Common use of Involuntary Bankruptcy or Receivership Proceedings Clause in Contracts

Involuntary Bankruptcy or Receivership Proceedings. A receiver, conservator, liquidator or trustee of any Company, or of any of its respective Collateral, is appointed by order or decree of any court or agency or supervisory authority having jurisdiction; or an order for relief is entered against any Company under the Federal Bankruptcy Code; or any Company is adjudicated bankrupt or insolvent; or any material portion of the property of is sequestered by court order and such order remains in effect for more than 30 days after such party obtains knowledge thereof; or a petition is filed against any Company under any reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or receivership law of any jurisdiction, whether now or hereafter in effect, and such petition is not dismissed within 60 days.

Involuntary Bankruptcy or Receivership Proceedings. A receiver, conservator, liquidator or trustee of any CompanyBorrower or Guarantor, or of any substantial portion of its respective Collateral, property is appointed by order or decree of any court or agency or supervisory authority having jurisdiction; or an order for relief is entered against any Company Borrower or Guarantor under the Federal Bankruptcy Code; or any Company is adjudicated bankrupt or insolvent; or any material portion of the any property of Borrower or Guarantor is sequestered by court order and such order remains in effect for more than 30 days after such party obtains knowledge thereof; or a petition is filed against any Company Borrower or Guarantor under any state, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or receivership law of any jurisdiction, whether now or hereafter in effect, and such petition is not dismissed within 60 days.