Common use of Insolvency, Bankruptcy, Etc Clause in Contracts

Insolvency, Bankruptcy, Etc. Any Loan Party shall make an assignment for the benefit of creditors or a composition with creditors, shall generally not be paying its debts as they mature, shall admit its inability to pay its debts as they mature, shall file a petition in bankruptcy, shall be adjudicated insolvent or bankrupt, shall petition or apply to any tribunal for the appointment of any receiver, custodian, liquidator or trustee of or for it or any substantial part of its property or assets, shall commence any proceeding relating to it under any bankruptcy, reorganization, arrangement, readjustment of debt, receivership, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or there shall be commenced against such Loan Party, any such proceeding and the same shall not be dismissed within thirty (30) days or an order, judgment or decree approving the petition in any such proceeding shall be entered against such Loan Party; or any Loan Party shall by any act or failure to act indicate its consent to, approval of or acquiescence in, any such proceeding or any appointment of any receiver, custodian, liquidator or trustee of or for it or for any substantial part of its property or assets, or shall suffer the appointment of any receiver, liquidator or trustee, or shall take any corporate action for the purpose of effecting any of the foregoing; or any court of competent jurisdiction shall assume jurisdiction with respect to any such proceeding and the same shall not be dismissed within thirty (30) days or a receiver or a trustee or other officer or representative of a court or of creditors, or any court, governmental office or agency, shall, under color of legal authority, take and hold possession of any substantial part of the property or assets of such Loan Party and shall not have relinquished possession within thirty (30) days, or such Loan Party shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors, or any of them, or any Loan Party shall have suffered or permitted, while insolvent, any creditor to obtain a Lien upon any of its property through legal proceedings or distraint.

Insolvency, Bankruptcy, Etc. Any Loan Party The Borrower shall make not have become insolvent; or made an assignment for the benefit of creditors creditors; or a composition with creditors, shall failed generally not be paying its debts as they mature, shall admit its inability to pay its debts as they maturebecome due; or become the subject of an order for relief in an involuntary case under the bankruptcy laws as now or hereafter constituted, and such order shall file remain in effect and unstayed for a petition in bankruptcy, shall be adjudicated insolvent period of sixty (60) consecutive days; or bankrupt, shall commenced a voluntary case under the bankruptcy laws as now or hereafter constituted; or filed any petition or apply answer seeking for itself any arrangement, composition, adjustment, liquidation, dissolution or similar relief to which it may be entitled under any tribunal for present or future statute, law or regulation; or filed any answer admitting the material allegations of any petition filed against it in any such proceedings; or sought or consented to or acquiesced in the appointment of of, or taking possession by, any receiver, custodian, trustee, receiver or liquidator or trustee of or for it or any of all or a substantial part of its property properties or assets, shall commence ; or taken any proceeding relating action looking to its dissolution or liquidation; or within sixty (60) days after commencement of any proceedings against it under seeking any bankruptcy, reorganization, arrangement, readjustment of debtcomposition, receivershipadjustment, liquidation, dissolution or liquidation similar relief to which it may be entitled under any present or future statute, law or statute of any jurisdictionregulation, whether now or hereafter in effect; or there shall be commenced against such Loan Party, any such proceeding and the same shall not be dismissed within thirty (30) days or an order, judgment or decree approving the petition in any such proceeding shall be entered against such Loan Partynot have been dismissed; or any Loan Party shall by any act within sixty (60) days after the appointment of, or failure to act indicate its consent to, approval of or acquiescence intaking possession by, any such proceeding custodian, trustee, receiver or any appointment liquidator of any receiver, custodian, liquidator or trustee of all or for it or for any a substantial part of its property properties or assets, without its consent or shall suffer the appointment of any receiveracquiescence, liquidator or trustee, or shall take any corporate action for the purpose of effecting any of the foregoing; or any court of competent jurisdiction shall assume jurisdiction with respect to any such proceeding and the same shall not be dismissed within thirty (30) days appointment or a receiver or a trustee or other officer or representative of a court or of creditors, or any court, governmental office or agency, shall, under color of legal authority, take and hold possession of any substantial part of the property or assets of such Loan Party and shall not have relinquished possession within thirty (30) days, been vacated or such Loan Party shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors, or any of them, or any Loan Party shall have suffered or permitted, while insolvent, any creditor to obtain a Lien upon any of its property through legal proceedings or distraintterminated.

