Common use of No Proceeding Clause in Contracts

No Proceeding. Each Originator and the Servicer hereby agrees that it will not institute, or join any other Person in instituting, against the Buyer any Insolvency Proceeding for at least one year and one day following the Final Payout Date. Each Originator and the Servicer further agrees that notwithstanding any provisions contained in this Agreement to the contrary, the Buyer shall not, and shall not be obligated to, pay any amount in respect of any Subordinated Note or otherwise to such Originator or the Servicer pursuant to this Agreement unless the Buyer has received funds which may, subject to Section 4.01 of the Receivables Purchase Agreement, be used to make such payment. Any amount which the Buyer does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the Bankruptcy Code) against or corporate obligation of the Buyer by such Originator or Servicer for any such insufficiency unless and until the provisions of the foregoing sentence are satisfied. The agreements in this Section 10.12 shall survive any termination of this Agreement.

No Proceeding. Each Originator and the Servicer hereby agrees that it will not institute, or join any other Person in instituting, against the Buyer any Insolvency Proceeding bankruptcy or insolvency proceeding for at least one year and one day following the Final Payout Datedate of the final payment to the Buyer under RLSA Section 6.07. Each Originator and the Servicer further agrees that notwithstanding any provisions contained in this Agreement to the contrary, the Buyer shall not, and shall not be obligated to, pay any amount in respect of any RPSA Subordinated Note or otherwise to such Originator or the Servicer pursuant to this Agreement unless the Buyer has received funds which may, subject to Section 4.01 of the Receivables Purchase AgreementRLSA, be used to make such payment. Any amount which the Buyer does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the United States Bankruptcy Code) against or corporate obligation of the Buyer by such Originator or Servicer for any such insufficiency unless and until the provisions of the foregoing sentence are satisfied. The agreements in this Section 10.12 11.11 shall survive any termination of this Agreement.

No Proceeding. Each Originator and the Servicer hereby agrees that it will not institute, or join any other Person in instituting, against the Buyer any Insolvency Relief Proceeding for at least one year and one day following the Final Payout Date. Each Originator and the Servicer further agrees that notwithstanding any provisions contained in this Agreement to the contrary, the Buyer shall not, and shall not be obligated to, pay any amount to such Originator in respect of any Subordinated Note Loan, any Subordinated Loan Agreement or otherwise to such Originator or the Servicer pursuant to this Agreement unless the Buyer has received funds which may, subject to Section 4.01 3.01 of the Receivables Purchase Financing Agreement, be used to make such payment. Any amount which the Buyer does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the Bankruptcy Code) against against, or corporate obligation of of, the Buyer by such Originator or Servicer for any such insufficiency unless and until the provisions of the foregoing sentence are satisfied. The agreements in this Section 10.12 shall survive any termination of this Agreement.

No Proceeding. Each Originator and the Servicer hereby agrees that it will not institute, or join any other Person in instituting, against the Buyer any Insolvency Proceeding for at least one year and one day following the Final Payout Date. Each Originator and the Servicer further agrees that notwithstanding any provisions contained in this Agreement to the contrary, the Buyer shall not, and shall not be obligated to, pay any amount to such Originator in respect of any Subordinated Note Loan, the Subordinated Loan Agreement or otherwise to such Originator or the Servicer pursuant to this Agreement unless the Buyer has received funds which may, subject to Section 4.01 3.01 of the Receivables Purchase Agreement, be used to make such payment. Any amount which the Buyer does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the Bankruptcy Code) against against, or corporate obligation of of, the Buyer by such Originator or Servicer for any such insufficiency unless and until the provisions of the foregoing sentence are satisfied. The agreements in this Section 10.12 shall survive any termination of this Agreement.

No Proceeding. Each Originator and the Servicer hereby agrees that it will not institute, or join any other Person in instituting, against the Buyer any Insolvency Proceeding for at least one year and one day following the Final Payout Date. Each Originator and the Servicer further agrees that notwithstanding any provisions contained in this Agreement to the contrary, the Buyer shall not, and shall not be obligated to, pay any amount to such Originator in respect of any Subordinated Note Loan, any Intercompany Loan Agreement or otherwise to such Originator or the Servicer pursuant to this Agreement unless the Buyer has received funds which may, subject to Section 4.01 3.01 of the Receivables Purchase Financing Agreement, be used to make such payment. Any amount which the Buyer does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the Bankruptcy Code) against against, or corporate obligation of of, the Buyer by such Originator or Servicer for any such insufficiency unless and until the provisions of the foregoing sentence are satisfied. The agreements in this Section 10.12 shall survive any termination of this Agreement.

No Proceeding. Each Originator and the Servicer hereby agrees that it will not institute, or join any other Person in instituting, against the Buyer any Insolvency Proceeding for at least one year and one day following the Final Payout Date. Each Originator and the Servicer further agrees that notwithstanding any provisions contained in this Agreement to the contrary, the Buyer shall not, and shall not be obligated to, pay any amount in respect of any Subordinated Note Loan, the Intercompany Loan Agreement or otherwise to such Originator or the Servicer pursuant to this Agreement unless the Buyer has received funds which may, subject to Section 4.01 3.01 of the Receivables Purchase Agreement, be used to make such payment. Any amount which the Buyer does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the Bankruptcy Code) against against, or corporate obligation of of, the Buyer by such Originator or Servicer for any such insufficiency unless and until the provisions of the foregoing sentence are satisfied. The agreements in this Section 10.12 shall survive any termination of this Agreement.

No Proceeding. Each Originator and the Servicer hereby agrees that it will not institute, or join any other Person in instituting, against the Buyer any Insolvency Relief Proceeding for at least one year and one day following the Final Payout Date. Each Originator and the Servicer further agrees that notwithstanding any provisions contained in this Agreement to the contrary, the Buyer shall not, and shall not be obligated to, pay any amount to such Originator in respect of any Subordinated Note Loan, any Subordinated Loan Agreement or otherwise to such Originator or the Servicer pursuant to this Agreement unless the Buyer has received funds which may, subject to Section 4.01 3.01 of the Receivables Purchase Agreement, be used to make such paymentpayment or are not limited to as to use. Any amount which the Buyer does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the Bankruptcy Code) against against, or corporate obligation of of, the Buyer by such Originator or Servicer for any such insufficiency in any Relief Proceeding unless and until the provisions of the foregoing sentence are satisfied. The agreements in this Section 10.12 10.10 shall survive any termination of this Agreement.