Document ID: 15740

Text:
Bankruptcy Event shall mean the occurrence of any one or more the of the following: (i) Borrower or any SPE Component Entity shall commence any case, proceeding or other action (A) under the Bankruptcy Code and/or any Creditors Rights Laws seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, liquidation or dissolution or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or substantially all of its assets; (ii) Borrower or any SPE Component Entity shall make a general assignment for the benefit of its creditors; (iii) Borrower, any SPE Component Entity, Guarantor or Affiliated Manager (and/or Person owning an interest (directly or indirectly) in Borrower, any SPE Component Entity, Guarantor or Affiliated Manager, but excluding any Person whose indirect interest in Borrower, any SPE Component Entity and/or Affiliated Manager and/or direct or indirect interest in Guarantor is derived solely from its ownership of shares of stock in ARCNYC REIT, that are listed on the New York Stock Exchange, NASDAQ Global Select Market or another nationally recognized stock exchange, unless (I) such Person is an officer and/or director of Borrower, any SPE Component Entity, Guarantor , any Affiliated Manager and/or their respective Affiliates, (II) such Person owns a ten percent (10%) or greater interest in ARCNYC REIT through its ownership of shares of stock in ARCNYC REIT that are listed on the New York Stock Exchange, NASDAQ Global Select Market or another nationally recognized stock exchange and/or (III) such Person Controls Borrower, any SPE Component Entity, Guarantor , any Affiliated Manager and/or their respective Affiliates) files, or joins or colludes in the filing of, (A) an involuntary petition against Borrower or any SPE Component Entity under the Bankruptcy Code or any other Creditors Rights Laws, or solicits or causes to be solicited or colludes with petitioning creditors for any involuntary petition under the Bankruptcy Code or any other Creditors Rights Laws against Borrower or any SPE Component Entity or (B) any case, proceeding or other action under the Bankruptcy Code or any other Creditors Rights Laws seeking issuance of a warrant of attachment, execution, distraint or similar process against all or substantially all of Borrowers or any SPE Component Entitys assets; (iv) Borrower or any SPE Component Entity files an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Creditors Rights Laws, or solicits or causes to be solicited or colludes with petitioning creditors for any involuntary petition from any Person against Borrower or any SPE Component Entity; (v) Borrower, any SPE Component Entity, Guarantor or Affiliated Manager (and/or Person owning an interest (directly or indirectly) in Borrower, any SPE Component Entity, Guarantor or Affiliated Manager, but excluding any Person whose indirect interest in Borrower, any SPE Component Entity and/or Affiliated Manager and/or direct or indirect interest in Guarantor is derived solely from its ownership of shares of stock in ARCNYC REIT that are listed on the New York Stock Exchange, NASDAQ Global Select Market or another nationally recognized stock exchange, unless (I) such Person is an officer and/or director of Borrower, any SPE Component Entity, Guarantor , any Affiliated Manager and/or their respective Affiliates, (II) such Person owns a ten percent (10%) or greater interest in ARCNYC REIT through its ownership of shares of stock in ARCNYC REIT that are listed on the New York Stock Exchange, NASDAQ Global Select Market or another nationally recognized stock exchange and/or (III) such Person Controls Borrower, any SPE Component Entity, Guarantor , any Affiliated Manager and/or their respective Affiliates) consents to or acquiesces in or joins in an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower, any SPE Component Entity or any portion of the Property; and (vi)Borrower or any SPE Component Entity admits, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due.

Named Entities:
39
40
Act
45
47
Act
209
210
Shares
276
277
Percentage
675
676
Percentage

