Common use of Involuntary Bankruptcy; Appointment of Receiver, Etc Clause in Contracts

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower or any of the Borrower's Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower Company or any of the Borrower's Company’s Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty forty-five (6045) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower Company or any of the Borrower's Company’s Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower Company or any of the BorrowerCompany's Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty forty-five (6045) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower Company or any of the BorrowerCompany's Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case or other proceeding shall be commenced against the Borrower REIT, Borrower, any Subsidiary, or any of the Borrower's Subsidiaries Agreement Party and the petition shall not be dismissed, stayed, bonded or discharged dismissed within sixty (60) days after commencement of the case; , or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower REIT, Borrower, any Subsidiary, or any of Agreement Party, as the Borrower's Subsidiaries case may be, in an involuntary casecase or other proceeding, under any applicable bankruptcy, insolvency or other similar law now or hereinafter hereafter in effect; or any other similar relief shall be granted under any applicable federal, state, local state or foreign law.; or

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower or any of the Borrower's ’s Material Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's ’s Material Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower Company or any of the Borrower's its Significant Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower Company or any of the Borrower's its Significant Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower or any of the Borrower's Material Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's Material Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower Company or any of the Borrower's its Subsidiaries (other than an Insignificant Subsidiary) and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) 60 days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower Company or any of the Borrower's its Subsidiaries (other than an Insignificant Subsidiary) in an involuntary case, case under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.; or

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the any Borrower or any of the Borrower's Subsidiaries Guarantor and the petition shall not be dismissed, stayed, bonded or discharged within sixty thirty (6030) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the any Borrower or any of the Borrower's Subsidiaries Guarantor in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.;

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against either of the Borrower Borrowers or any of the Borrower's their respective Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty seventy five (6075) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of either of the Borrower Borrowers or any of the Borrower's their respective Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower or any of the Borrower's its Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's its Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower or any of the Borrower's ’s Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's ’s Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (ia) An involuntary case shall be commenced against the REIT, Borrower or any of the Unconsolidated Affiliate (unless such occurrence with respect to such Unconsolidated Affiliate will not result in a Material Adverse Effect on Borrower's Subsidiaries ) , and the petition shall not be dismissed, stayed, bonded or discharged dismissed within sixty (60) days after commencement of the case; , or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's Subsidiaries such Person in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local state or foreign law.; or

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower Company or any of the Borrower's Significant Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower Company or any of the Borrower's Significant Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the a Borrower or any of the Borrower's Borrowers' Restricted Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the a Borrower or any of the Borrower's Borrowers' Restricted Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower Company or any of the BorrowerCompany's Material Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty forty-five (6045) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower Company or any of the BorrowerCompany's Material Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the either Borrower or any Subsidiary of the Borrower's Subsidiaries either Borrower and the petition shall not be dismissed, stayed, bonded or discharged within sixty thirty (6030) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the such Borrower or any of the Borrower's Subsidiaries Subsidiary in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter hereafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case or other proceeding shall be commenced against the Borrower REIT, Borrower, any Subsidiary, or any of the Borrower's Subsidiaries Agreement Party and the petition shall not be dismissed, stayed, bonded or discharged dismissed within sixty (60) days after commencement of the case; , or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower REIT, Borrower, any Subsidiary, or any of Agreement Party, as the Borrower's Subsidiaries case may be, in an involuntary casecase or other proceeding, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local state or foreign law.; or

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i1) An involuntary case shall be commenced against the Borrower Company or any of the Borrower's Company’s Material Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower Company or any of the Borrower's Company’s Material Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.;

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case under applicable bankruptcy, insolvency or other similar law shall be commenced against the Borrower or any of the Borrower's Subsidiaries Material Subsidiary and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's Subsidiaries Material Subsidiary in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the any Borrower or any of the Borrower's Significant Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the any Borrower or any of the Borrower's Significant Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against Holdings, the Borrower or any of the Borrower's Restricted Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of Holdings, the Borrower or any of the Borrower's Restricted Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against Holdings, the Borrower or any of the Borrower's Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of Holdings, the Borrower or any of the Borrower's Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary INVOLUNTARY case shall be commenced against the Borrower or any of the Borrower's Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the either Borrower or any of the Borrower's ’s Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the such Borrower or any of the such Borrower's ’s Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effecteffect (including, without limitation, Japanese insolvency laws); or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be is commenced against the Borrower or any of the Borrower's Subsidiaries and the petition shall is not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter enters a decree or order for relief in respect of the Borrower or any of the Borrower's Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be is granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower Holdings or any of the Borrower's its Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower Holdings or any of the Borrower's its Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower any Note Party or any of the Borrower's Subsidiaries Foamex and the petition shall not be dismissed, stayed, bonded or discharged within sixty forty-five (6045) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's Subsidiaries such Person in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law; or the board of directors (or other governing body) of any such Person (or any committee thereof) adopts any resolution or otherwise authorizes any action to approve any of the foregoing.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower or any of the Borrower's its Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's its Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter hereafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower Company or any of the Borrower's Company’s Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty forty‑five (6045) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower Company or any of the Borrower's Company’s Subsidiaries in an involuntary 76 67501104_3 case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower or any of the Borrower's ’s Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Table of Contents Borrower or any of the Borrower's ’s Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower or any of the Borrower's Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty ninety (6090) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i1) An involuntary case shall be commenced against the Borrower Borrower, the Parent or any of the Borrower's Parent’s Material Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower Borrower, the Parent or any of the Borrower's Parent’s Material Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.;

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower or any of the Borrower's its Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the either Borrower or any of the Borrower's Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the such Borrower or any of the such Borrower's Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effecteffect (including, without limitation, Japanese insolvency laws); or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the any Borrower or any of the such Borrower's Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the any Borrower or any of the such Borrower's Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (ia) An involuntary case shall be commenced against the Borrower Borrower, any Guarantor or any Partnership in which Borrower is a general partner (unless the Total Liabilities of the Borrower's Subsidiaries such Partnership are less than $5,000,000) and the petition shall not be dismissed, stayed, bonded or discharged dismissed within sixty (60) days after commencement of the case; , or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's Subsidiaries such Person in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local state or foreign law.; or

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the any Borrower or any of the Borrower's Borrowers’ Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the any Borrower or any of the Borrower's Borrowers’ Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower or any of the Borrower's Subsidiaries Guarantor and the petition shall not be dismissed, stayed, bonded or discharged within sixty thirty (6030) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's Subsidiaries Guarantor in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.;

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i1) An involuntary case shall be commenced against the Borrower or any of the Borrower's ’s Material Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's ’s Material Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.;

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the either Borrower or any Subsidiary of the Borrower's Subsidiaries either Borrower and the petition shall not be dismissed, stayed, bonded or discharged (A) controverted within ten (10) days after commencement of the case and (B) dismissed within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the such Borrower or any of the Borrower's Subsidiaries such Subsidiary in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.

Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) An involuntary case shall be commenced against the Borrower or any of the Borrower's Subsidiaries and the petition shall not be dismissed, stayed, bonded or discharged within sixty (60) days after commencement of the case; or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of the Borrower's Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other similar law now or hereinafter hereafter in effect; or any other similar relief shall be granted under any applicable federal, state, local or foreign law.