Common use of Full Recourse Obligations Clause in Contracts

Full Recourse Obligations. Notwithstanding anything to the contrary contained in this Mortgage or the other Loan Documents, the exculpation provisions of subparagraph (a) above will BECOME NULL AND VOID and the Loan will be FULLY RECOURSE to Mortgagor and any guarantor under any guaranty in the event that Mortgagor, any guarantor under any guaranty or any indemnitor under any indemnity agreement (i) commences as debtor any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law, (ii) has appointed for it or the whole or any substantial part of its property (other than upon the petition or filing of Mortgagee) a receiver, conservator, trustee, custodian, manager, liquidator, or similar official, by any governmental authority; (iii) makes a proposal or any assignment for the benefit of its creditors, or enters into an arrangement or composition or similar plan or scheme with or for the benefit of creditors generally occurring in circumstances in which such entity is unable to meet its obligations as they become due; (iv) has filed against it any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law which (a) is consented to or not timely contested by such entity, or (b) is not dismissed within one hundred twenty (120) days; (v) if required to do so under the terms of this Mortgage or the other Loan Documents, fails to maintain its status as a single purpose, bankruptcy-remote entity pursuant to its organizational documents and this Mortgage and the other Loan Documents; or (vi) by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, asserts or has filed against Mortgagor or any guarantor a claim that the transaction creating the lien of this Mortgage is either (a) a fraudulent conveyance or fraudulent transfer, or (b) a preferential transfer.

Full Recourse Obligations. Notwithstanding anything to the contrary contained in this Mortgage Note or the other Loan Documents, the exculpation provisions of subparagraph subsection (a) above will BECOME NULL AND VOID and the Loan will be FULLY RECOURSE to Mortgagor and any guarantor under any guaranty Maker in the event that MortgagorMaker, any guarantor under any guaranty or any indemnitor under any indemnity agreement (i) commences as debtor any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law, (ii) has appointed or seeks or consents to the appointment of a receiver, conservator, trustee, custodian, manager, liquidator or similar official for it or the whole or any substantial part of its property property; (other than upon the petition or filing of Mortgageeii) has a receiver, conservator, trustee, custodian, manager, liquidator, or similar officialofficial appointed for it or the whole or any substantial part of its property, by any governmental authorityauthority with jurisdiction to do so; (iii) makes a proposal or any assignment for the benefit of its creditors, or enters into an arrangement or composition or similar plan or scheme with or for the benefit of creditors generally occurring in circumstances in which such entity is unable to meet its obligations as they become due; (iv) has filed against it any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law which (a1) is consented to or not timely contested by such entity; (2) results in the entry of an order for relief, appointment of a receiver, conservator, trustee, custodian, manager, liquidator or similar official for such entity or the whole or any substantial part of its property; or (b3) is not dismissed within one hundred twenty (120) days; (v) if required to do so under the terms of this Mortgage or the other Loan Documents, fails to maintain its status as a single purpose, bankruptcy-remote asset entity pursuant to its organizational documents and this Mortgage and the other Loan Documents; , provided Maker does not cure such default within thirty (30) days following written notice from Payee or (vi) any claim by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, asserts or has filed against Mortgagor or any guarantor a claim is asserted to the effect that the transaction creating the lien of this the Mortgage is either (a) a fraudulent conveyance or fraudulent transfer, or (b) a preferential transfer.

Full Recourse Obligations. Notwithstanding anything to the contrary contained in this Mortgage or the other Loan Documents, the exculpation provisions of subparagraph (a) above will BECOME NULL AND VOID and the Loan will be FULLY RECOURSE to Mortgagor and any guarantor under any guaranty in the event that Mortgagor, any guarantor under any guaranty or any indemnitor under any indemnity agreement (i) commences as debtor any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law, (ii) has appointed or seeks or consents to the appointment of a receiver, conservator, trustee, custodian, manager, liquidator or similar official for it or the whole or any substantial part of its property (other than upon the petition or filing of Mortgagee) a receiver, conservator, trustee, custodian, manager, liquidator, or similar official, by any governmental authorityproperty; (iiiii) makes a proposal or any assignment for the benefit of its creditors, or enters into an arrangement or composition or similar plan or scheme with or for the benefit of creditors generally occurring in circumstances in which such entity is unable to meet its obligations as they become due; (iviii) has if an involuntary bankruptcy proceeding is filed against it any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law Maker which (aMortgagor colluded with the filing party(ies) is consented to or not timely contested by such entity, or (b) is not dismissed within one hundred twenty (120) dayscause its filing; (viv) if required to do so under the terms of this Mortgage or the other Loan Documents, fails to maintain its status as a single purpose, bankruptcy-remote entity pursuant to its organizational documents and this Mortgage and the other Loan Documents; or (viv) any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, asserts or has filed against Mortgagor or any guarantor a claim is asserted to the effect that the transaction creating the lien of this Mortgage is either (a) a fraudulent conveyance or fraudulent transfer, or (b) a preferential transfer.