Insolvency, Bankruptcy, Etc. Any Loan Party No Borrower shall make have become insolvent or shall have become voluntarily or involuntarily dissolved (other than by reason of the death of any general partner of such party); or shall have made an assignment for the benefit of creditors creditors; or a composition with creditors, shall have failed generally not be paying its debts as they mature, shall admit its inability to pay its debts as they maturebecome due; or shall have become the subject of an order for relief in an involuntary case under the bankruptcy laws as now or hereafter constituted, and such order shall file remain in effect and unstayed for a petition in bankruptcy, period of sixty (60) consecutive days; or shall be adjudicated insolvent have commenced a voluntary case under the bankruptcy laws as now or bankrupt, hereafter constituted; or shall have filed any petition or apply answer seeking for itself any arrangement, composition, adjustment, liquidation, dissolution or similar relief to which it may be entitled under any tribunal for present or future statute, law or regulation; or shall have filed any answer admitting the material allegations of any petition filed against it in any such proceedings; or shall have sought or consented to or acquiesced in the appointment of or taking possession by any receiver, custodian, trustee, receiver or liquidator or trustee of or for it or any of all or a substantial part of its property properties or assets, ; or shall commence have taken any proceeding relating action looking to its dissolution or liquidation; or within sixty (60) days after commencement of any proceedings against it under seeking any bankruptcy, reorganization, arrangement, readjustment of debtcomposition, receivershipadjustment, liquidation, dissolution or liquidation similar relief to which it may be entitled under any present or future statute, law or statute of any jurisdictionregulation, whether now or hereafter in effect; or there shall be commenced against such Loan Party, any such proceeding and the same shall not be dismissed within thirty (30) days or an order, judgment or decree approving the petition in any such proceeding shall be entered against such Loan Partynot have been dismissed; or any Loan Party shall within sixty (60) days after the appointment of or taking possession by any act or failure to act indicate its consent to, approval of or acquiescence incustodian, any such proceeding trustee, receiver or any appointment liquidator of any receiver, custodian, liquidator or trustee of all or for it or for any a substantial part of its property properties or assets, without its consent or shall suffer the appointment of any receiveracquiescence, liquidator or trustee, or shall take any corporate action for the purpose of effecting any of the foregoing; or any court of competent jurisdiction shall assume jurisdiction with respect to any such proceeding and the same shall not be dismissed within thirty (30) days appointment or a receiver or a trustee or other officer or representative of a court or of creditors, or any court, governmental office or agency, shall, under color of legal authority, take and hold possession of any substantial part of the property or assets of such Loan Party and shall not have relinquished possession within thirty (30) days, been vacated or such Loan Party terminated; The final advance to the General Contractor shall have concealed, removed, or permitted also be subject to be concealed or removed, any part the provisions of its property, with intent to hinder, delay or defraud its creditors, or any Section 4.4 of them, or any Loan Party shall have suffered or permitted, while insolvent, any creditor to obtain a Lien upon any this Agreement and the conditions required by the Lender by virtue of its property through legal proceedings or distraintSection 4.5 of this Agreement.

