Receivership Order Clause Samples
A Receivership Order clause establishes the conditions under which a receiver may be appointed to take control of a party’s assets, typically in the event of financial distress or default. In practice, this clause outlines the process for seeking a court order to appoint a receiver, specifies the receiver’s powers, and details the types of assets or operations the receiver may manage. Its core function is to protect the interests of creditors or stakeholders by ensuring that assets are preserved and managed responsibly during insolvency or similar situations.
Receivership Order. A certified copy of the applicable final court order from the Chancery Court of Davidson County, Tennessee approving the receiver’s sale of the Facilities that are the subject of the Kansas Acquisition to the Kansas Borrowers (each as defined in the Term Loan Agreement), or other applicable written evidence, in each case reasonably satisfactory to the Administrative Agent, providing for the termination and release of any liens or security interests of any other Person in that portion of the Collateral of the Kansas Borrowers, if any, acquired by the Kansas Borrowers pursuant to the Kansas Acquisition Documents.
Receivership Order. A certified copy of the applicable final court order from the Chancery Court of Davidson County, Tennessee approving the receiver’s sale of the Facilities that are the subject of the Kansas Acquisition to the Kansas Borrowers, or other applicable written evidence, in each case reasonably satisfactory to the Administrative Agent, including mortgage loan title insurance policies as required under Section 5.1(b)(14) hereof insuring Lender’s lien and security interest under the Mortgages in and to the Property that is the subject of the Kansas Acquisition, providing for the termination and release of any liens or security interests of any other DM3\2429630.8 Person in the Collateral of the Kansas Borrowers acquired by the Kansas Borrowers pursuant to the Kansas Acquisition Documents.
Receivership Order. The Receivership Order is in full force and effect.
Receivership Order. (a) In consideration of the extension of the term of the Loan and the modifications to the Loan Documents set forth in this Agreement, ▇▇▇▇▇▇▇▇ has executed and delivered to Lender, together with this Agreement, a Consent Order Granting Motion for Appointment of Receiver, in form and substance substantially similar to the form attached hereto as Exhibit B (the “Receivership Order”), pursuant to which Borrower has consented to the appointment of a receiver for the Property. Borrower hereby consents to such changes to the Receivership Order as Lender may reasonably require in order to effectuate the intent of this Agreement (provided such changes shall not increase the personal liability of Borrower or Guarantor), and Lender is hereby authorized to make and incorporate such changes therein. ▇▇▇▇▇▇ shall deliver a courtesy notice to Borrower of any changes made pursuant to the preceding sentence. Borrower hereby grants to Lender a power of attorney for the purposes of filing, on ▇▇▇▇▇▇▇▇’s behalf, the Receivership Order in the applicable court, provided that Lender may only make such filing when permitted under subsection (b), below. Such power shall be deemed to be coupled with an interest and irrevocable. In connection with any filing of the Receivership Order, Lender is authorized to insert the required information identifying receiver appointed and setting forth the amounts then payable under the Loan. The disposition of the Receivership Order shall be governed by the terms of subsection (b), below.
(b) From and after the Effective Date, if an Event of Default shall occur and be continuing with respect to the payment of monthly debt service and/or to the payment of the Debt on the Maturity Date (such Event of Default, a “Material Monetary Default”), and Borrower fails to cure such Material Monetary Default within ninety (90) days after the occurrence of such Material Monetary Default (the “Material Monetary Default Cure Period”), Lender may, at any time thereafter, in its sole and absolute discretion, file the Receivership Order with the applicable court. The Material Monetary Default Cure Period set forth in this section shall apply to the filing of the Receivership Order only, and nothing herein shall prevent Lender from pursuing any and all