Common use of BANKRUPT Clause in Contracts

BANKRUPT. For purposes of this Agreement, a Tenant in Common shall be considered Bankrupt if such Tenant in Common: (1) is unable to pay debts as they come due, including any debt associated with the Project; (2) admits in writing to his or her inability to pay debts as they due, including any debt associated with the Project; (3) makes a general assignment for the benefit of creditors; (4) files any petition or answer seeking to adjudicate it bankrupt or insolvent; (5) seeks liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of its debts; (6) seeks, consents to or acquiesces in the entry of an order for relief or the appointment of a receiver, trustee, custodian, or other similar official or for any substantial part of its property; (7) the entry of an order for relief or approving a petition for relief or reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future bankruptcy, insolvency or similar statute, law or regulation or the filing of any such petition that is not dismissed in 90 days; (8) entry of an order appointing a trustee, custodian, receiver or liquidator of all or any substantial portion of its property, which order is not dismissed within 60 days or (9) is considered bankrupt under the loan documents attributable to any loan which is secured by the Project.

BANKRUPT. For purposes of this Agreement, a Tenant in Common shall be considered Bankrupt if such Tenant in Common: (1) is unable to pay debts as they come due, including any debt associated with the Project; (2) admits in writing to his or her inability to pay debts as they due, including any debt associated with the Project; (3) makes a general assignment for the benefit of creditors; (4) files any petition or answer seeking to adjudicate it bankrupt or insolvent; (5) seeks liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of its debts; (6) seeks, consents to or acquiesces in the entry of an order for relief or the appointment of a receiver, trustee, custodian, or other similar official or for any substantial part of its property; (7) the entry of an order for relief or approving a petition for relief or reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future bankruptcy, insolvency or similar statute, law or regulation or the filing of any such petition that is not dismissed in 90 days; (8) entry of an order appointing a trustee, custodian, receiver or liquidator of all or any substantial portion of its property, which order is not dismissed within 60 sixty (60) days or (9) is considered bankrupt under the loan documents attributable to any loan which is secured by the ProjectLoan Documents.

BANKRUPT. For purposes of this Agreement, a Tenant in Common shall be considered Bankrupt if such Tenant in Common: (1) is unable to pay debts as they come due, including any debt associated with the Project; (2) admits in writing to his or her inability to pay debts as they due, including any debt associated with the Project; (3) makes a general assignment for the benefit of creditors; (4) files any petition or answer seeking to adjudicate it bankrupt or insolvent; (5) seeks liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of its debts; (6) seeks, consents to or acquiesces in the entry of an order for relief or the appointment of a receiver, trustee, custodian, or other similar official or for any substantial part of its property; (7) the entry of an order for relief or approving a petition for relief or reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future bankruptcy, insolvency or similar statute, law or regulation or the filing of any such petition that is not dismissed in 90 days; (8) entry of an order appointing a trustee, custodian, receiver or liquidator of all or any substantial portion of its property, which order is not dismissed within 60 days or (9) is considered bankrupt under the loan documents attributable to any loan which is secured by the ProjectLoan Documents.

BANKRUPT. For the purposes of this Agreement, a Tenant in Common shall be considered Bankrupt if such Tenant in Common: (1) is unable to pay debts as they come due, including any debt associated with the ProjectProperty; (2) admits in writing to his or her inability to pay debts as they come due, including any debt associated with the ProjectProperty; (3) makes a general assignment for the benefit of creditors; (4) files any petition or answer seeking to adjudicate it bankrupt or insolvent; (5) seeks liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of its debts; (6) seeks, consents to or acquiesces in the entry of an order for relief or the appointment of a receiver, trustee, custodian, or other similar official or for any substantial part of its property; (7) the entry of an order for relief or approving a petition for relief or reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future bankruptcy, insolvency or similar statutestatue, law or regulation or the filing of any such petition that is not dismissed in 90 ninety (90) days; or (8) entry of an order appointing a trustee, custodian, receiver or liquidator of all or any substantial portion of its property, which order is not dismissed within 60 days or sixty (960) is considered bankrupt under the loan documents attributable to any loan which is secured by the Projectdays.