Debtor Relief Proceedings. Each of the Wholly-Owned Consolidated Subsidiaries, which owns a Qualifying Unencumbered Property or a lien described in subparagraph h of the definition of Permitted Liens, constitutes an essential asset of the Borrower, and if the Borrower shall ever voluntarily seek the benefits of any Debtor Relief Law, then the Borrower shall contemporaneously therewith, to the extent such entities are legally entitled to such relief, cause each such Wholly-Owned Consolidated Subsidiary to seek such relief. If any individual Wholly-Owned Consolidated Subsidiary, which owns a Qualifying Unencumbered Property or a lien described in subparagraph h of the definition of Permitted Liens, shall ever voluntarily seek the benefits of any Debtor Relief Law, then the Borrower shall contemporaneously therewith, to the extent the Borrower is legally entitled to such relief, seek such relief and cause each of the other Wholly-Owned Consolidated Subsidiaries, which owns a Qualifying Unencumbered Property or a lien described in subparagraph h of the definition of Permitted Liens, to seek such relief to the extent such entities are legally entitled to such relief.
Debtor Relief Proceedings. Notwithstanding any other provision contained in this Agreement or the Loan Documents, the Borrower, Related Parties and the Lender agree that the following provisions will be applicable if bankruptcy, reorganization, liquidation, conservatorship, receivership or similar proceedings, including a Bankruptcy Proceeding, under any state or federal law now or hereafter in effect are commenced by or against the Borrower or any Related Party or if the Borrower or any Related Party otherwise commences any action to restrain, enjoin or otherwise impede the Lender’s exercise of the remedies afforded to Lender under the Loan Documents at law or in equity (collectively, a “Debtor Relief Proceeding”):
Debtor Relief Proceedings. The Loan Parties shall notify Lender immediately of the filing of any petition, case, proceeding or other action against Borrower, any other Loan Party or any of the Collateral under any Debtor Relief Law. Each Loan Party agrees that any transfer, encumbrance or other use of any security (or any proceeds of such security) for the Loan after the filing of any such petition or other action and without specific written consent of Lender shall constitute a conversion of Lender's right, title and interest in said security or the proceeds thereof, as the case may be.
Debtor Relief Proceedings. Each of the Obligors specifically ------------------------- acknowledges and represents that one of the purposes of this Agreement is to provide them and their respective Affiliates with the opportunity to reorganize their respective affairs in lieu of filing a petition for relief pursuant to any Bankruptcy Law or instituting any other action or proceeding under any other Law seeking to restrain, enjoin or otherwise impede the exercise of the Agent's or any of the Lenders' respective rights or remedies. Accordingly, each of them further expressly warrants and covenants that:
Debtor Relief Proceedings. Borrower shall notify Lender immediately of the filing of any petition, case, proceeding or other action against Borrower or Guarantor or any of the Property under any Debtor Relief Law. Borrower agrees that any transfer, encumbrance or other use of any security (or any proceeds of such security) for the Loan after the filing of any such petition or other action and without specific written consent of Lender shall constitute a conversion of Lender's right, title and interest in said security or the proceeds thereof, as the case may be.
