Common use of Subsidiary Bankruptcy Clause in Contracts

Subsidiary Bankruptcy. Any Subsidiary of any Credit Party shall (i) apply for, consent to or suffer the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator or similar fiduciary of itself or of all or a substantial part of its property, (ii) admit in writing its inability, or be generally unable, to pay its debts as they become due or cease operations of its present business, (iii) make a general assignment for the benefit of creditors, (iv) commence a voluntary case under any state or federal bankruptcy laws (as now or hereafter in effect), (v) be adjudicated a bankrupt or insolvent, (vi) file a petition seeking to take advantage of any other law providing for the relief of debtors, (vii) acquiesce to, or fail to have dismissed, within thirty (30) days, any petition filed against it in any involuntary case under such bankruptcy laws, or (viii) take any action for the purpose of effecting any of the foregoing;

Subsidiary Bankruptcy. Any Subsidiary of any Credit Party Borrower, shall (ia) apply for, consent to or suffer the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator or similar fiduciary of itself or of all or a substantial part of its property, (iib) admit in writing its inability, or be generally unable, to pay its debts as they become due or cease operations of its present business, (iiic) make a general assignment for the benefit of creditors, (ivd) commence a voluntary case under any state or federal bankruptcy laws (as now or hereafter in effect), (ve) be adjudicated a bankrupt or insolvent, (vif) file a petition seeking to take advantage of any other law providing for the relief of debtors, (viig) acquiesce to, or fail to have dismissed, within thirty sixty (3060) days, any petition filed against it in any involuntary case under such bankruptcy laws, or (viiih) take any action for the purpose of effecting any of the foregoing;

Subsidiary Bankruptcy. Any Subsidiary of any Credit Party Borrower, shall (ia) apply for, consent to or suffer the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator or similar fiduciary of itself or of all or a substantial part of its property, (iib) admit in writing its inability, or be generally unable, to pay its debts as they become due or cease operations of its present business, (iiic) make a general assignment for the benefit of creditors, (ivd) commence a voluntary case under any state or federal bankruptcy laws (as now or hereafter in effect), (ve) be adjudicated a bankrupt or insolvent, (vif) file a petition seeking to take advantage of any other law providing for the relief of debtors, (viig) acquiesce to, or fail to have dismissed, within thirty (30) days, any petition filed against it in any involuntary case under such bankruptcy laws, or (viiih) take any action for the purpose of effecting any of the foregoing;

Subsidiary Bankruptcy. Any Subsidiary of any Credit Party Borrower shall (i) apply for, consent to or suffer the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator or similar fiduciary of itself or of all or a substantial part of its property, (ii) admit in writing its inability, or be generally unable, to pay its debts as they become due or cease operations of its present business, (iii) make a general assignment for the benefit of creditors, (iv) commence a voluntary case under any state or federal bankruptcy laws (as now or hereafter in effect), (v) be adjudicated a bankrupt or insolvent, (vi) file a petition seeking to take advantage of any other law providing for the relief of debtors, (vii) acquiesce to, or fail to have dismissed, within thirty forty-five (3045) days, any petition filed against it in any involuntary case under such bankruptcy laws, or (viii) take any action for the purpose of effecting any of the foregoing;