Insolvency, Bankruptcy, Etc. Any Loan Party If the Borrower or any Subsidiary --------------------------- of the Borrower shall suspend or discontinue its business; if the Borrower or any Subsidiary of the Borrower shall make an assignment for the benefit of creditors or a composition with creditors, shall generally not be paying its debts as they mature, shall admit its inability to pay its debts as they mature, shall file a petition in bankruptcy, shall become insolvent (howsoever such insolvency may be evidenced), shall be adjudicated insolvent or bankrupt, shall petition or apply to any tribunal for the appointment of any receiver, custodian, liquidator or trustee of or for it or any substantial part of its property or assets, shall commence any proceeding relating to it under any bankruptcy, reorganization, arrangement, readjustment of debt, receivership, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or if there shall be commenced against such Loan Partythe Borrower, or any Subsidiary of the Borrower, any such proceeding and the same shall not be dismissed within thirty sixty (3060) days or an order, judgment or decree approving the petition in any such proceeding shall be entered against such Loan Partythe Borrower or any Subsidiary of the Borrower; or if the Borrower or any Loan Party Subsidiary of the Borrower shall by any act or failure to act indicate its consent to, approval of or acquiescence in, any such proceeding or any appointment of any receiver, custodian, liquidator or trustee of or for it or for any substantial part of its property or assets, or shall suffer the appointment of any receiver, liquidator or trustee, or shall take any corporate action for the purpose of effecting any of the foregoing; or if any court of competent jurisdiction shall assume jurisdiction with respect to any such proceeding and the same shall not be dismissed within thirty sixty (3060) days or if a receiver or a trustee or other officer or representative of a court or of creditors, or if any court, governmental office or agency, shall, under color of legal authority, take and hold possession of any substantial part of the property or assets of such Loan Party the Borrower or any Subsidiary of the Borrower and shall not have relinquished possession within thirty sixty (3060) days, or such Loan Party if the Borrower or any Subsidiary of the Borrower shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors, or any of them, or shall have made or suffered a transfer of any Loan Party of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law, or if the Borrower or any Subsidiary of the Borrower shall have made any transfer of its property to or for the benefit of a creditor which constitutes a preferential transfer under any bankruptcy or similar law, or if the Borrower or any Subsidiary of the Borrower shall have suffered or permitted, while insolvent, any creditor to obtain a Lien upon any of its property through legal proceedings or distraint.; or

Insolvency, Bankruptcy, Etc. Any Loan Party If the Borrower or any Subsidiary of the Borrower shall suspend or discontinue its business; if the Borrower or any Subsidiary of the Borrower shall make an assignment for the benefit of creditors or a composition with creditors, shall generally not be paying its debts as they mature, shall admit its inability to pay its debts as they mature, shall file a petition in bankruptcy, shall become insolvent (howsoever such insolvency may be evidenced), shall be adjudicated insolvent or bankrupt, shall petition or apply to any tribunal for the appointment of any receiver, custodian, liquidator or trustee of or for it or any substantial part of its property or assets, shall commence any proceeding relating to it under any bankruptcy, reorganization, arrangement, readjustment of debt, receivership, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or if there shall be commenced against such Loan Partythe Borrower, or any Subsidiary of the Borrower, any such proceeding and the same shall not be dismissed within thirty sixty (3060) days or an order, judgment or decree approving the petition in any such proceeding shall be entered against such Loan Partythe Borrower or any Subsidiary of the Borrower; or if the Borrower or any Loan Party Subsidiary of the Borrower shall by any act or failure to act indicate its consent to, approval of or acquiescence in, any such proceeding or any appointment of any receiver, custodian, liquidator or trustee of or for it or for any substantial part of its property or assets, or shall suffer the appointment of any receiver, liquidator or trustee, or shall take any corporate action for the purpose of effecting any of the foregoing; or if any court of competent jurisdiction shall assume jurisdiction with respect to any such proceeding and the same shall not be dismissed within thirty sixty (3060) days or if a receiver or a trustee or other officer or representative of a court or of creditors, or if any court, governmental office or agency, shall, under color of legal authority, take and hold possession of any substantial part of the property or assets of such Loan Party the Borrower or any Subsidiary of the Borrower and shall not have relinquished possession within thirty sixty (3060) days, or such Loan Party if the Borrower or any Subsidiary of the Borrower shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors, or any of them, or shall have made or suffered a transfer of any Loan Party of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law, or if the Borrower or any Subsidiary of the Borrower shall have made any transfer of its property to or for the benefit of a creditor which constitutes a preferential transfer under any bankruptcy or similar law, or if the Borrower or any Subsidiary of the Borrower shall have suffered or permitted, while insolvent, any creditor to obtain a Lien upon any of its property through legal proceedings or distraint.; or

