Act of Insolvency Sample Clauses

Act of Insolvency. With respect to any party, (i) the commencement by such party as debtor of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, moratorium, dissolution, delinquency or similar law, or such party seeking the appointment or election of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its property, or the convening of any meeting of creditors for purposes of commencing any such case or proceeding or seeking such an appointment or election, (ii) the commencement of any such case or proceeding against such party, or another seeking such an appointment or election, or the filing against a party of an application for a protective decree under the provisions of the Securities Investor Protection Act of 1970, which (A) is consented to or not timely contested by such party, (B) results in the entry of an order for relief, such an appointment or election, the issuance of such a protective decree or the entry of an order having a similar effect, or (C) is not dismissed within 15 days,

Act of Insolvency. An Act of Insolvency occurs with respect to Seller or Guarantor.

Act of Insolvency. In addition to the provisions governing insolvency set forth in Section 13 of the General Terms, if any such Act of Insolvency occurs after a Buyer’s Marine Vessel has loaded Product under the Agreement but before Buyer has paid for such Product, or in the event of the arrest, seizure, or other legal action against the Marine Vessel or its owners, disponent owners, operators, or time charterers after loading of Product but before payment therefor, and notwithstanding that the relevant provision of INCOTERMS 2010 may provide that title to the Product has transferred to Buyer, Seller shall be entitled to recover possession of the Product belonging to Seller, as evidenced by the presentation of at least one original bill of lading, if original bill(s) is/are issued, or, if bill(s) has/have not been issued, at least one original of all relevant Delivery Receipts, or otherwise pursuant to this Section, and/or the U.S. Federal Rules of Civil Procedure, Admiralty Supplemental Rule D. The Marine Vessel and Buyer remain a bailee of the Product until such time as payment has been received therefor from Buyer, and as such are obligated to safely discharge same into Seller’s or its agent’s custody, subject to the evidence of rightful ownership. Buyer and the Marine Vessel shall fully cooperate with instructions and requests by Seller, so as to aid Seller in promptly and efficiently recovering possession of its Product. Buyer shall procure that this Section B-3 or its equivalent shall be included in any charter party for any Marine Vessel utilized by Buyer to carry Products under this Agreement.

Act of Insolvency. The occurrence of any of the following (each an "Act of Insolvency"): (i) The Client commences: (a) negotiations with one or more creditors with a view to reorganising or rescheduling any of the Client's indebtedness; or (b) a voluntary case or other procedure seeking or proposing bankruptcy, liquidation, reorganisation, rescheduling, an arrangement or composition, a freeze, standstill or moratorium, or other similar relief with respect to the Client or the Client's debts, or other arrangements with respect to merger with or consolidation of another entity or any other form of restructuring under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, whether the Client is solvent or insolvent), or seeking the appointment of an Insolvency Official in respect of the Client or any substantial part of the Client's assets; or (c) any corporate action to authorise any of the foregoing; (ii) An involuntary case or other procedure is commenced against the Client seeking or proposing bankruptcy, liquidation, reorganisation, an arrangement or composition, a freeze, standstill or moratorium, or other similar relief with respect to the Client or the Client's debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if insolvent) or seeking the appointment of an Insolvency Official in respect of the Client or any substantial part of the Client's assets; (iii) The Client is unable to pay its debts as they fall due or is bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to the Client or any indebtedness of the Client is not paid on the due date therefor, or becomes capable at any time of being declared, due and payable under agreements or instruments evidencing such indebtedness before it would otherwise have been due and payable, or proceedings relating to the Agreement are commenced for any execution, any attachment or garnishment, or distress against, or an encumbrancer takes possession of, the whole or any part of the Client's property, undertaking or assets (tangible and intangible); (iv) The Client is dissolved, or, if the Client's capacity or existence is dependent upon a record in a formal register, the registration is removed or ends, or any procedures are commenced seeking or proposing the Client's dissolution, removal from such a registe...

Act of Insolvency. Any affirmative act of bankruptcy or insolvency by the Borrower, or the filing by the Borrower of any petition or action under or the commencement of any proceedings (not subject to subsection (c) below) relating to the Borrower under any bankruptcy, reorganization, arrangement, readjustment of debt, insolvency or moratorium law, or any other law or laws for the relief of or relating to debtors, of any jurisdiction, or the appointment of a receiver, liquidator, assignee, trustee, or sequestrator (or other similar official) for the Borrower, or any substantial part of the properties or assets of the Borrower, or the making by the Borrower of an assignment for the benefit of creditors, or the admission by the Borrower in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Borrower in furtherance of any such action;

Act of Insolvency. The occurrence of any events described in subparagraphs (b)-(h) of Section 8.2.1 shall also constitute an “Act of Insolvency,” as said term is used in this Agreement.

Act of Insolvency. An Act of Insolvency occurs or any enforcement action is taken in respect of any security or arrangement having a similar effect to security with respect to the Client;

Act of Insolvency the taking of any step in connection with any voluntary arrangement or any other compromise or arrangement for the benefit of any creditors of the Tenant or any guarantor;

Act of Insolvency. The term “Act of Insolvency” shall mean any of The following: (i) Customer or any Guarantor (as defined below) shall die or cease to exist; or (ii) any Guarantor shall attempt to revoke such Guarantor’s guaranty, or such guaranty becomes unenforceable in whole or in part for any reason; or (iii) any bankruptcy, insolvency, or receivership proceedings, or an assignment for The benefit of creditors, shall be commenced under any federal or state law by or against Customer or any Guarantor; or (iv) Customer or any Guarantor shall become The subject of any out-of-court settlement with its creditors; or (v) Customer or any Guarantor is unable or admits in writing its inability to pay its debts as They mature.