Common use of General Limitation on Obligations Clause in Contracts

General Limitation on Obligations. In any action or proceeding involving any state corporate or other law, or any Federal or state bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of the Guarantor under Section 10.01 would otherwise be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 10.01, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by the Guarantor, any Protected Party or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

General Limitation on Obligations. In any action or proceeding involving any state corporate or other law, or any state, Federal or state foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of the any Guarantor under Section 10.01 10.4 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 10.0110.4, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by the such Guarantor, any Protected Party Lessor or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

General Limitation on Obligations. In any action or proceeding involving any state corporate limited partnership or other limited liability company law, or any Federal applicable state, federal or state foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of the any Guarantor under Section 10.01 2.1 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 10.012.1, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by the such Guarantor, any Protected Loan Party or any other Personperson, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.