Creditor Proceedings Clause Samples
The 'Creditor Proceedings' clause defines the rights and procedures that apply when a party to the agreement becomes subject to actions by creditors, such as bankruptcy, insolvency, or similar proceedings. Typically, this clause outlines what constitutes a creditor proceeding, the obligations of the affected party to notify the other party, and the consequences for the contractual relationship, such as possible termination or acceleration of obligations. Its core function is to protect the non-affected party from the risks associated with the other party's financial distress, ensuring that they can respond appropriately to safeguard their interests.
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Creditor Proceedings. Commencement of foreclosure, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Debtor against the Collateral or any other collateral securing the Indebtedness. This includes a garnishment of any of Debtor’s deposit account with Secured Party. However, this Event of Default shall not apply if there is a good faith dispute by ▇▇▇▇▇▇ as to the validity or reasonableness of the claim which is the basis of the creditor proceeding and if Debtor gives Secured Party written notice of the creditor proceeding and deposits with Secured Party monies or a surety bond for the creditor proceeding, in an amount determined by Secured Party, in its sole discretion, as being an adequate reserve or bond for the dispute.
Creditor Proceedings. The commencement of foreclosure or other proceeding to obtain possession of the Real Property and/or the Collateral, whether by judicial proceeding, self-help, repossession, garnishment, execution or any other method, by any creditor of HLBE.
Creditor Proceedings. Commencement of foreclosure proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower, any creditor of any grantor of collateral for the Loan. This includes a garnishment, attachment, or levy on or of any of Borrower's deposit accounts with Lender.
Creditor Proceedings. Commencement of foreclosure, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or any creditor of any Grantor against any Collateral securing the Indebtedness, including, without limitation, a garnishment, attachment, levy, seizure, writ or distress warrant or the like (collectively, a “creditor proceeding”). However, this Event of Default shall not apply to such creditor proceeding if Section 3.1(h) applies thereto and is being contested in accordance therewith.
Creditor Proceedings. Commencement of foreclosure, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Debtor against any of the property of Debtor, including, without limitation, the Collateral. However, this subsection shall not apply in the event of a good faith dispute by Debtor as to the validity or reasonableness of the claim which is the basis of the foreclosure suit, provided that Debtor gives Secured Party
Creditor Proceedings. Commencement of foreclosure, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower against any collateral securing the Loans. This includes a garnishment, attachment or levy on or of any of any deposit accounts of Borrower that are maintained with Lender.
Creditor Proceedings. Commencement of foreclosure, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or Parent against the collateral securing any or all of the Indebtedness, including, without limitation, a garnishment, attachment, levy or the like.
Creditor Proceedings. Seller has delivered, by first class mail, a notice -------------------- to each Creditor soliciting participation and membership on an ad hoc committee of unsecured creditors of Seller (the "Committee") and attendance in person or --------- by telephone at an initial meeting of Committee. Seller shall use reasonable efforts to ensure that, as soon as possible, each of the members of the Committee, and each secured Creditor of the Company, shall have approved in writing a plan of distribution of the proceeds from the sale of the Transferred Assets (the "Plan"). As promptly as practicable thereafter, Seller shall use ---- reasonable efforts to deliver by first class mail to each of the Creditors of a package (the "Creditor Mailing") containing: (a) a copy of the Plan; (b) ---------------- summaries (which shall have been approved by Purchaser to its reasonable satisfaction) of the salient terms of this Agreement and the Plan; (c) a letter from the Committee regarding approval of this Agreement and the Plan by the Committee and Seller's Board of Directors and (d) a form of Consent, Waiver and Release, in substantially the form of Exhibit E hereto (the "Creditor --------- -------- Consents"). ---------
Creditor Proceedings. Commencement of foreclosure proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Lessee or by any governmental agency against the Equipment or any other collateral securing the indebtedness. This includes a garnishment of any of Lessee's deposit accounts with Lessor. EVENTS AFFECTING GUARANTOR. Any of the preceding events occurs with respect to any guarantor of any of the Payments or other indebtedness hereunder or such guarantor dies or becomes incompetent.
Creditor Proceedings. Commencement of foreclosure proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower, any creditor of any grantor of collateral for the Loan. This includes a garnishment, attachment, or levy on or of any of Borrower's deposit accounts with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower or Grantor, as the case may be, as to the validity or reasonableness of the claim which is the basis of the creditor proceeding, and if Borrower or Grantor gives Lender written notice of the creditor proceeding and furnishes reserves or a surety bond for the creditor proceeding satisfactory to Lender.