Additonal Events of Default. An event of default shall also be deemed to have occurred if a party becomes insolvent, or institutes or has instituted against it bankruptcy proceedings which are not dismissed within ninety (90) days of filing, or makes a general assignment for the benefit of creditors, or if a receiver is appointed for the benefit of its creditors, or if a receiver is appointed on account of its insolvency, and the non-defaulting party may immediately terminate this Agreement.
Appears in 3 contracts
Samples: Right of Use Agreement, Indefeasible Right of Use Agreement (Norlight Telecommunications, Inc.), Iru Agreement (Norlight Telecommunications, Inc.)
Additonal Events of Default. An event of default shall also be deemed to have occurred if a party becomes insolvent, or institutes or has instituted against it bankruptcy proceedings which are not dismissed within ninety (90) days of filing, or makes a general assignment for the benefit of creditors, or if a receiver is appointed for the benefit of its creditors, or if a receiver is appointed on account of its insolvency, and the non-non- defaulting party may immediately terminate this Agreement.
Appears in 1 contract
Samples: Iru Agreement
