Common use of Bankruptcy or Insolvency Proceedings Clause in Contracts

Bankruptcy or Insolvency Proceedings. Each Co-Issuer shall, and shall cause each other applicable Service Recipient to, promptly object to the institution of any bankruptcy or insolvency proceeding against it and take all necessary or advisable steps to cause the dismissal of any such proceeding (including, without limiting the generality of the foregoing, timely filing an answer and any other appropriate pleading objecting to (i) the institution of any proceeding to have any such Service Recipient, as the case may be, adjudicated as bankrupt or insolvent or (ii) the filing of any petition seeking relief, reorganization, arrangement, adjustment or composition or in respect of any Securitization Entity, as the case may be, under applicable bankruptcy or insolvency law or any other applicable law).

Bankruptcy or Insolvency Proceedings. Each The IssuerEach Co-Issuer shall, and shall cause each other applicable Service Recipient to, promptly object to the institution of any bankruptcy or insolvency proceeding against it and take all necessary or advisable steps to cause the dismissal of any such proceeding (including, without limiting the generality of the foregoing, timely filing an answer and any other appropriate pleading objecting to (i) the institution of any proceeding to have any such Service Recipient, as the case may be, adjudicated as bankrupt or insolvent or (ii) the filing of any petition seeking relief, reorganization, arrangement, adjustment or composition or in respect of any Securitization Entity, as the case may be, under applicable bankruptcy or insolvency law or any other applicable law).