Insolvency, Bankruptcy, Etc. Any Loan Party shall make an assignment for the benefit of creditors or a composition with creditors, shall generally not be paying its debts as they mature, shall admit its inability to pay its debts as they mature, shall file a petition in bankruptcy, shall be adjudicated insolvent or bankrupt, shall petition or apply to any tribunal for the appointment of any receiver, custodian, liquidator or trustee of or for it or any substantial part of its property or assets, shall commence any proceeding relating to it under any bankruptcy, reorganization, arrangement, readjustment of debt, receivership, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or there shall be commenced against such Loan Party, any such proceeding and the same shall not be dismissed within thirty (30) days or an order, judgment or decree approving the petition in any such proceeding shall be entered against such Loan Party; or any Loan Party Party, Acquisition Corp., or Genesis ElderCare Corp. shall by any act or failure to act indicate its consent to, approval of or acquiescence in, any such proceeding or any appointment of any receiver, custodian, liquidator or trustee of or for it or for any substantial part of its property or assets, or shall suffer the appointment of any receiver, liquidator or trustee, or shall take any corporate action for the purpose of effecting any of the foregoing; or any court of competent jurisdiction shall assume jurisdiction with respect to any such proceeding and the same shall not be dismissed within thirty (30) days or a receiver or a trustee or other officer or representative of a court or of creditors, or any court, governmental office or agency, shall, under color of legal authority, take and hold possession of any substantial part of the property or assets of such Loan Party Person and shall not have relinquished possession within thirty (30) days, or such Loan Party Party, Acquisition Corp., or Genesis ElderCare Corp. shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors, or any of them, or any Loan Party shall have suffered or permitted, while insolvent, any creditor to obtain a Lien upon any of its property through legal proceedings or distraint.

Insolvency, Bankruptcy, Etc. Any Loan Party Borrower shall make an assignment for the benefit of creditors or a composition with creditors, shall generally not be paying its debts as they mature, shall admit its inability to pay its debts as they mature, shall file a petition in bankruptcy, shall be adjudicated insolvent or bankrupt, shall petition or apply to any tribunal for the appointment of any receiver, custodian, liquidator or trustee of or for it or any substantial part of its property or assets, shall commence any proceeding relating to it under any bankruptcy, reorganization, arrangement, readjustment of debt, receivership, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or there shall be commenced against such Loan PartyBorrower, any such proceeding and the same shall not be dismissed within thirty (30) days or an order, judgment or decree approving the petition in any such proceeding shall be entered against such Loan PartyBorrower; or any Loan Party Borrower shall by any act or failure to act indicate its consent to, approval of or acquiescence in, any such proceeding or any appointment of any receiver, custodian, liquidator or trustee of or for it or for any substantial part of its property or assets, or shall suffer the appointment of any receiver, liquidator or trustee, or shall take any corporate action for the purpose of effecting any of the foregoing; or any court of competent jurisdiction shall assume jurisdiction with respect to any such proceeding and the same shall not be dismissed within thirty (30) days or a receiver or a trustee or other officer or representative of a court or of creditors, or any court, governmental office or agency, shall, under color of legal authority, take and hold possession of any substantial part of the property or assets of such Loan Party Borrower and shall not have relinquished possession within thirty (30) days, or such Loan Party Borrower shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors, or any of them, or any Loan Party Borrower shall have suffered or permitted, while insolvent, any creditor to obtain a Lien upon any of its property through legal proceedings or distraint.

