Contractor Insolvency Sample Clauses

Contractor Insolvency. Contractor shall notify Covered California immediately in writing in the event that Contractor files any federal bankruptcy action or state receivership action, any federal bankruptcy or state receivership action is commenced against Contractor, Contractor is adjudicated bankrupt, or a receiver is appointed and qualifies. In case any of the foregoing events occurs, Covered California may terminate this Agreement upon five (5) Days written notice. If Covered California does so, Covered California shall have the right to recover damages from Contractor as though the Agreement had been terminated for Contractor default.

Contractor Insolvency. Contractor shall notify the Exchange immediately in writing in the event that Contractor files any federal bankruptcy action or state receivership action, any federal bankruptcy or state receivership action is commenced against Contractor, Contractor is adjudicated bankrupt, or a receiver is appointed and qualifies. In case any of the foregoing events occurs, the Exchange may terminate this Agreement upon five (5) days written notice. If the Exchange does so, the Exchange shall have the right to recover damages from Contractor as though the Agreement had been terminated for Contractor default.

Contractor Insolvency. In the event DFR determines Contractor may be unable to meet its obligations hereunder because the Contractor ceases conducting business in the normal course, becomes insolvent, makes a general assignment for the benefit of creditors, suffers or permits the appointment of a receiver for its business or assets or avails itself of or becomes subject to any proceeding under the Federal Bankruptcy Act or any statute of any state relating to insolvency or the protection of rights of creditors, the State, DFR and Contractor shall work together in good faith to minimize any impact on Enrollees resulting from such situation. The State may terminate this Contract upon five (5) days written notice of any DFR determination of Contractor insolvency.

Contractor Insolvency. Contractor shall notify CalPERS immediately in writing in the event that Contractor files any federal bankruptcy action or state receivership action, any federal bankruptcy or state receivership action is commenced against Contractor, Contractor is adjudicated bankrupt, or a receiver is appointed and qualifies. In case any of the foregoing events occurs, CalPERS may terminate this Agreement upon five (5) days written notice. If CalPERS does so, CalPERS shall have the right to recover damages from Contractor as though the Agreement had been terminated for Contractor default, and CalPERS shall pay Contractor for satisfactory services rendered on the same basis that would apply under this Agreement in case of a termination by CalPERS for Contractor’s default.

Contractor Insolvency. Upon the appointment of a receiver for the Contractor, or if the Contractor makes a general assignment for the benefit of creditors, the City may terminate this Agreement, without prejudice to any right or remedy otherwise available to the City, upon giving three Days’ written notice to the Contractor. If an order for relief is entered under the bankruptcy code with respect to the Contractor, the City may terminate this Agreement by giving three Days’ written notice to the Contractor unless the Contractor or the trustee does all of the following: 1. Promptly cures all breaches within such three-Day period. 2. Provides adequate assurances of future performance. 3. Compensates the City for actual pecuniary loss resulting from such breach(es). 4. Assumes the obligations of the Contractor within the established time limits.

Contractor Insolvency. This Agreement shall terminate effective the day immediately preceding the day on which: (A) there is a filing by or against Contractor to have Contractor adjudged bankrupt or there is a petition for reorganization or arrangement of Contractor under any law relating to bankruptcy; (B) Contractor applies for, consents to, or has an order, judgment, or decree entered by a court for approval of a petition for or appointment of a receiver, trustee, custodian, or liquidator of all or a substantial part of Contractor’s assets; (C) Contractor is unable to, fails to, or admits in writing its inability generally to pay its debts or obligations as they become due; and/or (D) Contractor makes a general assignment for the benefit of creditors. Contractor shall provide FCSS with written notice within 15 days of the occurrence of any of the aforementioned events.

Contractor Insolvency. Should Contractor become insolvent or make an assignment for the benefit of creditors or be adjudicated a bankrupt or admit in writing his inability to pay his debts generally as the same become due, or should any proceedings be instituted by Contractor under and State or Federal law for relief of debtors or for the appointment of a receiver, trustee or liquidator of Contractor, or should a voluntary petition in bankruptcy or for a reorganization or for an adjudication of Contractor as an insolvent or a bankrupt be filed, or should an attachment be levied upon Contractor's equipment and not removed within five (5) days therefrom, then upon the occurrence of any such event, Amoco shall thereupon have the right to cancel this contract and terminate immediately all work then being performed by Contractor hereunder. WITNESS THE SIGNATURES of the parties hereto the day and year first above written. Amoco Production Company* Environmental Protection Company* By:/s/J.X. Xxxxxx,Xttorney -in-Fact By:/s/W. Xxxxx, President /s/Waxxxx X. Xxxxx, individually *Subject to -the attached Addendum between the parties, dated June:26, 1992. Environmental Protection Company State of California County of San Mateo On June 4, 1992 before me, a Notary Public in and for the State of California, personally appeared W. Xxxxx xersonally known to me (or proved to me on the basis of satisfactory evidence) to be the person (s) whose name (s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. Witness my hand and official seal. /s/W. X. Xxxxxxxx [OFFICIAL NOTARY SEAL W. X. Xxxxxxxx Notary Public California SAN MATEO COUNTY My Comm. Expires JUL 10, 1995] Waxxxx X. Xxxxx, Individual State of California County of San Mateo On June 4, 1992 before me, a Notary Public in and for the State of California, personally appeared W. Xxxxx xersonally known to me (or proved to me on the basis of satisfactory evidence) to be the person (s) whose name (s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. Witness my hand a...

Contractor Insolvency