Receivership and Foreclosure Clause Samples

Receivership and Foreclosure. (A) At the option of the City, subject to Applicable Law, this Franchise may be revoked one hundred twenty (120) days after the appointment of a receiver or trustee to take over and conduct the business of Grantee whether in a receivership, reorganization, bankruptcy or other action or proceeding, unless: (1) The receivership or trusteeship is vacated within one hundred twenty (120) days of appointment; or (2) The receivers or trustees have, within one hundred twenty (120) days after their election or appointment, fully complied with all the terms and provisions of this Franchise, and have remedied all defaults under the Franchise. Additionally, the receivers or trustees shall have executed an agreement duly approved by the court having jurisdiction, by which the receivers or trustees assume and agree to be bound by each and every term, provision and limitation of this Franchise. (B) If there is a foreclosure or other involuntary sale of the whole or any part of the plant, property and equipment of Grantee, the City may serve notice of revocation on Grantee and to the purchaser at the sale, and the rights and privileges of Grantee under this Franchise shall be revoked thirty (30) days after service of such notice, unless: (1) The City has approved the transfer of the Franchise, in accordance with the procedures set forth in this Franchise and as provided by law; and (2) The purchaser has covenanted and agreed with the City to assume and be bound by all of the terms and conditions of this Franchise.
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Receivership and Foreclosure. 4.11.1 At the option of the County, this Agreement shall be deemed terminated one hundred twenty (120) calendar Days after the appointment of a receiver or trustee for the Licensee, unless (a) the receivership or trustee is vacated within one hundred (120) Days of such appointment; or (b) the receiver or trustee has, within one hundred (120) Days of appointment, fully complied with all terms and conditions of this Agreement and has remedied all defaults under this Agreement 4.11.2 If there is a foreclosure or an involuntary sale of the whole or any part of the Licensee's Equipment, the County may provide a written notice of termination of this Agreement to Licensee and to the purchaser or successor to the Licensee's Equipment. The termination of this Agreement shall be effective thirty (30) Days after the date of delivery of such notice of termination, unless (a) the County, in its sole discretion, has approved in writing the transfer of this Agreement, and (b) the purchaser or successor has agreed in writing to be bound by all the terms and conditions of this Agreement.
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Receivership and Foreclosure. (a) At the option of Grantor, this franchise will terminate 120 days after the appointment of a receiver, or trustee, to take over and conduct the business of Grantee, whether in a receivership, reorganization, bankruptcy or similar action or proceeding, unless that receivership or trusteeship is vacated prior to the expiration of that 120-day period, or unless: (i) the receiver or trustee, within 120 days after that appointment, fully complies with all the terms and provisions of this Agreement, and remedies all defaults under this Agreement; and (ii) the receiver or trustee, within that 120-day period, executes an agreement duly approved by the court having jurisdiction in the matter, whereby that receiver or trustee assumes and agrees to be bound by each and every term, provision, and limitation of this Agreement. (b) In the case of a foreclosure or other judicial sale of the plant, property, or equipment of Grantee, or any part thereof, including or excluding this franchise, Grantor may serve notice of termination upon Grantee and the successful bidder at that sale, in which event this franchise, and all rights and privileges of the Grantee under it, will terminate 30 days after the service of that notice, unless: (i) Grantor approves the transfer of the franchise in the manner provided by this Agreement; and (ii) the successful bidder covenants and agrees with Grantor to assume and be bound by all the terms and conditions of this Agreement.
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Receivership and Foreclosure a. The Franchise shall, at the option of the Grantors, cease and terminate one hundred twenty (120) days after the appointment of a receiver or receivers, or trustee or trustees, to take over and conduct the business of the Grantee, whether in a receivership, reorganization, or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of said one hundred twenty (120) days, or unless such receivers or trustees shall have, within one hundred twenty (120) days after their election or appointment, fully complied with all the terms and provisions of this Franchise, and the receivers or trustees, within said one hundred twenty (120) days, shall have remedied all defaults under the Franchise; and such receivers or trustees shall, within said one hundred twenty (120) days, execute an agreement, duly approved by the court having jurisdiction of the premises, whereby such receivers or trustees assume and agree to be bound by each and every term, provisions and limitation of this Franchise. b. In the case of a foreclosure or other judicial sale or transfer in lieu thereof of the plant, property and equipment of the Grantee or any part thereof, including or excluding the Franchise, the Grantors may serve notice of termination upon the Grantee and the successful bidder at such sale or proposed transferee, in which event the Franchise and all rights and privileges of the Grantee granted hereunder shall cease and terminate one hundred twenty (120) days after service of such notice unless the Grantors shall have approved the transfer of the Franchise pursuant to section 19. Provided, however, that if such transferee is a prior secured party pursuant to section 19.a to whom the transfer has been made in lieu of foreclosure or as a result of a foreclosure or other judicial sale or is a successful bidder at foreclosure or other judicial sale whom the Grantors has not approved pursuant to Section 19, the transferee shall be permitted to continue operating the system for twelve months from the date of such transfer, while actively seeking another operator meeting Grantors' requirements for approval, if the transferee shall have covenanted and agreed with the Grantors to assume and be bound by all of the terms and conditions of the Franchise reasonably applicable under the conditions and circumstances existing during said twelve month period.
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Receivership and Foreclosure. 13.6.1. At the option of City, subject to applicable law, this agreement may be revoked 120 days after the appointment of a receiver or trustee to take over and conduct the business of Grantee whether in a receivership, reorganization, bankruptcy or other action or proceeding unless://// (A) The receivership or trusteeship is vacated within 120 days of appointment, or; (B) The receiver or trustee has, within 120 days after their election or appointment, fully complied with all the terms and provisions of this agreement, and have remedied all violations under the agreement. Additionally, the receiver or trustee shall have executed an agreement duly approved by the court having jurisdiction, by which the receiver or trustee assumes and agreea to be bound by each and every term and provision of this agreement. 13.6.2. If there is a foreclosure or other involuntary sale of the whole or any part of the plant, property and equipment of Grantee, City may serve notice of revocation on Grantee and to the purchaser at the sale, and the rights and privileges of Grantee under this agreement shall be revoked 30 days after service of such notice, unless: (A) City has approved the transfer of the agreement, in accordance with the procedures set forth in this agreement and as provided by law; and (B) The purchaser has agreed with City to assume and be bound by all of the terms and conditions of this agreement.
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Receivership and Foreclosure. At the option of the County, this Agreement shall be deemed terminated one hundred twenty (120) calendar Days after the appointment of a receiver or trustee for the Grantee, unless (a) the receivership or trustee is vacated within one hundred (120) Days of such appointment; or (b) the receiver or trustee has, within one hundred
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Receivership and Foreclosure. 4.11.1 At the option of the County, this Agreement shall be deemed terminated one hundred twenty (120) calendar Days after the appointment of a receiver or trustee for the Licensee, unless (a) the receivership or trustee is vacated within one hundred (120) Days of such appointment; or (b) the receiver or trustee has, within one hundred (120) Days of appointment, fully complied with all terms and conditions of this Agreement and has remedied all defaults under this Agreement 4.11.2 If there is a foreclosure or an involuntary sale of the whole or any part of the Licensee's Equipment, the County may provide a written notice of termination of this Agreement to Licensee and to the purchaser or successor to the Licensee's Equipment. The termination of this Agreement shall be effective thirty (30) Days after the date of delivery of such notice of termination, unless (a) the County, in its sole discretion, has approved in writing the transfer of this Agreement, and (b) the purchaser or successor has agreed in writing to be bound by all the terms and conditions of this Agreement. DocuSign Envelope ID: BEC22014-FB44-42A2-A4F0-A3D7312123F2 DocuSign Envelope ID: BACFA1E8-9B50-4E40-B928-AE77686FB55C
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Receivership and Foreclosure 
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Related to Receivership and Foreclosure

