Non Petition Covenant. Each of the parties hereto hereby agrees that it shall not institute against either Funding or the Mortgages Trustee any winding-up, administration, insolvency or similar proceedings so long as any sum is outstanding under any Intercompany Loan Agreement of any Issuer or for two years plus one day since the last day on which any such sum was outstanding.

Non Petition Covenant. Each of the parties hereto (other than, in the case of Funding, the Security Trustee and, in the case of Funding 2, the Funding 2 Security Trustee) hereby agrees that it shall not institute against any Funding Beneficiary or the Mortgages Trustee any winding-up, administration, insolvency or similar proceedings so long as any sum is outstanding under any Intercompany Loan Agreement of any Issuer or for two years plus one day since the last day on which any such sum was outstanding.

Non Petition Covenant means a written covenant by a Person to the effect that, prior to the date that is 2 years and 1 day after the payment in full of all Permitted Indebtedness (or, if longer, the preference period then in effect under applicable law), it will not commence or otherwise institute against the Issuer or any of its subsidiaries any bankruptcy, examination, reorganization, arrangement, insolvency or liquidation proceeding or other similar proceedings.

Examples of Non Petition Covenant in a sentence

The provision of Clause 6 (Restrictions on Exercise of Certain Rights) of the Funding Deed of Charge shall prevail in the event that and to the extent that they conflict with the provisions of this Clause 11 and the provisions of Clause 12 (Non Petition Covenant).
The provisions of Clauses 6 (Limited Recourse) and 7 (Non Petition Covenant) shall survive the termination of this Agreement.

More Definitions of Non Petition Covenant

Non Petition Covenant means a covenant by any Person to the effect that, prior to the date that is one year (or, if longer, the preference period then in effect under applicable federal and state law) and one day after the payment in full of all Senior Indebtedness and Preferred Interests, it will not commence or otherwise institute against the Borrower any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings.

Financial Covenant has the meaning specified in Section 7.08.
Non-Recourse Indebtedness means with respect to any Person, Indebtedness of such Person and any refinancing Indebtedness thereof for which the sole legal recourse for collection of principal and interest on such Indebtedness is against the specific property identified in the instruments evidencing or securing such Indebtedness.
Intercompany Subordination Agreement means an intercompany subordination agreement, dated as of even date with this Agreement, executed and delivered by each Loan Party and each of its Subsidiaries, and Agent, the form and substance of which is reasonably satisfactory to Agent.