SUBSEQUENT BANKRUPTCY. 55 In the event that this Lease is assumed by a Trustee appointed for Tenant or by Tenant as Debtor- 56 In-Possession and thereafter Tenant is liquidated or files a subsequent Petition for reorganization or 57 adjustment of debts under Chapter 11 or 13 of the Bankruptcy Code, then, and in either of such events, 58 Landlord may, at its option, terminate this Lease and all rights of Tenant hereunder, by giving Xxxxxx 59 written notice of its election to so terminate, by no later than thirty (30) days after the occurrence of either 60 of such events. 61
SUBSEQUENT BANKRUPTCY. In the event of Borrower's subsequent default hereunder, Borrower hereby covenants not to impede Lender's rightful exercise of its rights under the Loan Documents by seeking protection under Title 11 of the United States Bankruptcy Code. Borrower hereby agrees that in consideration of the mutual covenants and promises contained herein and the other Loan Documents, Borrower will not seek protection under Title 11 of the United States Bankruptcy Code. In the event that an order for relief pursuant to Title 11 of the United States Bankruptcy Code is entered against Borrower, Borrower hereby consents to relief from the automatic stay pursuant to 11 U.S.C. /section/ 362 and hereby irrevocably waives all defenses or objections thereto, in order to permit Lender to pursue its rights under general law.
SUBSEQUENT BANKRUPTCY. 54 Section 10.21 SUPERSEDING ORIGINAL LOAN AGREEMENT............................55 AMENDED AND RESTATED LOAN AGREEMENT AMENDED AND RESTATED LOAN AGREEMENT ("AGREEMENT"), dated as of October 21, 1997, by and between Q.E.P. CO., INC., a Delaware corporation with its chief executive office and principal place of business at 0000 Xxxxxxx Xxxxx, Xxxx Xxxxx, Xxxxxxx 00000, Q.E.P. - O'TOOL, INC., a California corporation with its chief executive office and principal place of business at 00000 Xxxxxxx Xxxxxx, Carson, California 90746, XXXXXX TOOL CORPORATION, an Indiana corporation with its chief executive office and principal place of business at 00xx Xxxxxx xxx Xxxxxx Xxxxxx, Marion, Indiana 46952, WESTPOINT FOUNDRY, INC., an Indiana corporation with its chief executive office and principal place of business at 00xx Xxxxxx xxx Xxxxxx Xxxxxx, Marion, Indiana 46952, XXXXXXX CONSOLIDATED INDUSTRIES, INC., a Delaware corporation with its chief executive office and principal place of business at 000 Xxxxx Xxxxxxx Xxxx Boulevard, City of Industry, California 91749, XXXXXXX HOLDING INTERNATIONAL, INC., a Delaware corporation with its chief executive office and principal place of business at 000 Xxxxx Xxxxxxx Xxxx Boulevard, City of Industry, California 91749, and XXXXXXX COMPANY CANADA LIMITED, an Ontario corporation with its chief executive office and principal place of business at 0000 Xxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxx, Xxxxxx X0X0X0 (all of the foregoing hereinafter collectively called the "BORROWER" unless otherwise specifically indicated) and FLEET NATIONAL BANK, a national banking association with an office at Xxx Xxxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxxx 00000 (hereinafter referred to as the "LENDER").
SUBSEQUENT BANKRUPTCY. In the event Borrower becomes the subject of any insolvency, bankruptcy, receivership, dissolution, reorganization or similar proceeding, federal or state, voluntary or involuntary, under any present or future law or act, Lender shall be entitled to immediate and absolute lifting of any automatic stay as to the enforcement of its remedies under the Loan Documents against the Project, including specifically, but not limited to, the stay imposed by Section 362 of the United States Federal Bankruptcy Code, as amended. Borrower hereby irrevocably consents to the lifting of any such automatic stay and will not contest any motion by Lender to lift such stay. Borrower expressly acknowledges, and agrees not to take any contrary position in any subsequent bankruptcy proceeding, that: (i) the Project is not now and never will be necessary to any plan of reorganization of any type; (ii) Borrower is a single asset entity with no employees; (iii) Borrower has no creditors other than Lender (except for a few creditors small in relation to Lender which relate to operating expenses being paid as they come due); and (iv) any subsequent bankruptcy filing by the Borrower to this loan extension will be in bad faith for the sole purpose of delaying and frustrating the legitimate efforts of Lender to enforce its rights. The provisions of this paragraph are essential elements of Lender's consideration for entering into this Amendment.
SUBSEQUENT BANKRUPTCY. In the event Borrower becomes the subject of any insolvency, bankruptcy, receivership, dissolution, reorganization or similar proceeding, federal or state, voluntary or involuntary, under any present or future law or act, Lender shall be entitled to immediate and absolute lifting of any automatic stay as to the enforcement of its remedies under the Loan and Modification Documents against the Project, including specifically, but not limited to, the stay imposed by Section 362 of the United States Federal Bankruptcy Code, as amended. Borrower hereby irrevocably consents to the lifting of any such automatic stay and will not contest any motion by Lender to lift such stay. Borrower expressly acknowledges and, agrees not to take any contrary position in any subsequent bankruptcy proceeding, that: (i) the Project is not now and never will be necessary to any plan of reorganization of any type; (ii) Borrower is a single asset entity with no employees; (iii) Borrower has no creditors other than
SUBSEQUENT BANKRUPTCY. In the event that this Lease is assumed by a Trustee appointed for Tenant or by Tenant as Debtor-In-Possession and thereafter Tenant is liquidated or files a subsequent Petition for reorganization or adjustment of debts under Chapter 11 or 13 of the Bankruptcy Code, then, and in either of such events, Landlord may, at its option, terminate this Lease and all rights of Tenant hereunder, by giving Tenant written notice of its election to so terminate, by no later than thirty (30) days after the occurrence of either of such events.
SUBSEQUENT BANKRUPTCY. 81 Section 11.21 Judgment............................................... 81 Section 11.22 Maximum Rate of Interest............................... 82 Section 11.23
SUBSEQUENT BANKRUPTCY. In the event of Borrower’s subsequent default hereunder, Borrower hereby covenants not to impede the Agent and each Lender’s rightful exercise of its rights under the Loan Documents by seeking protection under Title 11 of the United States Bankruptcy Code or other applicable law, of similar application. Borrower hereby agrees that in consideration of the mutual covenants and promises contained herein and the other Loan Documents, Borrower will not seek protection under Title 11 of the United States Bankruptcy Code or other applicable law, of similar application, including without limitation Canadian bankruptcy laws. In the event that an order for relief pursuant to Title 11 of the United States Bankruptcy Code or other applicable law, of similar application is entered against Borrower, Borrower hereby consents to relief from the automatic stay pursuant to 11 U.S.C. § 362 or otherwise to ensure that the Agent and Lenders shall be “unaffected creditors” and not subject to any stay of proceedings and hereby irrevocably waives all defenses or objections thereto, in order to permit the Agent and each Lender to pursue its respective rights under general law.
SUBSEQUENT BANKRUPTCY. In the event that this Lease is assumed by a trustee appointed for Tenant or by Tenant as debtor-in-possession and thereafter Tenant is liquidated or files a subsequent petition for reorganization or adjustment of debts under Chapter 11 or 13 of the Code, then, and in either of such events, Landlord may, at its option, terminate this Lease and all rights of Tenant hereunder, by giving Tenant written notice of its election to so terminate, by no later than thirty (30) days after the occurrence of either of such events.