Tokenized Text:
Bankruptcy
Event
shall
mean
the
occurrence
of
any
one
or
more
the
of
the
following
:
(
i
)
Borrower
or
any
SPE
Component
Entity
shall
commence
any
case
,
proceeding
or
other
action
(
A
)
under
the
Bankruptcy
Code
and
/
or
any
Creditors
Rights
Laws
seeking
to
have
an
order
for
relief
entered
with
respect
to
it
,
or
seeking
to
adjudicate
it
a
bankrupt
or
insolvent
,
or
seeking
reorganization
,
liquidation
or
dissolution
or
(
B
)
seeking
appointment
of
a
receiver
,
trustee
,
custodian
,
conservator
or
other
similar
official
for
it
or
for
all
or
substantially
all
of
its
assets
;
(
ii
)
Borrower
or
any
SPE
Component
Entity
shall
make
a
general
assignment
for
the
benefit
of
its
creditors
;
(
iii
)
Borrower
,
any
SPE
Component
Entity
,
Guarantor
or
Affiliated
Manager
(
and
/
or
Person
owning
an
interest
(
directly
or
indirectly
)
in
Borrower
,
any
SPE
Component
Entity
,
Guarantor
or
Affiliated
Manager
,
but
excluding
any
Person
whose
indirect
interest
in
Borrower
,
any
SPE
Component
Entity
and
/
or
Affiliated
Manager
and
/
or
direct
or
indirect
interest
in
Guarantor
is
derived
solely
from
its
ownership
of
shares
of
stock
in
ARCNYC
REIT
,
that
are
listed
on
the
New
York
Stock
Exchange
,
NASDAQ
Global
Select
Market
or
another
nationally
recognized
stock
exchange
,
unless
(
I
)
such
Person
is
an
officer
and
/
or
director
of
Borrower
,
any
SPE
Component
Entity
,
Guarantor
,
any
Affiliated
Manager
and
/
or
their
respective
Affiliates
,
(
II
)
such
Person
owns
a
ten
percent
(
10
%
)
or
greater
interest
in
ARCNYC
REIT
through
its
ownership
of
shares
of
stock
in
ARCNYC
REIT
that
are
listed
on
the
New
York
Stock
Exchange
,
NASDAQ
Global
Select
Market
or
another
nationally
recognized
stock
exchange
and
/
or
(
III
)
such
Person
Controls
Borrower
,
any
SPE
Component
Entity
,
Guarantor
,
any
Affiliated
Manager
and
/
or
their
respective
Affiliates
)
files
,
or
joins
or
colludes
in
the
filing
of
,
(
A
)
an
involuntary
petition
against
Borrower
or
any
SPE
Component
Entity
under
the
Bankruptcy
Code
or
any
other
Creditors
Rights
Laws
,
or
solicits
or
causes
to
be
solicited
or
colludes
with
petitioning
creditors
for
any
involuntary
petition
under
the
Bankruptcy
Code
or
any
other
Creditors
Rights
Laws
against
Borrower
or
any
SPE
Component
Entity
or
(
B
)
any
case
,
proceeding
or
other
action
under
the
Bankruptcy
Code
or
any
other
Creditors
Rights
Laws
seeking
issuance
of
a
warrant
of
attachment
,
execution
,
distraint
or
similar
process
against
all
or
substantially
all
of
Borrowers
or
any
SPE
Component
Entitys
assets
;
(
iv
)
Borrower
or
any
SPE
Component
Entity
files
an
answer
consenting
to
or
otherwise
acquiescing
in
or
joining
in
any
involuntary
petition
filed
against
it
,
by
any
other
Person
under
the
Bankruptcy
Code
or
any
other
Creditors
Rights
Laws
,
or
solicits
or
causes
to
be
solicited
or
colludes
with
petitioning
creditors
for
any
involuntary
petition
from
any
Person
against
Borrower
or
any
SPE
Component
Entity
;
(
v
)
Borrower
,
any
SPE
Component
Entity
,
Guarantor
or
Affiliated
Manager
(
and
/
or
Person
owning
an
interest
(
directly
or
indirectly
)
in
Borrower
,
any
SPE
Component
Entity
,
Guarantor
or
Affiliated
Manager
,
but
excluding
any
Person
whose
indirect
interest
in
Borrower
,
any
SPE
Component
Entity
and
/
or
Affiliated
Manager
and
/
or
direct
or
indirect
interest
in
Guarantor
is
derived
solely
from
its
ownership
of
shares
of
stock
in
ARCNYC
REIT
that
are
listed
on
the
New
York
Stock
Exchange
,
NASDAQ
Global
Select
Market
or
another
nationally
recognized
stock
exchange
,
unless
(
I
)
such
Person
is
an
officer
and
/
or
director
of
Borrower
,
any
SPE
Component
Entity
,
Guarantor
,
any
Affiliated
Manager
and
/
or
their
respective
Affiliates
,
(
II
)
such
Person
owns
a
ten
percent
(
10
%
)
or
greater
interest
in
ARCNYC
REIT
through
its
ownership
of
shares
of
stock
in
ARCNYC
REIT
that
are
listed
on
the
New
York
Stock
Exchange
,
NASDAQ
Global
Select
Market
or
another
nationally
recognized
stock
exchange
and
/
or
(
III
)
such
Person
Controls
Borrower
,
any
SPE
Component
Entity
,
Guarantor
,
any
Affiliated
Manager
and
/
or
their
respective
Affiliates
)
consents
to
or
acquiesces
in
or
joins
in
an
application
for
the
appointment
of
a
custodian
,
receiver
,
trustee
,
or
examiner
for
Borrower
,
any
SPE
Component
Entity
or
any
portion
of
the
Property
;
and
(
vi
)
Borrower
or
any
SPE
Component
Entity
admits
,
in
writing
or
in
any
legal
proceeding
,
its
insolvency
or
inability
to
pay
its
debts
as
they
become
due
.