Insolvency of Debtor. There is insolvency (i) when an Approved Debtor/Debtor commences or becomes the subject of any proceedings under the relevant and applicable local bankruptcy or insolvency laws; or (ii) when a Court having jurisdiction over the Approved Debtor/Debtor has appointed a receiver, liquidator, trustee, or other similar official for the assets of the Approved Debtor/Debtor under the relevant and applicable bankruptcy or insolvency laws; or
Insolvency of Debtor. If Debtor becomes insolvent or is adjudicated bankrupt or files a petition for reorganization, arrangement, composition or similar relief or is the subject of any other Insolvency Proceeding (as defined in the Loan Agreement) under any present or future provision of the United States Bankruptcy Code, the Hong Kong Legal Requirements relating to insolvency (including but not limited to Companies Ordinance (Cap 32), the Companies (Winding Up) Rules (Cap 32H) and the Bankruptcy Ordinance (Cap 6) or equivalent Legal Requirements in any other jurisdiction, or if such a petition is filed involuntarily against any Debtor, and in any such proceeding part or all of any Indebtedness or Obligations under the Loan Agreement are terminated or rejected or any obligation of Debtor is modified or abrogated, or if Debtor's Obligations are otherwise avoided for insolvency, bankruptcy or any similar reason, Debtor irrevocably agrees that its liability hereunder shall not thereby be affected or modified and such liability shall continue in full force and effect as if no such action or proceeding had occurred. This Agreement shall continue to be effective or be reinstated, as the case may be, if any payment on the Obligations is required to be returned by Lender upon the insolvency, bankruptcy or reorganization of Debtor, or otherwise, as though such payment had not been made.
Insolvency of Debtor. Other than to the extent permitted under the Principal Finance Documents, the Debtor must not, until the Secured Indebtedness has been paid in full and the Secured Party is of the opinion that no payment of that money is or is likely to become void, voidable or otherwise unenforceable or refundable:
Insolvency of Debtor. There is insolvency (i) when an Approved Debtor/Debtor commences or becomes the subject of any proceedings under the relevant and applicable local bankruptcy or insolvency laws; or (ii) when a Court having jurisdiction over the Approved Debtor/Debtor has appointed a receiver, liquidator, trustee, or other similar official for the assets of the Approved Debtor/Debtor under the relevant and applicable bankruptcy or insolvency laws; or (iii) when the Approved Debtor/ Debtor makes a compromise or arrangement with his creditors; or (iv) a Court having jurisdiction over the Approved Debtor/Debtors makes an arrangement with the creditors binding on the Approved Debtor/Debtor; or (v) when such circumstances exist as are, in the opinion of the Insurer equivalent to any of the above;
Insolvency of Debtor. If Debtor becomes insolvent or is adjudicated bankrupt or files a petition for reorganization, arrangement, composition or similar relief under any present or future provision of the United States Bankruptcy Code or equivalent legislation in any other jurisdiction, or if such a petition is filed involuntarily against Debtor, and in any such proceeding part or all of any indebtedness or obligations under the Loan Agreement are terminated or rejected or any obligation of Debtor is modified or abrogated, or if any Debtor’s obligations are otherwise avoided for insolvency, bankruptcy or any similar reason, Debtor irrevocably agrees that its liability hereunder shall not thereby be affected or modified and such liability shall continue in full force and effect as if no such action or proceeding had occurred. This Agreement shall continue to be effective or be reinstated, as the case may be, if any payment on the Obligations is required to be returned by PFG upon the insolvency, bankruptcy or reorganization of any Debtor, or otherwise, as though such payment had not been made.
Insolvency of Debtor. In the event of Debtor’s insolvency, reorganization or any case or proceeding under any bankruptcy or insolvency law or laws relating to the relief of debtors, including, without limitation, any voluntary or involuntary bankruptcy, insolvency, receivership or other similar statutory or common law proceeding or arrangement involving Debtor, the readjustment of its liabilities, any assignment for the benefit of its Subordinating Creditors or any marshalling of its assets or liabilities (each, an “Insolvency Proceeding”), (a) this Agreement shall remain in full force and effect in accordance with Section 510(a) of the United States Bankruptcy Code, (b) the Collateral shall include, without limitation, all Collateral arising during or after any such Insolvency Proceeding, and (c) Senior Creditor’s claims against Debtor and the estate of Debtor shall be paid in full before any payment is made to Subordinating Creditor.
