Insolvency Provisions. Each Tenant agrees that in the event it seeks relief under the Companies’ Creditors Arrangement Act, the Bankruptcy and Insolvency Act, or any other bankruptcy, insolvency, or liquidation laws of Canada (or if applicable, any other jurisdiction), it will, to the extent practicable, seek to permit the Landlord and BCLC to exercise their rights under this Agreement, including, without limitation, the right of the Landlord in Section 2 hereof and the rights of BCLC hereunder in Section 4, Section 5 and Section 6 hereof.
Insolvency Provisions. In the event any proceeding (an “Insolvency Proceeding”) is brought by or against any Obligor and/or the Camber Assets under or pursuant to any bankruptcy, insolvency, receivership or similar law or laws of the United States or any other state or other jurisdiction, including the Bankruptcy Code, and any other law or laws of the United States or any other state or other jurisdiction which affect the rights of debtors and/or creditors generally, including, without limitation: (i) any proceeding seeking to appoint or appointing a receiver or trustee; (ii) any proceeding filed by or against any Obligor under the Bankruptcy Code; (iii) any assignment by any Obligor of all or substantially all of their respective assets for the benefit of creditors; and (iv) any proceeding or other action wherein all or substantially all of any Obligor’s assets are attached, seized, subjected to a writ or distress warrant, or otherwise levied upon, such Obligor hereby agrees as follows:
a) Venue for an Insolvency Proceeding, without waiving the provisions requiring arbitration as set forth in the Loan Instruments, shall lie exclusively in the United States Bankruptcy Court for the Western District of Texas, San Antonio Division.
b) Each Obligor agrees that, subject to court approval, Lender shall be deemed pursuant to this Agreement to have and be entitled to relief from the automatic stay under Section 362 of the Bankruptcy Code, and each Obligor hereby unconditionally and irrevocably consents to the granting to Lender of relief from the automatic stay under Section 362 of the Bankruptcy Code to permit Lender to exercise any and all of its rights, recourses and remedies under the Loan Instruments, at law and/or in equity, including, without limitation, foreclosure of the Mortgages and sale of the Camber Assets pursuant thereto and/or collection of the rents, income, revenue from oil and gas production or in relation thereto, proceeds, and profits directly by Lender. Further, if Lender requests such relief, no Obligor shall object to or oppose Lender’s request for immediate relief from the automatic stay for purposes of exercising any and all rights, recourses, remedies and benefits Lender may have under the Loan Instruments, at law and/or in equity, including, without limitation, foreclosure of the Mortgages and sale of the Camber Assets pursuant thereto and/or collection of the rents and profits directly by Lender.
c) Each Obligor hereby acknowledges and agrees that Lender ha...
Insolvency Provisions. Able represents that it does not have any present intention to file a voluntary bankruptcy case during the two-year period following the date of the entry of the Consent Judgment described in Section III above and that it will not file such a case before the end of that two-year period. In the event a petition commencing a bankruptcy case is filed by or against Able, and Sirit is required to return the cash or the securities transferred in settlement of the litigation, then, in such event, Sirit shall have in Able's bankruptcy case an allowed claim of $31.2 million, plus the cost and expenses incurred by Sirit in recording or removing the judgment entered on May 16, 2000 from the public record and the Consent Judgment as described in Section III above, and the reasonable attorneys fees incurred by Sirit in connection therewith.
Insolvency Provisions. Postponement – In the event of any Insolvency or Liquidation Proceeding in connection with or relating to any Common Obligor or in the event of any proceedings for voluntary liquidation, dissolution or other winding-up of any Common Obligor, whether or not involving insolvency or bankruptcy, or upon any assignment for the benefit of creditors or any marshalling of the assets and liabilities of any Common Obligor or otherwise, or in the event that any Common Obligor makes a bulk sale of any of its assets within the provisions of any bulk sales legislation or any composition with creditors or scheme or arrangement, then the Proceeds of Realization from all Collateral shall be distributed and dealt with as provided for in paragraph 5.
Insolvency Provisions. In the event of the insolvency of the Company, payments due the Company on all reinsurance made, ceded, renewed or otherwise becoming effective under this Agreement shall be payable by Reinsurer directly to the Company or to its liquidator, receiver, or statutory successor on the basis of the liability of the Company under the policy or policies reinsured, without diminution because of the insolvency of the Company. It is agreed and understood, however, (i) that in the event of the insolvency of the Company, Reinsurer shall be given written notice of the pendency of a claim against the Company on any Insurance Policy within a reasonable time after such claim is filed in the insolvency proceeding and (ii) that, during the pendency of such claim, Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated any defenses which it may deem available to the Company or its liquidator, receiver or statutory successor. Nothing in this Agreement shall give any insured or any other person any rights hereunder against Reinsurer with respect to any Insurance Policy reinsured hereunder or otherwise. It is further understood that any expense incurred by Reinsurer pursuant to the previous paragraph shall be chargeable, subject to court approval, against the Company as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the Company solely as a result of the defense undertaken by Reinsurer. Where two or more assuming reinsurers are involved in the same claim and a majority in interest elects to interpose defenses to such claim, the expense shall be apportioned in accordance with the terms of this Agreement as though such expense had been incurred by the Company. In the event of any insolvency of Reinsurer, all of the services performed by Reinsurer pursuant to Article 6 may, at the Company's sole option, be assumed by the Company or the Company's designee. Reinsurer shall cooperate fully in the transfer of services, and all books and records, to the Company or the Company's designee, so that the Company or its designee will be able to perform the services pursuant to Article 6 following the insolvency of Reinsurer without interruption. In the event of any such insolvency, Reinsurer will be responsible for all costs incurred in either restoring such services with the Company, or obtaining an alternative provider of the services with the Company's design...
Insolvency Provisions
