under the provisions of any other Law law for the relief or aid of debtors, any court of competent jurisdiction assume custody or control of a Loan Party Borrower or of the whole or any substantial part of its property or assets and such custody or control shall remain unterminated or unstayed for ninety sixty (9060) days; or (ix) have an attachment or execution levied against any substantial portion of the property of a Loan Party Borrower or against any portion of a the Collateral Property which is not discharged or dissolved by a bond within sixty (60) days. For the avoidance of doubt, appointment of a receiver or a Person functioning in a similar capacity for any properties owned directly or indirectly by the Loan Parties that are not Collateral Properties shall not constitute a Default or an Event of Default.

Financial Status and Insolvency. Any Loan Party The Borrower shall: (i) admit in writing in a pleading filed in a legal proceeding (other than in a legal proceeding filed by or on behalf of any Lender) to its inability to pay its debts generally as they become due; (ii) file a petition in bankruptcy or a petition to take advantage of any insolvency act; (iii) make an assignment for the benefit of creditors; (iv) consent to to, or acquiesce in, the appointment appoint­ment of a receiver, liquidator or trustee of itself or of the whole or any substantial part of its properties or assets (other than at the request of Administrative Agent or any Lender)assets; (v) file a petition or answer seeking reorganizationreorganiza­tion, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws or any other applicable Lawlaw; (vi) have a court of competent jurisdiction enter an order, judgment or decree appointing a receiver, liquidator or trustee of a Loan Partythe Borrower, or of the whole or any substantial part of the property or assets of a Loan Partythe Borrower, and such order, judgment or decree shall remain unvacated or not set aside or unstayed for ninety sixty (9060) days; (vii) have a petition filed against it seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws or any other applicable Law law and such petition shall remain undismissed or unbonded for ninety sixty (9060) days; (viii) have, under the provisions of any other Law law for the relief or aid of debtors, any court of competent jurisdiction jurisdic­tion assume custody or control of a Loan Party the Borrower or of the whole or any substantial part of its property or assets and such custody or control shall remain unterminated or unstayed for ninety sixty (9060) days; or (ix) have an attachment or execution levied against any substantial portion of the property of a Loan Party the Borrower or against any substantial portion of a the Collateral Property which is not discharged or dissolved by a bond within sixty (60) days. For the avoidance of doubt, appointment of a receiver or a Person functioning in a similar capacity for any properties owned directly or indirectly by the Loan Parties that are not Collateral Properties shall not constitute a Default or an Event of Default.; or

Financial Status and Insolvency. A. Any Loan Party Borrower or Shelbourne OP shall: (i) admit in writing in a pleading filed in a legal proceeding (other than in a legal proceeding filed by or on behalf of any Lender) to its inability to pay its debts generally as they become due; (ii) file a petition in bankruptcy or a petition to take advantage of any insolvency act; (iii) make an assignment for the benefit of creditors; (iv) consent to to, or acquiesce in, the appointment of a receiver, liquidator or trustee of itself or of the whole or any substantial part of its properties or assets (other than at the request of Administrative Agent or any Lender)assets; (v) file a petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws or any other applicable Lawlaw; (vi) have a court of competent jurisdiction enter an order, judgment or decree appointing a receiver, liquidator or trustee of a Loan Partysuch Borrower or Shelbourne OP, or of the whole or any substantial part of the property or assets of a Loan Partysuch Borrower or Shelbourne OP, and such order, judgment or decree shall remain unvacated or not set aside or unstayed for ninety sixty (9060) days; (vii) have a petition filed against it seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws or any other applicable Law law and such petition shall remain undismissed or unbonded for ninety sixty (9060) days; (viii) have, under the provisions of any other Law law for the relief or aid of debtors, any court of competent jurisdiction assume custody or control of a Loan Party such Borrower or Shelbourne OP of the whole or any substantial part of its property or assets and such custody or control shall remain unterminated or unstayed for ninety sixty (9060) days; or (ix) have an attachment or execution levied against any substantial portion of the property of a Loan Party such Borrower or Shelbourne OP or against any substantial portion of a the Collateral Property which is not discharged or dissolved by a bond within sixty thirty (6030) days. For the avoidance of doubt, appointment of a receiver or a Person functioning in a similar capacity for any properties owned directly or indirectly by the Loan Parties that are not Collateral Properties shall not constitute a Default or an Event of Default.; or