Involuntary Bankruptcy Event. A proceeding or case shall be commenced, without the application or consent of the related Borrower or any of its Subsidiaries, in any court of competent jurisdiction, seeking (i) its reorganization, liquidation, dissolution, arrangement or winding-up, or the composition or readjustment of its debts, (ii) the appointment of a receiver, custodian, trustee, examiner, liquidator or the like of the related Borrower or any such Subsidiary or of all or any substantial part of its property, or (iii) similar relief in respect of the related Borrower or any such Subsidiary under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 60 or more days; or an order for relief against the related Borrower or any such Subsidiary shall be entered in an involuntary case under the Bankruptcy Code; or
Appears in 1 contract
Samples: Master Loan and Security Agreement (Hanover Capital Mortgage Holdings Inc)
Involuntary Bankruptcy Event. A proceeding or case shall be ---------------------------- commenced, without the application or consent of the related Borrower or any of its Subsidiaries, in any court of competent jurisdiction, seeking (i) its reorganization, liquidation, dissolution, arrangement or winding-up, or the composition or readjustment of its debts, (ii) the appointment of a receiver, custodian, trustee, examiner, liquidator or the like of the related Borrower or any such Subsidiary or of all or any substantial part of its property, or (iii) similar relief in respect of the related Borrower or any such Subsidiary under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 60 or more days; or an order for relief against the related Borrower or any such Subsidiary shall be entered in an involuntary case under the Bankruptcy Code; or
Appears in 1 contract
Samples: Master Loan and Security Agreement (Imperial Credit Commercial Mortgage Investment Corp)
Involuntary Bankruptcy Event. A proceeding or case shall be commenced, ---------------------------- without the application or consent of the related Borrower either Loan Party or any of its respective Subsidiaries, in any court of competent jurisdiction, seeking (i) its reorganization, liquidation, dissolution, arrangement or winding-up, or the composition or readjustment of its debts, (ii) the appointment of a receiver, custodian, trustee, examiner, liquidator or the like of the related Borrower Loan Party or any such Subsidiary or of all or any substantial part of its property, or (iii) similar relief in respect of the related Borrower Loan Party or any such Subsidiary under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 60 or more days; or an order for relief against the related Borrower Loan Party or any such the Subsidiary shall be entered in an involuntary case under the Bankruptcy Code; or
Appears in 1 contract
Samples: Master Loan and Security Agreement (New Century Financial Corp)
Involuntary Bankruptcy Event. A proceeding or case shall be ---------------------------- commenced, without the application or consent of the related Borrower either Loan Party or any of its respective Subsidiaries, in any court of competent jurisdiction, seeking (i) its reorganization, liquidation, dissolution, arrangement or winding-up, or the composition or readjustment of its debts, (ii) the appointment of a receiver, custodian, trustee, examiner, liquidator or the like of the related Borrower Loan Party or any such Subsidiary or of all or any substantial part of its property, or (iii) similar relief in respect of the related Borrower Loan Party or any such Subsidiary under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 60 or more days; or an order for relief against the related Borrower Loan Party or any such the Subsidiary shall be entered in an involuntary case under the Bankruptcy Code; or
Appears in 1 contract
Samples: Master Loan and Security Agreement (New Century Financial Corp)
Involuntary Bankruptcy Event. A proceeding or case shall be commenced, without the application or consent of the related Borrower a Credit Party or any of its their Subsidiaries, in any court of competent jurisdiction, seeking (i) its reorganization, liquidation, dissolution, arrangement or winding-up, or the composition or readjustment of its debts, (ii) the appointment of a receiver, custodian, trustee, examiner, liquidator or the like of the related Borrower or any such Subsidiary or of all or any substantial part of its property, or (iii) similar relief in respect of the related Borrower or any such Subsidiary under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 60 or more days; or an order for relief against the related Borrower or any such Subsidiary shall be entered in an involuntary case under the Bankruptcy Code; or
Appears in 1 contract
