Example ContractsClausesbankruptcy or insolvencyVariants
Bankruptcy or Insolvency
Bankruptcy or Insolvency contract clause examples

If an involuntary case seeking the liquidation or reorganization of any Loan Party under Chapter 7 or Chapter 11, respectively, of the Bankruptcy Code or any similar proceeding shall be commenced against any Loan Party under any other applicable law and any of the following events occur: # such Person consents to the institution of the involuntary case or similar proceeding; # the petition commencing the involuntary case or similar proceeding is not timely controverted; # the petition commencing the involuntary case or similar proceeding is not dismissed within 60 days of the date of the filing thereof; provided, however, that, during the pendency of such period, the Lender Group shall be relieved of its obligation to make additional Loans; # an interim trustee is appointed to take possession of all or a substantial portion of the Assets of any Loan Party; or # an order for relief shall have been issued or entered therein;

an involuntary case or other proceeding shall be commenced against any Loan Party or any Subsidiary of a Loan Party seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, administrator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order for relief shall be entered

an involuntary case or other proceeding shall be commenced against any Loan Party or any Subsidiary of a Loan Party seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order for relief shall be entered against any Loan Party or any Subsidiary of a Loan Party under the federal bankruptcy laws as now or hereafter in effect; or

Involuntary Bankruptcy, etc. If an Insolvency Proceeding is commenced against a Loan Party or any of its Subsidiaries and any of the following events occur: # such Loan Party or such Subsidiary consents to the institution of such Insolvency Proceeding against it, # the petition commencing the Insolvency Proceeding is not timely controverted, # the petition commencing the Insolvency Proceeding is not dismissed within 60 calendar days of the date of the filing thereof, # an interim trustee is appointed to take possession of all or any substantial portion of the properties or assets of, or to operate all or any substantial portion of the business of, such Loan Party or its Subsidiary, or # an order for relief shall have been issued or entered therein;

an involuntary case or other proceeding shall be commenced against any Loan Party or any Subsidiary of a Loan Party (other than an Immaterial Subsidiary) seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, administrator, custodian or other similar official of it or any substantial part of its property, and, in any such case, such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order for relief shall be entered against any Loan Party or any Subsidiary of a Loan Party (other than an Immaterial Subsidiary) under the federal bankruptcy laws as now or hereafter in effect; or

Except as to the pending bankruptcy cases of the [[Organization A:Organization]] jointly administered under Case No. 17-11330, any Loan Party shall commence a voluntary case concerning itself under the any Debtor Relief Law; or an involuntary case is commenced against any Loan Party, and the petition is not dismissed within forty-five (45) days after the filing thereof; or a custodian (as defined in the Bankruptcy Code), receiver, interim receiver, monitor, or administrator is appointed for, or takes charge of, all or substantially all of the property of any Loan Party, to operate all or any substantial portion of the business of such Loan Party, or, except to the extent expressly permitted by [Section 7.2], any Loan Party commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to any Loan Parties, or there has commenced against any Loan Party any such proceeding which remains undismissed for a period of sixty (60) days after the filing thereof, or any Loan Party is adjudicated insolvent or bankrupt; or any order of relief is entered in any such proceeding; any Loan Party makes a general assignment for the benefit of creditors; or any action is taken by any Loan Party for the purpose of authorizing

Involuntary Bankruptcy, etc. If an Insolvency Proceeding is commenced against a Loan Party or any of its Restricted Subsidiaries and any of the following events occur: # such Loan Party or such Restricted Subsidiary consents to the institution of such Insolvency Proceeding against it, # the petition commencing the Insolvency Proceeding is not timely controverted, # the petition commencing the Insolvency Proceeding is not dismissed within 60 calendar days of the date of the filing thereof, # an interim trustee is appointed to take possession of all or any substantial portion of the properties or assets of, or to operate all or any substantial portion of the business of, such Loan Party or such Restricted Subsidiary, or # an order for relief shall have been issued or entered therein;

Voluntary Bankruptcy. Any Loan Party shall institute a voluntary case seeking liquidation or reorganization under Chapter 7 or Chapter 11, respectively, of the Bankruptcy Code; any Loan Party shall file a petition, answer, or complaint or shall otherwise institute any similar proceeding under any other applicable law, or shall consent thereto; any Loan Party shall consent to the conversion of an involuntary case to a voluntary case; or any Loan Party shall consent or acquiesce to the appointment of a receiver, liquidator, sequestrator, custodian, trustee, or other officer with similar powers to take possession of all or a substantial portion of its Assets; any Loan Party shall generally fail to pay debts as such debts become due or shall admit in writing its inability to pay its debts generally; or any Loan Party shall make a general assignment for the benefit of creditors;

an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking # liquidation, reorganization or other relief in respect of any Loan Party or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or # the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for a Loan Party or for a substantial part of its assets, and, in any such case referenced to in [clause (i) or (ii) above], such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking # liquidation, reorganization or other relief in respect of a Loan Party or Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or # the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;

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