Common use of Third Party Insolvency Proceedings Clause in Contracts

Third Party Insolvency Proceedings. A court or other Governmental Body having jurisdiction issues a decree or order for the winding up, liquidation or dissolution of either of the Borrowers, any of their Material Subsidiaries or the General Partner or adjudging either of the Borrowers, any of their Material Subsidiaries or the General Partner to be insolvent, or any court or other Governmental Body having jurisdiction issues a decree or order granting any relief or remedy sought in any petition or other legal proceeding for the reorganization, readjustment of debt, arrangement, composition or similar relief in respect of either of the Borrowers, any of their Material Subsidiaries or the General Partner under any law or statute of any jurisdiction whether now or hereafter in effect, or any receiver, receiver and manager, custodian, liquidator, trustee in bankruptcy (or any person with similar powers) is appointed for all or any material part of the property of either of the Borrowers, any of the Material Subsidiaries or the General Partner, and any such decree or order relating only to a Material Subsidiary (and not to either of the Borrowers or the General Partner) is not stayed or discharged within 30 days after pronouncement;

Third Party Insolvency Proceedings. A court or other Governmental Body having jurisdiction issues a decree or order for the winding up, liquidation or dissolution of either of the Borrowers, any of their the Material Subsidiaries or the either General Partner or adjudging either of the Borrowers, any of their the Material Subsidiaries or the either General Partner to be insolvent, or any court or other Governmental Body having jurisdiction issues a decree or order granting any relief or remedy sought in any petition or other legal proceeding for the reorganization, readjustment of debt, arrangement, composition or similar relief in respect of either of the Borrowers, any of their the Material Subsidiaries or the either General Partner under any law or statute of any jurisdiction whether now or hereafter in effect, or any receiver, receiver and manager, custodian, liquidator, trustee in bankruptcy (or any person with similar powers) is appointed for all or any material part of the property of either of the Borrowers, any of the Material Subsidiaries or the either General Partner, and any such decree or order relating only to a Material Subsidiary (and not to either of the Borrowers or the Managing General Partner) is not stayed or discharged within 30 days after pronouncement;