Insolvency Proceeding. In the event of any receivership, bankruptcy, reorganization, rearrangement, debtor’s relief, or other insolvency proceeding involving any Debtor as debtor, Administrative Agent shall have the right to prove and vote any claim under the Subordinated Indebtedness and to receive directly from the receiver, trustee or other court custodian all dividends, distributions, and payments made in respect of the Subordinated Indebtedness until the Obligations have been Fully Satisfied. The Administrative Agent may apply any such dividends, distributions, and payments against the Guaranteed Indebtedness in accordance with the Credit Agreement.
Insolvency Proceeding. The making by Guarantor of any assignment for the benefit of creditors, or a trustee or receiver being appointed for Guarantor or for any property of Guarantor, or Guarantor becoming insolvent or the subject of any Insolvency Proceeding and, in the case of such a proceeding being commenced against Guarantor, such proceeding is not dismissed within thirty (30) days following the commencement date thereof.
Insolvency Proceeding. (a) In connection with any Insolvency Proceeding (including any Potential Insolvency Proceeding) of Parent or any of its subsidiaries commenced after the date hereof, any and all applicable Definitive Documents (which shall be defined to comprise any and all documents in any Insolvency Proceeding that are substantially similar to the Definitive Documents set forth in the RSA (as defined in the Term Loan Agreement as of the date hereof) or are otherwise material to such proceeding (as may ultimately be defined and set forth in a new restructuring support agreement), and/or their non-U.S. equivalent for any Insolvency Proceeding commenced outside the U.S.) shall be, in form and substance, reasonably acceptable to the Required DDTL Approving Lenders.
(b) In connection with, or in contemplation of, any potential or actual Insolvency Proceeding of the Parent or any of its subsidiaries commenced after the date hereof, any and all restructuring support agreements, transaction support agreements, lock-up agreements, or other similar agreements shall be, in form and substance, reasonably acceptable to the Required DDTL Approving Lenders.
(c) In any Insolvency Proceeding of the Parent or any of its subsidiaries, the debtor in such proceeding shall, in good faith, seek relief from the bankruptcy court on a “first- day basis” to affirm and/or approve the agreements and other covenants of the Loan Parties set forth herein (including section 13 hereof), and such request shall be in form and substance reasonably acceptable to the Required DDTL Approving Lenders.
Insolvency Proceeding. (a) Upon the occurrence of any Insolvency Proceeding:
(i) the Senior Debt shall be Paid in Full before any Distribution shall be made on account of or applied with respect to any Subordinated Debt;
(ii) any Distribution which, but for the provisions of clause 5(a)(i) above, would be payable or deliverable with respect to any Subordinated Debt, shall be paid or delivered directly to Senior Creditors on a pro rata basis, until the Senior Debt has been Paid in Full (after giving effect to any concurrent payment to Senior Creditors with respect to the Senior Debt); and
(iii) Subordinated Creditor irrevocably authorizes, empowers, and directs, and shall be deemed to have authorized, empowered, and directed, (x) all receivers, trustees, liquidators, custodians, conservators and others having authority in the premises to effect all such Distributions, and (y) Senior Creditors to demand, xxx for, collect, and receive all such Distributions.
(b) In the event of any Insolvency Proceeding involving any Obligor, the Subordinated Creditor shall not, without Senior Creditors’ prior written consent, propose any plan of reorganization, liquidation, arrangement or proposal or file any motion, pleading or material in support of any motion or plan of reorganization, liquidation, arrangement or proposal, or encourage other Persons to do any of the foregoing that would impair the rights of Senior Creditors, is in conflict with the terms of this Agreement, or is opposed by Senior Creditors, or oppose any plan of reorganization, liquidation, arrangement or motion filed by or proposed or supported by Senior Creditors. Subordinated Creditor irrevocably authorizes, empowers, and appoints Senior Creditors, and shall be deemed to have authorized, empowered, and appointed Senior Creditors, as its agent and attorney-in-fact to (1) execute, verify, deliver and file such proofs of claim upon the failure of Subordinated Creditor to do so prior to 30 days before the expiration of the time to file any such proof of claim and (2) vote such claim in any such Insolvency Proceeding upon the failure of Subordinated Creditor to do so prior to 10 days before the expiration of the time to vote any such claim; provided, that Senior Creditors shall have no obligation to execute, verify, deliver and/or file any such proof of claim or to vote any such claim; and provided, further, that if, following the voting or filing of any such proof of claim by Senior Creditors, Subordinated Creditor timely votes ...
Insolvency Proceeding. An Insolvency Proceeding is commenced by or against Borrower or any Obligor without being dismissed in sixty (60) days; provided, however, that upon the filing of an Insolvency Proceeding by or against Borrower, Lender shall have no obligation to advance funds to Borrower and may seek relief from stay or to prohibit use of cash collateral or such other protection as Lender deems reasonably necessary under the circumstances without being dismissed in sixty (60) days; provided, however, that Lender may take such immediate actions permitted under the Loan Documents or applicable law that Lender believes are required under the circumstances to prevent or avoid prejudice to Lender, including but not limited to seeking court orders granting relief from the automatic stay or prohibiting the use of cash collateral, and Lender shall not be required to continue to made advances under the Agreement absent a stipulation on terms and conditions satisfactory to Lender and approved by the bankruptcy court.
Insolvency Proceeding. Borrower or any of its Subsidiaries shall become insolvent or shall fail generally to pay its Indebtedness as such Indebtedness becomes due; or an Insolvency Proceeding shall be commenced by or against Borrower or any of its Subsidiaries and, in the case of an involuntary petition against Borrower or any of its Subsidiaries, such petition shall not be dismissed or discharged within ninety (90) days of commencement; or
Insolvency Proceeding. Any case or proceeding commenced by or against any Person under any provision of any Insolvency Laws, or (b) any proceeding seeking the appointment of any trustee, receiver, liquidator, custodian or other insolvency official with similar powers with respect to such Person or any of its assets, or (c) any proceeding for liquidation, dissolution or other winding up of the business of such Person, or (d) any assignment for the benefit of creditors or any marshalling of assets of such Person.
Insolvency Proceeding. If the TENANT shall be declared insolvent or bankrupt, or if any assignment of his property shall be made for the benefit of his creditors or others, or the TENANT'S leasehold interest herein shall be levied upon under execution, or taken by virtue of any writ of any Court of Law, or if a Trustee in Bankruptcy or a receiver is appointed for the property of the TENANT, then and upon the happening of any one of these events, the LANDLORD may, at his option, take possession of the LEASED PREMISES without thereby occasioning any forfeiture of the obligations of the TENANT previously accrued under this lease.
Insolvency Proceeding. The words “Insolvency Proceeding” shall mean and includes any proceeding or case commenced by or against Borrower or Grantor, or any guarantor of the Indebtedness, or any of Grantor’s account debtors, under any provisions of the United States Bankruptcy Code, as amended, or any other bankruptcy or insolvency law, including, but not limited to assignments for the benefit of creditors, formal or informal moratoriums, composition or extensions with some or all creditors, any proceeding seeking a reorganization, arrangement or any other relief under the United States Bankruptcy Code, as amended, or any other bankruptcy or insolvency law.
Insolvency Proceeding. No insolvency proceeding of any kind, including, without limitation, bankruptcy, receivership or reorganization, and no arrangement with creditors, affecting Seller or any of its assets or properties is pending or, to Seller's knowledge, threatened, and Seller has not made any assignment for the benefit of creditors, nor taken any actions with a view to, or which would constitute the basis for, the institution of any such insolvency proceedings, nor will Seller do any such act prior to Closing.
