Bankruptcy Issues Sample Clauses

Bankruptcy Issues. (a) Except as provided in this Section 10, this Agreement shall continue in full force and effect after the commencement of a Bankruptcy Case (all references herein to Obligor being deemed to apply to Obligor as debtor-in-possession and to a trustee for Obligor' estate in a Bankruptcy Case), and shall apply with full force and effect with respect to all Collateral acquired by such Obligor, and to all Secured Creditors' Indebtedness incurred by Obligor, subsequent to such commencement. (b) If the Obligor shall become subject to a Bankruptcy Case, and if the Senior Agent and the Senior Lenders shall desire to permit the use of cash collateral or to provide post-petition financing to such Obligor, the Junior Agent and each Junior Lender agrees as follows: (i) adequate notice to the Junior Agent and the Junior Lenders shall be deemed to have been provided for such use of cash collateral or post-petition financing if the Junior Agent receive notice thereof at least five (5) Business Days prior to any hearing on a request to approve such use of cash collateral or post-petition financing; and (ii) no objection will be raised by the Junior Agent or any Junior Lender to any such use of cash collateral or such post-petition financing by the Senior Agent or Senior Lenders, on the grounds of a failure to provide adequate protection for the Junior Agent's junior liens and security interests in the Collateral, provided that the Junior Agent, on behalf of the Junior Lenders, is granted the same liens and security interests on the post-petition Collateral that may be granted to or for the benefit of the Senior Agent on behalf of the Senior Lenders, junior only to the liens or security interests of the Senior Agent on behalf of the Senior Lenders therein. No objection will be raised by the Junior Agent or the Junior Lenders the Senior Agent's motion for relief from the automatic stay in any proceeding under the Bankruptcy Code to foreclose on and sell the Collateral. (c) Without limiting the generality of the foregoing, until the Senior Indebtedness has been Paid in Full, the Junior Agent, on behalf of each Junior Lender agrees that the Senior Agent may consent to the sale or disposition of any or all of the Collateral in any bankruptcy, assignment for the benefit of creditors or similar proceedings against the Obligor (whether such sale or disposition is to be made pursuant to Section 363 of the Bankruptcy Code, pursuant to a plan of reorganization, or otherwise), and if ...

Bankruptcy Issues. This Agreement shall continue in full force and effect after the commencement of any Insolvency or Liquidation Proceeding with respect to any Obligor under any Bankruptcy Law and all converted or succeeding cases in respect thereof (all references herein to any Obligor being deemed to apply to such Obligor as a debtor-in-possession, and any receiver or administrator or a trustee for such Obligor), and shall apply with full force and effect with respect to all Revolving Collateral and First Mortgage Collateral acquired by any Obligor, and to all Revolving Secured Obligations and the First Mortgage Obligations incurred by any Obligor, subsequent to the commencement of such Insolvency or Liquidation Proceeding. No objection will be raised by the First Mortgage Secured Parties to a motion by the Agent for relief from automatic stay in any such proceeding to foreclose on, sell or otherwise realize upon the Revolving Collateral, and no objection will be raised by the Revolving Secured Parties to a motion by the FMN Security Representatives for relief from automatic stay in any such proceeding to foreclose on, sell or otherwise realize upon the First Mortgage Collateral. In any Insolvency or Liquidation Proceeding of any Obligor, the Agent may (but need not) permit such Obligor to use the Agent’s cash collateral pursuant to Section 363 of the Bankruptcy Code (the “Cash Collateral Use”). In that event, the FMN Security Representatives hereby agree that none of them will raise any objection to such Cash Collateral Use, but only to the extent such Cash Collateral Use is limited to proceeds of the Revolving Collateral.

