Bankruptcy Reorganization Sample Clauses

Bankruptcy Reorganization. In the event either Party is found to be insolvent, has a petition in bankruptcy filed against it, files a petition in bankruptcy or petitions for reorganization, this Agreement will automatically terminate as to future obligations. The party who is insolvent or who is under bankruptcy will still be obligated to perform all material obligations under this Agreement.
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Bankruptcy Reorganization. For purposes of any reorganization plan under the United States Bankruptcy Code including, without limitation, Chapters 11 and 13 thereof, and Bankruptcy Code Sections 1123 and 1322, any cure contemplated by any such reorganization plan shall require the full payment of all accrued and unpaid interest due under this Note at the Applicable Rate, the amounts required by Section 7 and all other sums due pursuant to this Note or arising under or secured by the Deed of Trust.
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Bankruptcy Reorganization. (i) Any Guarantor shall (i) apply for or consent to the appointment of a receiver, trustee or liquidator of itself or any of its property, (ii) admit in writing its inability to pay its debts as they mature, (iii) make a general assignment for the benefit of creditors, (iv) be adjudicated a bankrupt or insolvent, (v) file a voluntary petition in bankruptcy or a petition or an answer seeking or consenting to reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it in any proceeding under any such law, or take corporate action for the purposes of effecting any of the foregoing, or (vi) by any act indicate its consent to, approval of or acquiescence in any such proceeding or the appointment of any receiver of or trustee for any of its property, or suffer any such receivership, trusteeship or proceeding to continue undischarged for a period of sixty
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Bankruptcy Reorganization. (i) The (A) Borrower or any of its Subsidiaries, (B) prior to the expiration of any Builder’s warranty obligations under the Construction Contracts, any Builder or (C) any other Project Party shall (1) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee, examiner or liquidator of itself or of all or a substantial part of its Property, (2) make a general assignment for the benefit of its creditors, (3) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, suspension of payments, liquidation, dissolution, arrangement or winding-up, or composition or readjustment of debts or (4) take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts described in this Section 8.1(j); or
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Bankruptcy Reorganization. The Borrower commences any proceedings relating to any substantial portion of its properties under any reorganization, arrangement or readjustment of debt, dissolution, winding up, adjustment, composition, or bankruptcy or equivalent proceedings under any liquidation law or statute of any jurisdiction, whether now or hereafter in effect (a “Proceeding”), or there is commenced against any thereof any Proceeding and such Proceeding remains undismissed or unstayed for a period of sixty (60) days; or any receiver, trustee, liquidator, or sequestrator of, or for, the Borrower or any substantial portion of its properties is appointed and is not discharged within a period of sixty (60) days; or the Borrower by any act indicates consent to or approval of or acquiescence in any Proceeding or the appointment of any receiver, trustee, liquidator, or sequestrator of, or for, itself or any substantial portion of its property; or
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Bankruptcy Reorganization. EFH is a Dallas, Texas-based holding company with a portfolio of competitive and regulated energy businesses in Texas that it operates through its direct and indirect subsidiaries. 1 Unless otherwise noted, all section references contained herein are to the Internal Revenue Code of 1986, as amended, and Treasury Regulation references are to the Treasury Regulations promulgated thereunder. 2 These valuations of $18 billion and $17 billion for TCEH and EFH’s partnership subsidiary are illustrative only, based on the current trading prices of TCEH debt and the terms of the proposed transaction with EFIH creditors. Actual values at closing could be higher or lower. EFH was acquired by a group of private equity funds (the “Sponsors”) in 2007 pursuant to a leveraged buyout (the “LBO”). EFH owns 100% of the equity interests of Energy Future Competitive Holdings Company LLC (“EFCH”) and Energy Future Intermediate Holding Company LLC (“EFIH”), both of which are disregarded entities for federal income tax purposes. EFCH’s principal asset is its membership interest in TCEH, which, through its subsidiaries, is engaged in competitive electricity market activities primarily conducted in Texas. TCEH, also a disregarded entity, has approximately $24 billion of first lien debt (the “TCEH Debt,” the holders of which are referred to herein as the “TCEH Creditors”),3 as well as $7.7 billion of second lien and unsecured debt. EFIH’s principal asset is its indirect 80% membership interest in Oncor Electric Delivery Co. LLC (“Oncor”), which it owns through Oncor Electric Delivery Holdings LLC, a disregarded entity (“Oncor Holdings”). Oncor is a partnership for federal income tax purposes and operates the largest transmission and distribution system in Texas. EFIH has approximately $7.7 billion of first lien, second lien and unsecured debt (the holders of which are referred to herein as the “EFIH Creditors”). EFH also has approximately $1.9 billion of debt outstanding.4 The chart below summarizes the existing structure of the relevant entities: To fund the 2007 LBO (which was the largest LBO in history), EFH and certain of its subsidiaries incurred substantial indebtedness, most of which currently resides at TCEH and EFIH. EFH and its subsidiaries’ debt levels have become unsustainable since the LBO, primarily because of rapid changes in the natural gas market that have caused a significant reduction in electricity prices. As a result, EFH has been in negotiations with certain la...
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Bankruptcy Reorganization. On July 9, 2012, Patriot Coal Corporation and substantially all of its subsidiaries filed for reorganization under chapter 11 of the United States Bankruptcy Code.
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Related to Bankruptcy Reorganization