Full Recourse Obligations. Notwithstanding anything to the contrary contained in this Mortgage Note or the other Loan Documents, the exculpation provisions of subparagraph subsection (a) above will BECOME NULL AND VOID and the Loan will be FULLY RECOURSE to Mortgagor Maker and any guarantor under any guaranty in the event that MortgagorMaker, any guarantor under any guaranty or any indemnitor under any indemnity agreement (i) commences as debtor any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, EXHIBIT 10.5 Loan No. 526436:11 dissolution or similar law, (ii) has appointed or seeks or consents to the appointment of a receiver, conservator, trustee, custodian, manager, liquidator or similar official for it or the whole or any substantial part of its property (other than upon the petition or filing of Mortgagee) a receiver, conservator, trustee, custodian, manager, liquidator, or similar official, by any governmental authorityproperty; (iiiii) makes a proposal or any assignment for the benefit of its creditors, or enters into an arrangement or composition or similar plan or scheme with or for the benefit of creditors generally occurring in circumstances in which such entity is unable to meet its obligations as they become due; (iviii) has if an involuntary bankruptcy proceeding is filed against it any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law Maker which (aMaker colluded with the filing party(ies) is consented to or not timely contested by such entity, or (b) is not dismissed within one hundred twenty (120) dayscause its filing; (viv) if required to do so under the terms of this Mortgage or the other Loan Documents, fails to maintain its status as a single purpose, bankruptcy-remote entity pursuant to its organizational documents and this Mortgage and the other Loan Documents; or (viv) any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, asserts or has filed against Mortgagor or any guarantor a claim is asserted to the effect that the transaction creating the lien of this Mortgage is either (a) a fraudulent conveyance or fraudulent transfer, or (b) a preferential transfer.

Full Recourse Obligations. Notwithstanding anything to the contrary contained in this Mortgage Note or the other Loan Documents, the exculpation provisions of subparagraph subsection (a) above will BECOME NULL AND VOID and the Loan will be FULLY RECOURSE to Mortgagor Maker and any guarantor under any guaranty in the event that MortgagorMaker, any guarantor under any guaranty or any indemnitor under any indemnity agreement provided to the Payee: (i) commences as debtor any case or proceeding under any commencesasdebtoranycaseorproceedingunderany bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law, (ii) has appointed apportioned for it or the whole or any substantial part of its property (other than upon the petition or filing of Mortgagee) Payee), a receiver, conservator, trustee, custodian, manager, liquidator, or similar official, by any governmental or judicial authority; (iii) makes a proposal or any assignment for the benefit of its creditors, or enters into an arrangement or composition or similar plan or scheme with or for the benefit of creditors generally occurring in circumstances in which such entity is unable to meet its obligations as they become due; (iv) has filed against it any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law which (aaa) is consented to or not timely contested by such entity, ; or (bbb) is not dismissed within one hundred twenty ninety (12090) days; (v) if v)if required to do so under the terms of this Mortgage or the other Loan Documents, fails to maintain its status as a single purpose, bankruptcy-remote entity pursuant to its organizational documents and this Mortgage and the other Loan Documents; or (vi) by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' ’ rights laws, asserts or has filed against Mortgagor or any guarantor it a claim determination that the transaction creating the lien of this the Mortgage is either (aaa) a fraudulent conveyance or fraudulent transfer, or (bbb) a preferential transfer.. 8