Collective Proceedings. In any proceedings brought by the Collateral Agent to enforce the Liens under the Transaction Documents (and also any proceedings involving the interpretation of any provision of any Transaction Document), the Collateral Agent shall be held to represent all of the Secured Parties, and it shall not be necessary to make any Secured Party a party to any such proceedings.
Collective Proceedings. The Companies are not the subject of a judgment of temporary suspension of prosecution, or court-ordered reorganization or court-ordered liquidation. Furthermore, they are not the object of a "procedure d'alerte" [procedure enabling an auditor or works council to call for explanations from the managers when the economic position of a business appears precarious] or amicable settlement nor are they or have they been in a state of insolvency.
Collective Proceedings. In case of collective proceedings of a Party, the Contract may be solved by letter with acknowledgment of receipt to the other Party under the conditions and within the time limits fixed by law and according to the decision of the appointed representative or liquidator. By collective procedure, it is understood: the appointment of an ad hoc agent, a judicial administrator, the opening of reorganization or liquidation proceedings, or the loss of the licence of the Institution.
Collective Proceedings. In the event that collective proceedings (safeguard, recovery or judicial liquidation) are opened against the Tenant, the latter shall immediately inform the Landlord by registered letter with acknowledgement of receipt. The sums owed by the Tenant for debts arising prior to the judgment opening the proceedings shall be automatically set off against the security deposit, without the need for any judicial formality. After the court has decided on a possible safeguard or recovery plan, the Lessor shall ask the Tenant to reconstitute the security deposit, in the event that all or part of it has been offset. The transfer of the leasehold right, including in the event of the Tenant’s judicial liquidation, by the judicial administrator, may only be carried out under the conditions indicated in Article 11.2 of the General Conditions and subject to the reconstitution of the security deposit by the transferee in the hands of the Landlord. If the administrator or liquidator were to terminate the Lease, such non-performance would give rise to damages in accordance with Articles L.622-13 and L.622-14 of the French Commercial Code, which the Parties agree to set at six months’ rent (exclusive of taxes) in effect on the date of termination. The security deposit shall be acquired by the Lessor as initial liquidated damages in the event of waiver of the continuation of the Lease pursuant to Articles L.622-13 and L.622-14 of the Commercial Code.
Collective Proceedings. Neither the Borrower nor any of its Subsidiaries is party to any Collective Proceedings.