  • Bankruptcy, Insolvency or Reorganization Proceedings If an Event of Default specified under Section 9.1.12 [Relief Proceedings] shall occur, the Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; and

  • Reorganization The Company shall not merge or consolidate into or with another company, or reorganize, or sell substantially all of its assets to another company, firm, or person unless such succeeding or continuing company, firm, or person agrees to assume and discharge the obligations of the Company under this Agreement. Upon the occurrence of such event, the term "Company" as used in this Agreement shall be deemed to refer to the successor or survivor company.

  • Merger or Reorganization If at any time there shall be any reorganization, recapitalization, merger or consolidation (a “Reorganization”) involving the Company (other than as otherwise provided for herein or as would cause the expiration of this Warrant under Section 8) in which shares of the Company’s stock are converted into or exchanged for securities, cash or other property, then, as a part of such Reorganization, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this Warrant, the kind and amount of securities, cash or other property of the successor corporation resulting from such Reorganization, equivalent in value to that which a holder of the Shares deliverable upon exercise of this Warrant would have been entitled in such Reorganization if the right to purchase the Shares hereunder had been exercised immediately prior to such Reorganization. In any such case, appropriate adjustment (as determined in good faith by the Board of Directors of the successor corporation) shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after such Reorganization to the end that the provisions of this Warrant shall be applicable after the event, as near as reasonably may be, in relation to any shares or other securities deliverable after that event upon the exercise of this Warrant.

  • Reorganization, etc To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer, any security or debt instrument of which is or was held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer, and to pay calls or subscriptions with respect to any security or debt instrument held in the Trust;

  • Corporate Reorganization In the event that the Company changes ownership, merges with another company or in any way changes its corporate identity, this Agreement will remain in full force and effect and the Union recognition now in effect and/or the certificate issued by the Canada Labour Relations Board then in existence shall not be affected in any way except as otherwise governed or directed by the Board. The Company further agrees to enter into negotiations with the Union relative to protection of employees' seniority and other conditions of this Agreement. Failing settlement, the provisions of the Canada Labour Code will apply.

  • Bankruptcy Proceedings The commencement of any proceedings by or against Guarantor under any applicable bankruptcy, reorganization, liquidation, insolvency or other similar law now or hereafter in effect or of any proceeding in which a receiver, liquidator, trustee or other similar official is sought to be appointed for it;

  • Reorganization Matters (a) The Chapter 11 Cases were commenced on the Petition Date in accordance with applicable law and notice thereof as well as notice of (x) the motion seeking approval of the Loan Documents and the Interim Order and Final Order, and (y) the hearing for the approval of the Interim Order, and (z) the hearing for the approval of the Final Order, in each case was properly given in accordance with applicable law.

  • Section 368 Reorganization For U.S. federal income tax purposes, the Share Exchange is intended to constitute a “reorganization” within the meaning of Section 368(a)(1)(B) of the Code. The parties to this Agreement hereby adopt this Agreement as a “plan of reorganization” within the meaning of Sections 1.368-2(g) and 1.368-3(a) of the United States Treasury Regulations. Notwithstanding the foregoing or anything else to the contrary contained in this Agreement, the parties acknowledge and agree that no party is making any representation or warranty as to the qualification of the Share Exchange as a reorganization under Section 368 of the Code or as to the effect, if any, that any transaction consummated prior to the Closing Date has or may have on any such reorganization status. The parties acknowledge and agree that each (i) has had the opportunity to obtain independent legal and tax advice with respect to the transaction contemplated by this Agreement, and (ii) is responsible for paying its own Taxes, including without limitation, any adverse Tax consequences that may result if the transaction contemplated by this Agreement is not determined to qualify as a reorganization under Section 368 of the Code.

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