  • Foreclosure (a) Subordinate Lender shall not exercise any rights it may have under the Second Mortgage and the other Subordinate Loan Documents or applicable law with respect to a foreclosure or other realization upon the Premises (including, without limitation, obtaining title to the Premises or selling or otherwise transferring the Premises) without the prior written consent of Senior Lender (such consent not to be unreasonably withheld or delayed) unless (i) the transferee of title to the Premises is a Qualified Transferee, (ii) the Premises will be managed by a Qualified Manager promptly after the transfer of title to the Premises, and (iii) if not in place prior to the transfer of title to the Premises, hard cash management and adequate reserves for taxes, insurance, debt service, ground rents, capital repair and improvement expenses, tenant improvement expenses and leasing commissions and operating expenses will be implemented under the Senior Loan to the extent required under the Senior Loan Documents promptly after the transfer of title to the Premises. Prior to consummation of any transfer of the Premises pursuant to this Section 5(a), the Subordinate Lender shall provide to Senior Lender notice of the potential transfer. Upon consummation of any such transfer of the Premises pursuant to this Section 5(a), Subordinate Lender shall provide to the Senior Lender an officer’s certificate from an officer of Subordinate Lender certifying that all conditions set forth in this Section 5(a) have been satisfied. Senior Lender may request reasonable evidence that the foregoing requirements have been satisfied. (b) Nothing contained herein shall limit or restrict the right of Subordinate Lender to exercise its rights and remedies, in law or in equity, or otherwise, in order to realize on its second lien on the Premises. (c) In the event Subordinate Lender or any purchaser at a foreclosure sale obtains title to the Premises, Senior Lender hereby acknowledges and agrees that any transfer or assumption fee in the Senior Loan Commitment shall be waived as a condition to such transfer, any such transfer shall not constitute a breach or default under the Senior Loan Documents, provided the conditions in Section 5(a) are met. Senior Lender also acknowledges and agrees that it will not impose any unreasonable fees or delays in connection with such Transfer.

  • Insolvency If Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower, or if an Insolvency Proceeding is commenced against Borrower and is not dismissed or stayed within thirty (30) days (provided that no Credit Extensions will be made prior to the dismissal of such Insolvency Proceeding);

  • Bankruptcy Subject to Section 5(c), each Note Holder hereby covenants and agrees that only the Lead Securitization Note Holder (or the Servicer on its behalf) has the right to institute, file, commence, acquiesce, petition under Bankruptcy Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any other Person to invoke an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or all or any part of its property or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Each Note Holder further agrees that only the Lead Securitization Note Holder, and not any Non-Lead Securitization Note Holder, can make any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other action in any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding. The Note Holders hereby appoint the Lead Securitization Note Holder as their agent, and grant to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and their proxy, for the purpose of exercising any and all rights and taking any and all actions available to any Non-Lead Securitization Note Holder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote to accept or reject a plan, to make any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a motion to modify, lift or terminate the automatic stay with respect to the Mortgage Loan. The Note Holders hereby agree that, upon the request of the Lead Securitization Note Holder, each Non-Lead Securitization Note Holder shall execute, acknowledge and deliver to the Lead Securitization Note Holder all and every such further deeds, conveyances and instruments as the Lead Securitization Note Holder may reasonably request for the better assuring and evidencing of the foregoing appointment and grant. All actions taken by any Servicer in connection with any Insolvency Proceeding are subject to and must be in accordance with the Servicing Standard and the terms of this Agreement.