Common use of Insolvency or Liquidation Proceedings Clause in Contracts

Insolvency or Liquidation Proceedings. (a) The provisions of this Article 3 will be applicable both before and after the filing of any petition by or against any Grantor under any insolvency or Bankruptcy Law and all converted or succeeding cases in respect thereof, and all references herein to any Grantor shall be deemed to apply to the trustee for such Grantor and such Grantor as a debtor-in-possession. The relative rights of holders of Secured Debt in or to any distributions from or in respect of any Collateral or proceeds of Collateral shall continue after the filing of such petition on the same basis as prior to the date of such filing, subject to any court order approving the financing of, or use of cash collateral by, any Grantor as debtor-in-possession. If, in any Insolvency or Liquidation Proceeding and at any time any Priority Lien Obligations exist that have not been Discharged, all of the Lenders (or such number of the Lenders as may have the power to bind all of them):

Insolvency or Liquidation Proceedings. (a) The provisions of this Article 3 will be applicable both before and after the filing of any petition by or against any Grantor Obligor under any insolvency or Bankruptcy Law bankruptcy law and all converted or succeeding cases in respect thereof, and all references herein to any Grantor Obligor shall be deemed to apply to the trustee for such Grantor Obligor and such Grantor Obligor as a debtor-in-possession. The relative rights of holders of Secured Debt secured creditors in or to any distributions from or in respect of any Collateral or proceeds of Collateral shall continue after the filing of such petition on the same basis as prior to the date of such filing, subject to any court order approving the financing of, or use of cash collateral by, by any Grantor Obligor as a debtor-in-possession. If, in any Insolvency or Liquidation Proceeding and at any time any Priority Lien Obligations exist that have not been Discharged, all of the Lenders (or such number the holders of the Lenders requisite percentage of Priority Lien Obligations as may have the power to bind all of them):

Insolvency or Liquidation Proceedings. (a) The provisions of this Article 3 will be applicable both before and after the filing of any petition by or against any Grantor Obligor under any insolvency or Bankruptcy Law bankruptcy law and all converted or succeeding cases in respect thereof, and all references herein to any Grantor Obligor shall be deemed to apply to the trustee for such Grantor Obligor and such Grantor Obligor as a debtor-in-possession. The relative rights of holders of Secured Debt secured creditors in or to any distributions from or in respect of any Collateral or proceeds of Collateral shall continue after the filing of such petition on the same basis as prior to the date of such filing, subject to any court order approving the financing of, or use of cash collateral by, by any Grantor Obligor as debtor-in-possession. If, in any Insolvency or Liquidation Proceeding and at any time any Priority Lien Obligations exist that have not been Discharged, all of the Lenders (or such number of the Lenders as may have the power to bind all of them):

Insolvency or Liquidation Proceedings. (a) The provisions of this Article 3 will be applicable both before and after the filing of any petition by or against any Grantor Obligor under any insolvency or Bankruptcy Law bankruptcy law and all converted or succeeding cases in respect thereof, and all references herein to any Grantor Obligor shall be deemed to apply to the trustee for such Grantor Obligor and such Grantor Obligor as a debtor-in-possession. The relative rights of holders of Secured Debt secured creditors in or to any distributions from or in respect of any Collateral or proceeds of Collateral shall continue after the filing of such petition on the same basis as prior to the date of such filing, subject to any court order approving the financing of, or use of cash collateral by, by any Grantor Obligor as debtor-in-possession. If, in any Insolvency or Liquidation Proceeding and at any time any Priority Lien Obligations exist that have not been Discharged, all of the Lenders (or such number of the Lenders as may have the power to bind all of them):