Receivership Order Clause Samples

A Receivership Order clause establishes the conditions under which a receiver may be appointed to take control of a party’s assets, typically in the event of financial distress or default. In practice, this clause outlines the process for seeking a court order to appoint a receiver, specifies the receiver’s powers, and details the types of assets or operations the receiver may manage. Its core function is to protect the interests of creditors or stakeholders by ensuring that assets are preserved and managed responsibly during insolvency or similar situations.
Receivership Order. A certified copy of the applicable final court order from the Chancery Court of Davidson County, Tennessee approving the receiver’s sale of the Facilities that are the subject of the Kansas Acquisition to the Kansas Borrowers (each as defined in the Term Loan Agreement), or other applicable written evidence, in each case reasonably satisfactory to the Administrative Agent, providing for the termination and release of any liens or security interests of any other Person in that portion of the Collateral of the Kansas Borrowers, if any, acquired by the Kansas Borrowers pursuant to the Kansas Acquisition Documents.
View SourceView Similar (3)
Receivership Order. A certified copy of the applicable final court order from the Chancery Court of Davidson County, Tennessee approving the receiver’s sale of the Facilities that are the subject of the Kansas Acquisition to the Kansas Borrowers, or other applicable written evidence, in each case reasonably satisfactory to the Administrative Agent, including mortgage loan title insurance policies as required under Section 5.1(b)(14) hereof insuring Lender’s lien and security interest under the Mortgages in and to the Property that is the subject of the Kansas Acquisition, providing for the termination and release of any liens or security interests of any other DM3\2429630.8 Person in the Collateral of the Kansas Borrowers acquired by the Kansas Borrowers pursuant to the Kansas Acquisition Documents.
View SourceView Similar (2)
Receivership Order. The Receivership Order is in full force and effect.
View Source

Related to Receivership Order

  • Receivership The employment of a receiver appointed by court order to take possession of substantially all of Tenant’s assets or the Premises, if such receivership remains undissolved for a period of thirty (30) days;

  • 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.

  • Insolvency or Bankruptcy The death, dissolution or insolvency of, appointment of a receiver by or on behalf of, application of any debtor relief law, the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization, composition or debtor relief law by or against me or any co-signer, endorser, surety or guarantor of this Agreement or any other obligations I have with you.

  • Bankruptcy, Insolvency or Reorganization Proceedings If an Event of Default specified under Section 9.1.12 [Relief Proceedings] shall occur, the Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; and