Bankruptcy Issues. The Parties intend that (i) all Transactions constitute a “forward contract” within the meaning of the Bankruptcy Code; (ii) all payments made or to be made by one Party to the other Party pursuant to this Agreement constitute “settlement payments” within the meaning of the Bankruptcy Code; (iii) all transfers of Performance Assurance by one Party to the other Party under this Agreement constitute “margin payments” within the meaning of the Bankruptcy Code; and (iv) this Agreement constitutes a “master netting agreement” within the meaning of the Bankruptcy Code. To the extent that Section 365 of the Bankruptcy Code applies to this Confirmation Agreement and all other Fixed Price Customer Supply Contract(s), the Parties agree that all transactions with each of the Parties under this Confirmation Agreement and all other Fixed Price Customer Supply Contracts constitute one integrated transaction that can only be assumed or rejected in its entirety.” 32. Section 10.11 – Confidentiality. Section 10.11 is replaced in its entirety, as follows: “If the Parties have elected on the Cover Sheet to make this Section 10.11 applicable to this Master Agreement, neither Party shall disclose the terms or conditions of a Transaction under this Master Agreement or the completed Cover Sheet to, or any annex to, this Master Agreement to a third party (other than the Party’s or the Party’s Guarantor or Affiliate’s employees, lenders, counsel, accountants or advisors (all collectively referred to as “Representatives”) who have a need to know such information in connection with the exercise of such Party’s rights and performance of such Party’s obligations under this Master Agreement and who the Party is satisfied will keep such terms confidential) except in order to comply with any applicable law, regulation, or any exchange, control area or independent system operator rule or in connection with any court or regulatory proceeding; or request by a regulatory authority and in the event that any disclosure is requested or required by the regulatory authority or a government body by interrogatory, request for information or documents, subpoena, deposition, civil investigative demand or applicable law, the Party subject to such request or requirement may disclose to the extent so requested or required but shall promptly notify the other Party, prior to such disclosure, if such Party’s counsel determines that such notice is permitted by law, so that the other Party may seek an approp...

Bankruptcy Issues. The Parties intend that (i) all Transactions constitute a “forward contract” within the meaning of the Bankruptcy Code; (ii) all payments made or to be made by one Party to the other Party pursuant to this Agreement constitute “settlement payments” within the meaning of the Bankruptcy Code; (iii) all transfers of Performance Assurance by Seller to Buyer under this Agreement constitute “margin payments” within the meaning of the Bankruptcy Code; and (iv) this Agreement constitutes a “master netting agreement” within the meaning of the Bankruptcy Code.

Bankruptcy Issues. (a) In the event of any insolvency, bankruptcy or similar proceeding relating to the Company or its property, any voluntary liquidation, dissolution or other winding up of the Company, or any assignment for the benefit of its creditors or any other marshalling of its assets, the Senior Debt shall first be paid in full before any payment or distribution is made on account of the Subordinated Debt, and to that end the holder of the Senior Debt shall be entitled to receive for application and payment thereof any payment or distribution of any kind or character, whether in cash or property or securities, which may be payable or deliverable in any such proceeding in respect of the Subordinated Debt, including any such payment or distribution which may be payable or deliverable by virtue of the provisions of any indebtedness which is subordinate and junior in right of payment to the Subordinated Debt. In order to enable the Senior Lender to enforce the foregoing rights in any bankruptcy, insolvency or similar action or proceedings, the Senior Lender is hereby irrevocably authorized and empowered in its discretion to make present for and on behalf of the Subordinated Debt as the Senior Lender may deem expedient and proper, and to vote such claims in any such proceedings and to receive and collect any and all dividends or payments or disbursements made thereon in whatever form the same may be paid or issued and to apply the same on account of the Senior Debt. The Subordinated Lenders agrees to and does hereby assign all such claims to the Senior Lender, and the Subordinated Lenders further agrees to execute such instruments as may be required by the Senior Lender to enable the Senior Lender to enforce any and all such claims and collect any and all dividends or other payments or disbursements which may be made on account of the Subordinated Debt. (b) If Company becomes the subject of proceedings under the Bankruptcy Code and if the Senior Lender desires to permit the use of cash collateral or to provide financing to Company under either Section 363 or Section 364 of Title 11 of the United States Code (the "Bankruptcy Code") the Subordinated Lenders agrees that adequate notice of such financing to the Subordinated Lenders shall have been provided if the undersigned receives notice two (2) Business Days prior to the entry of any order approving such cash collateral usage or financing. Notice of a proposed financing or use of cash collateral shall be deemed given upo...

