Examples of Insolvency Proceeding in a sentence
The Note Collateral Agent agrees, on behalf of itself and the Secured HY Note Holders, that it will not oppose any sale consented to by the Revolving Credit Agent of any Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision under the law applicable to any Insolvency Proceeding), so long as in each case, the proceeds of such sale are applied in accordance with Section 4.1 of this Agreement.
The Note Collateral Agent, on behalf of itself and the Secured HY Note Holders, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the Collateral without the Revolving Credit Agent’s express written consent.
Nothing in this Agreement shall be deemed to subordinate the obligations due to (i) any Revolving Secured Party to the obligations due to any Senior HY Note Holder or (ii) any Senior HY Note Holder to the obligations due to any Revolving Secured Party (in each case, whether before or after the occurrence of an Insolvency Proceeding), it being the intent of the parties that this Intercreditor Agreement shall effectuate a subordination of Liens but not a subordination of indebtedness.
Each Party acknowledges and agrees that (i) the grants of Liens pursuant to the Revolving Loan Agreements and the Secured HY Documents constitute two separate and distinct grants of Liens and (ii) because of, among other things, their differing rights in the Collateral, the Secured HY Debt is fundamentally different from the Revolving Debt and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding.
Each of the parties hereto hereby agrees that it will not institute against, or join any other Person in instituting against, the Borrower or the Equityholder any Insolvency Proceeding so long as there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect) since the end of the Covenant Compliance Period.