Common use of Involuntary Bankruptcy or Receivership Proceedings Clause in Contracts

Involuntary Bankruptcy or Receivership Proceedings. A custodian, receiver, conservator, liquidator or trustee of the Borrower or any Material Subsidiary or of any Property thereof is appointed by the order or decree of any court or agency or supervisory authority having jurisdiction, and such decree or order remains unstayed for more than sixty (60) days; or the Borrower or any Material Subsidiary is adjudicated bankrupt or insolvent and such order or decree remains unstayed for more than sixty (60) days; or any Property of the Borrower or any Material Subsidiary is sequestered by court order; or a petition is filed against the Borrower or any Material Subsidiary under any state or federal bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or receivership law of any jurisdiction, whether now or hereafter in effect, and is not stayed or dismissed within sixty (60) days after such filing; or

Involuntary Bankruptcy or Receivership Proceedings. A custodian, receiver, conservator, liquidator or trustee of the Borrower or any Material Subsidiary or of any Property thereof is appointed by the order or decree of any court or agency or supervisory authority having jurisdiction, and such decree or order remains unstayed for more than sixty (60) days; or the Borrower or any Material Subsidiary is adjudicated bankrupt or insolvent and such order or decree remains unstayed for more than sixty (60) days; or any Property of the Borrower or any Material Subsidiary is sequestered by court order; or a petition is filed against the Borrower or any Material Subsidiary under any state or federal bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or receivership law of any jurisdiction, whether now or hereafter in effect, and is not stayed or dismissed within sixty (60) days after such filing; or