Bankruptcy Issues. The Parties intend that (i) all Transactions constitute a ‘forward contract’ within the meaning of the United States Bankruptcy Code (the ‘Bankruptcy Code’) or a ‘swap agreement’ within the meaning of the Bankruptcy Code; (ii) all payments made or to be made by one Party to the other Party pursuant to this Agreement constitute ‘settlement payments’ within the meaning of the Bankruptcy Code; (iii) all transfers of Performance Assurance by one Party to the other Party under this Agreement constitute ‘margin payments’ within the meaning of the Bankruptcy Code; (iv) this Agreement constitutes a ‘master netting agreement’ within the meaning of the Bankruptcy Code; and (v) each of Party A and Party B are “forward contract merchants” within the meaning of the Bankruptcy Code. Each Party further agrees that, for purposes of this Agreement, the other Party is not a ‘utility’ as such term is used in 11 U.S.C. Section 366, each Party waives and agrees not to assert the applicability of the provisions of 11 U.S.C. Section 366 in any bankruptcy proceeding wherein such Party is a debtor. In any such proceeding, each Party further waives the right to assert that the other Party is a provider of last resort to the extent such term relates to 11 U.S.C. Section 366 or another provision of 11 U.S.C. Section 101-1532.” Section 10.11 is amended to read as follows: “

Bankruptcy Issues. This Agreement shall apply in all respects both prior to and during the pendency of any proceedings under the Bankruptcy Code.

Bankruptcy Issues. (a) Each Purchaser agrees that the Collateral Agent or the Required Holders may consent to the use of cash collateral or provide financing to the Company or any Credit Party (under Section 363 or Section 364 of the Bankruptcy Code or otherwise) on such terms and conditions and in such amounts as the Collateral Agent or the Required Holders, in their sole discretion, may decide and that, in connection with such cash collateral usage or financing, the Company or Credit Party (or a trustee appointed for the estate of such Person) may grant to the Collateral Agent or the Tranche A Purchasers Liens upon all assets of the Company or such Credit Party, which Liens shall secure payment of all Loans and other Obligations of the Collateral Agent and the Tranche A Purchasers (whether such Obligations arose prior to the filing or other commencement of any Insolvency Proceeding or arise thereafter). Each Tranche B Purchaser acknowledges and agrees that the Tranche A Obligations shall be deemed to include obligations owing to the Collateral Agent or the Tranche A Purchasers in connection with any such financing provided after the commencement of an Insolvency Proceeding (whether through use of cash collateral, under Section 363 or 364 of the Bankruptcy Code or otherwise and whether through this Agreement or though other post-petition agreements (all of which shall be considered part of the Financing Documents)) as though such financing was made as a Tranche A Note under this Agreement and all allocations of payments among the Collateral Agent and the Tranche A Purchasers on the one hand and such Tranche B Purchasers on the other shall continue to be made after the filing or other commencement of any Insolvency Proceeding on the same basis that the payments were to be allocated prior to the date of such filing or commencement. Each Tranche B Purchaser agrees that it will not object to or oppose a sale or other disposition of any assets securing the Obligations (or any portion thereof) free and clear of security interests, liens or other claims of or for the benefit of such Tranche B Purchaser, if any, under Sections 363 or 1129 of the Bankruptcy Code or any other provision of the Bankruptcy Code if the Required Holders have consented to such sale or disposition of such assets. To the extent that the Collateral Agent or any Tranche A Purchaser receives payments on, or proceeds of Collateral for, the Obligations held by the Collateral Agent or the Tranche A Purchasers whic...

Bankruptcy Issues. The Plan has been confirmed by the Bankruptcy Court. Prior to or contemporaneously with the Closing, (a) all the conditions precedent to consummation of the Plan as set forth in the Plan will have been satisfied, (b) the Plan will have been consummated and (c) Old NationsRent and its Subsidiaries will have emerged from bankruptcy protection in accordance with Title 11 of the United States Code.