Supertel Trigger Period

Supertel Trigger Period. A period (i) commencing upon the date that (a) Supertel Hospitality Inc., a Virginia corporation ("Supertel") shall (1) voluntarily be adjudicated bankrupt or insolvent, (2) seek or consent to the appointment of a receiver or trustee for itself or for the Property, (3) file a petition seeking relief under the bankruptcy or other similar laws of the United States, any state or any jurisdiction, (4) make a general assignment for the benefit of creditors, or (5) be unable to pay its debts as they... mature; or (b) a court shall enter an order, judgment or decree appointing, without the consent of Supertel, a receiver or trustee for it or for the Property or approving a petition filed against Supertel which seeks relief under the bankruptcy or other similar laws of the United States, any state or any jurisdiction, and such order, judgment or decree shall remain undischarged or unstayed sixty (60) days after it is entered and (ii) expiring upon Lender's receipt of evidence reasonably acceptable to Lender that Supertel is no longer insolvent or subject to any bankruptcy or insolvency proceedings, which evidence may include, but not be limited to, a plan of reorganization (and, in the case of such plan of reorganization, the Supertel Trigger Period would end on the effective date of such plan of reorganization) View More