Common use of Act of Insolvency Clause in Contracts

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. 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 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;