The SPC Party’s Sample Clauses

The SPC Party’s. Organizational Documents shall provide that the affirmative vote and written consent of the member of SPC Party and the board of managers of the SPC Party, including the affirmative vote of the Independent Directors (which shall be required in order for the SPC Party to take such action under the terms of the SPC Party’s Organizational Documents) will be required in order for the SPC Party to (A) file or consent to the institution of bankruptcy or insolvency proceedings against the SPC Party or the filing of any petition, either voluntary or involuntary, to take advantage of any applicable federal or state law relating to bankruptcy, (B) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or other similar official of the SPC Party or a substantial part of the SPC Party’s property, (C) take any action that might cause such entity to become insolvent or otherwise seek any relief under any laws relating to the relief of debts or the protection of creditors generally, (D) make an assignment for the benefit of creditors, (E) admit in writing the SPC Party’s inability to pay its debts generally as they become due, or any similar action, or (F) take action in furtherance of any of the foregoing actions.