Common use of Agreement Not to Commence Bankruptcy Proceeding Clause in Contracts

Agreement Not to Commence Bankruptcy Proceeding. The Subordinate Lender agrees that during the term of this Agreement it will not commence, or join with any other creditor in commencing, any bankruptcy reorganization, arrangement, insolvency or liquidation proceedings with respect to the Borrower, without the Senior Lender’s prior written consent. However, the parties agree that the NSP Regulatory Agreement of ____name of Grantee______ (the “Regulatory Agreement”) executed by and between Subordinate Lender and Borrower shall not be subordinated in any way to any Lender’s Loan Documents and that the liens of the Construction Loan Mortgage, Permanent Loan Mortgage, Subordinate Loan Mortgage, and Junior Loan Mortgage shall be and remain subject to the Regulatory Agreement. Borrower’s rights to enforce covenants and agreements of the Borrower relating to income, rent, or affordability restrictions contained in the Regulatory Agreement shall not be restricted in any way by the provisions hereof.

Agreement Not to Commence Bankruptcy Proceeding. The Subordinate Lender ▇▇▇▇▇▇ agrees that during the term of this Agreement it will not commence, or join with any other creditor in commencing, any bankruptcy reorganization, arrangement, insolvency or liquidation proceedings with respect to the Borrower, without the Senior Lender’s prior written consent. However, the parties agree that the NSP Regulatory Agreement of ____name of Grantee______ _______Disaster Recovery Regulatory Agreement of name of Grantee (the “Regulatory Agreement”) executed by and between Subordinate Lender ▇▇▇▇▇▇ and Borrower shall not be subordinated in any way to any Lender’s Loan Documents and that the liens of the Construction Loan Mortgage, Permanent Loan Mortgage, Subordinate Loan Mortgage, and Junior Loan Mortgage shall be and remain subject to the Regulatory Agreement. Borrower’s rights to enforce covenants and agreements of the Borrower relating to income, rent, or affordability restrictions contained in the Regulatory Agreement shall not be restricted in any way by the provisions hereof.