Insolvency, Bankruptcy, Etc. Any Loan Party (i) An involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (x) liquidation, reorganization or other relief in respect of Parent or any of its Subsidiaries or its debts, or of a substantial part of its assets, under any Debtor Relief Law now or hereafter in effect or (y) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Parent or any of its Subsidiaries or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for a period of 60 or more days or an order or decree approving or ordering any of the foregoing shall be entered; (ii) Parent or any of its Subsidiaries shall (A) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Debtor Relief Law now or hereafter in effect, (B) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (i) above, (C) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Parent or any of its Subsidiaries or for a substantial part of its assets, (D) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (E) make an a general assignment for the benefit of creditors or a composition with creditors, shall generally not be paying its debts as they mature, shall admit its inability to pay its debts as they mature, shall file a petition in bankruptcy, shall be adjudicated insolvent or bankrupt, shall petition or apply to any tribunal for the appointment of any receiver, custodian, liquidator or trustee of or for it or any substantial part of its property or assets, shall commence any proceeding relating to it under any bankruptcy, reorganization, arrangement, readjustment of debt, receivership, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or there shall be commenced against such Loan Party, any such proceeding and the same shall not be dismissed within thirty (30F) days or an order, judgment or decree approving the petition in any such proceeding shall be entered against such Loan Party; or any Loan Party shall by any act or failure to act indicate its consent to, approval of or acquiescence in, any such proceeding or any appointment of any receiver, custodian, liquidator or trustee of or for it or for any substantial part of its property or assets, or shall suffer the appointment of any receiver, liquidator or trustee, or shall take any corporate action for the purpose of effecting any of the foregoing; or (iii) Parent or any court of competent jurisdiction its Subsidiaries shall assume jurisdiction with respect become unable, admit in writing its inability or fail generally to pay its debts as they become due. (i) Judgments. One or more final judgments for the payment of money in an aggregate amount in excess of the Threshold Amount (or the Equivalent Amount in other currencies) (in each case excluding any such proceeding amounts covered by insurance as to which the applicable carrier has not denied coverage) shall be rendered against Parent or any of its Subsidiaries or any combination thereof and the same shall remain undismissed, unsatisfied or undischarged for a period of forty-five (45) calendar days during which execution shall not be dismissed within thirty effectively stayed. (30) days or a receiver or a trustee or other officer or representative of a court or of creditors, or any court, governmental office or agency, shall, under color of legal authority, take and hold possession of any substantial part of the property or assets of such Loan Party and shall not have relinquished possession within thirty (30) days, or such Loan Party shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors, or any of them, or any Loan Party shall have suffered or permitted, while insolvent, any creditor to obtain a Lien upon any of its property through legal proceedings or distraint.j)

Insolvency, Bankruptcy, Etc. Any Loan Party or any entity in the Multicare Group shall make an assignment for the benefit of creditors or a composition with creditors, shall generally not be paying its debts as they mature, shall admit its inability to pay its debts as they mature, shall file a petition in bankruptcy, shall become insolvent (howsoever such insolvency may be evidenced), shall be adjudicated insolvent or bankrupt, shall petition or apply to any tribunal for the appointment of any receiver, custodian, liquidator or trustee of or for it or any substantial part of its property or assets, shall commence any proceeding relating to it under any bankruptcy, reorganization, arrangement, readjustment of debt, receivership, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or there shall be commenced against such Loan Party, Party or any entity in the Multicare Group any such proceeding and the same shall not be dismissed within thirty (30) days days, or an order, judgment or decree approving the petition in any such proceeding shall be entered against such any Loan PartyParty or any entity in the Multicare Group; or any Loan Party or any entity in the Multicare Group shall by any act or failure to act indicate its consent to, approval of or acquiescence in, any such proceeding or any appointment of any receiver, custodian, liquidator or trustee of or for it or for any substantial part of its property or assets, or shall suffer the appointment of any receiver, liquidator or trustee, or shall take any corporate action for the purpose of effecting any of the foregoing; or any court of competent jurisdiction shall assume jurisdiction with respect to any such proceeding and the same shall not be dismissed within thirty (30) days or a receiver or a trustee or other officer or representative of a court or of creditors, or any court, governmental office or agency, shall, under color of legal authority, take and hold possession of any substantial part of the property or assets of such Loan Party or any entity in the Multicare Group and shall not have relinquished possession within thirty (30) days, or such any Loan Party or any entity in the Multicare Group shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors, or any of them, or any Loan Party or any entity in the Multicare Group shall have suffered or permitted, while insolvent, any creditor to obtain a Lien upon any of its property through legal proceedings or distraint.

Insolvency, Bankruptcy, Etc. Any Loan Party No Borrower shall make have become insolvent or shall have become voluntarily or involuntarily dissolved (other than by reason of the death of any general partner of such party); or shall have made an assignment for the benefit of creditors creditors; or a composition with creditors, shall have failed generally not be paying its debts as they mature, shall admit its inability to pay its debts as they maturebecome due; or shall have become the subject of an order for relief in an involuntary case under the bankruptcy laws as now or hereafter constituted, and such order shall file remain in effect and unstayed for a petition in bankruptcy, period of sixty (60) consecutive days; or shall be adjudicated insolvent have commenced a voluntary case under the bankruptcy laws as now or bankrupt, hereafter constituted; or shall have filed any petition or apply answer seeking for itself any arrangement, composition, adjustment, liquidation, dissolution or similar relief to which it may be entitled under any tribunal for present or future statute, law or regulation; or shall have filed any answer admitting the material allegations of any petition filed against it in any such proceedings; or shall have sought or consented to or acquiesced in the appointment of or taking possession by any receiver, custodian, trustee, receiver or liquidator or trustee of or for it or any of all or a substantial part of its property properties or assets, ; or shall commence have taken any proceeding relating action looking to its dissolution or liquidation; or within sixty (60) days after commencement of any proceedings against it under seeking any bankruptcy, reorganization, arrangement, readjustment of debtcomposition, receivershipadjustment, liquidation, dissolution or liquidation similar relief to which it may be entitled under any present or future statute, law or statute of any jurisdictionregulation, whether now or hereafter in effect; or there shall be commenced against such Loan Party, any such proceeding and the same shall not be dismissed within thirty (30) days or an order, judgment or decree approving the petition in any such proceeding shall be entered against such Loan Partynot have been dismissed; or any Loan Party shall within sixty (60) days after the appointment of or taking possession by any act or failure to act indicate its consent to, approval of or acquiescence incustodian, any such proceeding trustee, receiver or any appointment liquidator of any receiver, custodian, liquidator or trustee of all or for it or for any a substantial part of its property properties or assets, without its consent or shall suffer the appointment of any receiveracquiescence, liquidator or trustee, or shall take any corporate action for the purpose of effecting any of the foregoing; or any court of competent jurisdiction shall assume jurisdiction with respect to any such proceeding and the same shall not be dismissed within thirty (30) days appointment or a receiver or a trustee or other officer or representative of a court or of creditors, or any court, governmental office or agency, shall, under color of legal authority, take and hold possession of any substantial part of the property or assets of such Loan Party and shall not have relinquished possession within thirty (30) days, been vacated or such Loan Party shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors, or any of them, or any Loan Party shall have suffered or permitted, while insolvent, any creditor to obtain a Lien upon any of its property through legal proceedings or distraint.terminated; and

Insolvency, Bankruptcy, Etc. Any Loan Party If the Borrowers or any Subsidiary of the Borrowers shall suspend or discontinue its business; if the Borrowers or any Subsidiary of the Borrowers shall make an assignment for the benefit of creditors or a composition with creditors, shall generally not be paying its debts as they mature, shall admit its inability to pay its debts as they mature, shall file a petition in bankruptcy, shall become insolvent (howsoever such insolvency may be evidenced), shall be adjudicated insolvent or bankrupt, shall petition or apply to any tribunal for the appointment of any receiver, custodian, liquidator or trustee of or for it or any substantial part of its property or assets, shall commence any proceeding relating to it under any bankruptcy, reorganization, arrangement, readjustment of debt, receivership, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or if there shall be commenced against such Loan Partythe Borrowers, or any Subsidiary of the Borrowers, any such proceeding and the same shall not be dismissed within thirty sixty (3060) days or an order, judgment or decree approving the petition in any such proceeding shall be entered against such Loan Partythe Borrowers or any Subsidiary of the Borrowers; or if the Borrowers or any Loan Party Subsidiary of the Borrowers shall by any act or failure to act indicate its consent to, approval of or acquiescence in, any such proceeding or any appointment of any receiver, custodian, liquidator or trustee of or for it or for any substantial part of its property or assets, or shall suffer the appointment of any receiver, liquidator or trustee, or shall take any corporate action for the purpose of effecting any of the foregoing; or if any court of competent jurisdiction shall assume jurisdiction with respect to any such proceeding and the same shall not be dismissed within thirty sixty (3060) days or if a receiver or a trustee or other officer or representative of a court or of creditors, or if any court, governmental office or agency, shall, under color of legal authority, take and hold possession of any substantial part of the property or assets of such Loan Party the Borrowers or any Subsidiary of the Borrowers and shall not have relinquished possession within thirty sixty (3060) days, or such Loan Party if the Borrowers or any Subsidiary of the Borrowers shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors, or any of them, or shall have made or suffered a transfer of any Loan Party of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law, or if the Borrowers or any Subsidiary of the Borrowers shall have made any transfer of its property to or for the benefit of a creditor which constitutes a preferential transfer under any bankruptcy or similar law, or if the Borrowers or any Subsidiary of the Borrowers shall have suffered or permitted, while insolvent, any creditor to obtain a Lien upon any of its property through legal proceedings or distraint.; or