US Insolvency Proceedings. (a) An involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction in the United States seeking:
US Insolvency Proceedings recoveries and turnover
US Insolvency Proceedings rights as to Transaction Security and proceeds The relative rights as to the Transaction Security and proceeds thereof shall continue after the commencement of any US Insolvency Proceeding on the same basis as prior to the date of such commencement, provided that:
US Insolvency Proceedings. “subordination agreement”6 If any Debtor commences a US Insolvency Proceeding, then this Agreement, which the Parties hereto expressly acknowledge is a “subordination agreement” under section 510(a) of the US Bankruptcy Code, shall be effective during the US Insolvency Proceeding of any such Debtor.
US Insolvency Proceedings rights of Second Lien Finance Parties and Senior Creditors In connection with any US Insolvency Proceeding:
US Insolvency Proceedings disposal of Transaction Security Notwithstanding anything to the contrary contained herein, the Second Lien Creditors will not contest, protest, or object, and will be deemed to have consented pursuant to Section 363(f) of the US Bankruptcy Code, to a disposal of Transaction Security, or the process or procedures for obtaining bids for and effecting a disposal of Transaction Security (including the right of the Senior Secured Creditors to credit bid and the retention by the Obligors of professionals in connection with any potential disposal), or any motion or order in connection with any such disposal, process or procedures, under Section 363 of the US Bankruptcy Code (or any other provision of the US Bankruptcy Code or applicable US Bankruptcy Law), if the relevant Agent or Security Agent acting on behalf of the Senior Secured Creditors consents to such disposal, such process or procedures or such motion or order; provided that (a) either (i) pursuant to court order, the Security of the Second Lien Creditors attach to the net proceeds of the disposal with the same priority and validity as the Security held by the Second Lien Creditors on such Transaction Security, and the Security remains subject to the terms of this Agreement, or (ii) the net proceeds of a disposal of Transaction Security received by the Security Agent on behalf of the Senior Secured Creditors in excess of those necessary to achieve the full and final discharge of Senior Secured Liabilities are distributed in accordance with the UCC and applicable law, and (b) the net cash proceeds of any disposition under Section 363(b) of the Bankruptcy Code are permanently applied to the Bankruptcy Financing or to the Senior Secured Liabilities or are set aside for a wind-down, liquidation or similar fund. Nothing in this Agreement shall preclude the Second Lien Creditors from credit bidding all or any portion of the Second Lien Liabilities provided that any such bid contemplates the payment in full in cash of all Senior Secured Liabilities at closing of any such bid. Notwithstanding the foregoing, a Second Lien Agent, on behalf of itself and the other Second Lien Creditors it represents, may raise any objections to any such disposal that could be raised by any creditor of the Obligors whose claims were not secured by any Security on such Transaction Security, provided such objections are not inconsistent with any other term or provision of this Agreement and are not based on the status of the Second ...
US Insolvency Proceedings. Reorganisation securities If, in any US Insolvency Proceeding of any Debtor, debt obligations of the reorganised Debtor secured by liens upon any property of the reorganised Debtor are distributed, pursuant to a plan of reorganisation or similar dispositive restructuring plan, on account of the Second Lien Liabilities, then the provisions of this Agreement will survive the _______________ 6 Clauses 13.8 to 13.14 are subject to review by local counsel. 155 distribution of such debt obligations pursuant to such plan and will apply with like effect to the liens securing such debt obligations.
US Insolvency Proceedings. (a) Notwithstanding the foregoing, or any other provision in this Agreement, in the event that any Debtor becomes subject to an Insolvency Event under the U.S. Bankruptcy Code, each Senior Parent Notes Creditor, Senior Parent Notes Representative, Permitted Parent Financing Creditor and each Permitted Parent Financing Representative hereby agrees not to take any action under the applicable bankruptcy proceeding that would be inconsistent with its agreements hereunder without the consent of the Majority Senior Secured Creditors until payment in full and in cash of the Senior Liabilities.
US Insolvency Proceedings. Common Transaction Security
US Insolvency Proceedings. Any of the following occurs in respect of a US Obligor:
