Obligor Bankruptcy Clause Samples
The Obligor Bankruptcy clause defines the rights and procedures that apply if the party responsible for fulfilling obligations under a contract (the obligor) becomes bankrupt or insolvent. Typically, this clause outlines what constitutes a bankruptcy event, such as filing for bankruptcy protection, insolvency proceedings, or the appointment of a receiver, and specifies the consequences, which may include automatic termination of the agreement or acceleration of outstanding obligations. Its core practical function is to protect the non-bankrupt party by providing clear remedies and minimizing uncertainty in the event of the obligor's financial distress.
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Obligor Bankruptcy. According to the records of the Seller, as of the Cutoff Date, no Obligor is the subject of a bankruptcy proceeding.
Obligor Bankruptcy. At the Cutoff Date no Obligor had been identified on the records of AmeriCredit as being the subject of a current bankruptcy proceeding.
Obligor Bankruptcy. At the Cutoff Date, no Obligor had been identified on the records of Exeter as being the subject of a current bankruptcy proceeding.
Obligor Bankruptcy. At the Cutoff Date, the Obligor was not the subject of a bankruptcy proceeding, according to the records in Servicer’s servicing system.
Obligor Bankruptcy. At the Cutoff Date (or the applicable Subsequent Cutoff Date in the case of Subsequent Contracts), no Obligor was subject to a bankruptcy proceeding within the one year preceding such Cutoff Date.
Obligor Bankruptcy. At the Cutoff Date, no Obligor was subject to a bankruptcy proceeding (according to the records of the Seller) within the one year preceding the Cutoff Date.
Obligor Bankruptcy. No Receivable is identified in the records of the Servicer as relating to an Obligor who has filed for bankruptcy or is the subject of bankruptcy proceedings as of the Cutoff Date
Obligor Bankruptcy. To the best of the Seller’s knowledge, as of the Cutoff Date with respect to the Receivables, no Obligor is or has been, since the origination of the related Receivable, the subject of a bankruptcy proceeding.
Obligor Bankruptcy. At the Cutoff Date no Obligor had been identified on the records of the Originator as being the subject of a current bankruptcy proceeding.
Obligor Bankruptcy. At the Initial Cutoff Date or each Subsequent Cutoff Date, as applicable, no Obligor had been identified on the records of AFL as being the subject of a current bankruptcy proceeding.