Insolvency of Borrower. In the event of the insolvency of the Borrower, the Lenders shall have no obligation to make further disbursements of the Facility, and the outstanding principal balance of the Facility, including accrued and unpaid interest thereon, shall be immediately due and payable.
Insolvency of Borrower. If (i) a petition is filed by or against Borrower under the federal bankruptcy laws or any other applicable federal or state bankruptcy, insolvency or similar law; (ii) a receiver, liquidator, trustee, custodian, sequestrator, or other similar official is appointed to take possession of Borrower, the Collateral, or any material part of Borrower's other assets, or Borrower consents to such appointment; (iii) Borrower makes an assignment for the benefit of creditors; (iv) Borrower takes any action in furtherance of any of the foregoing; or (v) there is a material adverse change in Borrower's financial condition as represented to the Lender in connection with the Lender's approval of the Loan and the Lender reasonably determines that such change materially impairs Borrower's ability to perform any or all of the Obligations; provided, however, that Borrower shall have sixty (60) days within which to cause any involuntary bankruptcy proceeding to be dismissed or the involuntary appointment of any receiver, liquidator, trustee, custodian, or sequestrator to be discharged. The cure provision contained in this Section shall be in lieu of, and not in addition to, any and all other cure provisions contained in the Loan Documents;
Insolvency of Borrower. In the event of the insolvency of GPLP or Owner, the Lenders shall have no obligation to make further disbursements of the Facility, and the outstanding principal balance of the Facility, including accrued and unpaid interest thereon, shall be immediately due and payable.
Insolvency of Borrower. In the event that Borrower becomes subject to a voluntary or involuntary proceeding under the United States bankruptcy Code, or if Clearing Bank is otherwise served with legal process which Clearing Bank believes affects funds deposited in the Clearing Account, Clearing Bank shall have the right to place a hold on funds deposited in the Clearing Account until such time as Clearing Bank receives an appropriate court order or assurances satisfactory to Clearing Bank, establishing that the funds may continue to be disbursed according to the instructions contained in the Clearing Account Agreement.
Insolvency of Borrower. 5.2 Borrower may discharge the obligations it has undertaken hereby, at any time, by repaying the Balance, without penalty. Borrower may, without penalty, make a partial prepayment of principal plus interest in any amount at any time and may thereby reduce any required future payments hereunder.
Insolvency of Borrower. (g) Discontinuance by Borrower of the business or abandonment of any substantial portion of Borrower's assets. If any event of default shall occur, the whole of the principal sum then remaining unpaid on all notes and other obligations to Bank, together with the interest thereon, shall become immediately due and payable at the election of Bank. If suit is instituted to collect the notes and other obligations, Borrower promises to pay, in addition to the costs and disbursements allowed by law, such additional sums as the court may award as attorney's fees.
Insolvency of Borrower. The Guarantor agrees that in the --------- ---------------------- event of (i) the dissolution or insolvency of the Borrower, (ii) the inability of the Borrower to pay its debts as they become due, (iii) an assignment by the Borrower for the benefit of its creditors, or (iv) the institution of any bankruptcy or other proceeding by the Borrower or the filing of an involuntary bankruptcy proceeding against Borrower alleging that the Borrower is insolvent or unable to pay its debts as they become due (provided however, that Borrower shall have sixty (60) days in which to cause the petition to be released or dismissed if, in Lender's reasonable judgment, such petition is likely to be released or dismissed within such sixty (60) days); and whether or not such event shall occur at a time when the Indebted- ness was then due and payable, the Guarantor shall pay the Indebtedness to Lender promptly upon demand as if the Indebtedness was then due and payable. The Guarantor hereby waives any claim, right or remedy which the Guarantor may now have or hereafter acquire against Borrower that arises hereunder and/or from the performance by the Guarantor hereunder including, without limitation, any claim, remedy or right of subrogation, reimbursement, exoneration, contribution, indemnification, or participation in any claim, right or remedy of Lender against Borrower or any security which Lender now has or hereafter acquires, whether or not such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise. The Guarantor agrees that this Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal, interest or any other amount with respect to the Indebtedness is rescinded or must otherwise be restored by Lender upon the bankruptcy or reorganization of the Borrower, any other person or otherwise. Upon any portion of the Indebtedness becoming due and not being fully paid and satisfied, the total sum then due hereunder may immediately be charged against any account or accounts maintained by the Guarantor with Lender, without notice to or further consent from the Guarantor. The Guarantor shall promptly provide such financial information as the holder shall reasonably request from time to time. Lender shall not be compelled to resort first to any collateral for payment of any of the Indebtedness, but may at its election require the obligation to be paid by the Guaran...
Insolvency of Borrower. Insolvency shall mean: (i) a general assignment by Borrower for the benefit of creditors; (ii) the filing of a voluntary petition in bankruptcy by Borrower; (iii) the filing of any involuntary petition under any bankruptcy or insolvency law by Borrower's creditors, said petition remaining undischarged for a period of sixty (60) days; (iv) the appointment by any court of a receiver to take possession of substantially all of Borrower's assets, said receivership remaining undischarged for a period of sixty (60) days; or (v) the attachment, execution or other judicial seizure of substantially all of Borrower's assets, such attachment, execution or other seizure remaining undismissed or undischarged for a period of sixty (60) days after the levy thereof.
Insolvency of Borrower. If a Borrower becomes subject of an order for relief under the Federal Bankruptcy Code, as now or hereafter in effect, or any proceeding is commenced by or against Borrower under any insolvency or other debtor relief laws, as now or hereafter in effect, or for the appointment of a receiver for Borrower or any of its property, or if Borrower shall make an assignment for the benefit of creditors or shall discontinue business or become unable to pay or admit in writing its inability to pay its debts as they come due, all Obligations of Borrower shall, for the purpose of this Guaranty, become immediately due and payable.
Insolvency of Borrower. Each of the Borrowers shall claim and prove in respect of any and all debts and liabilities of the other Borrower to it in any insolvency, composition, scheme or arrangement, liquidation or winding-up, voluntary or involuntary, affecting the other Borrower or any distribution of assets of the other Borrower among creditors, and all dividends or other sums which may be or become payable in respect thereof shall be held in trust for, and promptly paid to, the Lender until the Lender shall have received all sums owing by the Borrowers under this Agreement and the Ancillary Agreements.
