Common use of Defaults by Company Clause in Contracts

Defaults by Company. The occurrence of any one or more of the following events (regardless of the reason therefor) shall constitute an event of default by Company: (a) Company fails to settle in accordance with Section 7.2 any amount that is not disputed in good faith within two (2) Business Days after Bank shall have given notice thereof by 5 p.m. Eastern. (b) Company shall no longer be solvent or shall fail generally to pay its debts as such debts become due or there shall be a substantial cessation of Company’s regular course of business. (c) A petition under the Bankruptcy Code or similar law shall be filed against Company or any of its Affiliates and not be dismissed within sixty (60) days. (d) A decree or order by a court having jurisdiction (i) for relief in respect of Company pursuant to the Bankruptcy Code or any other applicable bankruptcy or other similar law, (ii) for appointment of a custodian, receiver, liquidator, assignee, trustee, or sequestrator (or similar official) of Company or of any substantial part of its properties, or (iii) ordering the winding-up or liquidation of the affairs of Company shall be entered, and shall not be vacated, discharged, stayed or bonded within sixty (60) days from the date of entry thereof. (e) Company shall (i) file a petition seeking relief pursuant to the Bankruptcy Code or any other applicable bankruptcy or other similar law, (ii) consent to the institution of proceedings pursuant thereto or to the filing of any such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) of Company or any substantial part of its properties, or (iii) take corporate action in furtherance of any such action. (f) There shall be any action, claim or any litigation, proceeding, arbitration, investigation or controversy that is adversely determined against Company or its Affiliates, at law, in equity or otherwise, before any court, board, commission, agency or instrumentality of any federal, state, or local government, or of any agency or subdivision thereof, or before any arbitrator or panel of arbitrators, and such determination is final, non-appealable and has a material and adverse effect on Company’s ability to perform its obligations under this Agreement.

Defaults by Company. The occurrence of any one or more of the following events (regardless of the reason therefor) shall constitute an event of default by Company: (a) Company fails shall fail to settle in accordance with Section 7.2 any amount that is not disputed in good faith payable by Company thereunder within two (2) Business Days after Bank shall have given notice thereof by 5 p.m. Eastern.; (b) Company shall no longer be solvent or shall fail generally to pay its debts as such debts become due or there shall be a substantial cessation of Company’s regular course of business.; (c) A petition under the Bankruptcy Code or similar law shall be filed against Company or any of its Affiliates Nordstrom and not be dismissed within sixty (60) days.; (d) A decree or order by a court having jurisdiction (i) for relief in respect of Company Nordstrom pursuant to the Bankruptcy Code or any other applicable bankruptcy or other similar law, (ii) for appointment of a custodian, receiver, liquidator, assignee, trustee, or sequestrator (or similar official) of Company Nordstrom or of any substantial part of its properties, or (iii) ordering the winding-up or liquidation of the affairs of Company Nordstrom shall be entered, and shall not be vacated, discharged, stayed or bonded within sixty (60) days from the date of entry thereof.; (e) Company Nordstrom shall (i) file a petition seeking relief pursuant to the Bankruptcy Code or any other applicable bankruptcy or other similar law, (ii) consent to the institution of proceedings pursuant thereto or to the filing of any such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) of Company Nordstrom or any substantial part of its properties, or (iii) take corporate action in furtherance of any such action.; (f) There Any Governmental Authority having jurisdiction over Company Bank shall be any actionorder the appointment of a custodian, claim receiver, liquidator, assignee, trustee or any litigation, proceeding, arbitration, investigation sequestrator (or controversy that is adversely determined against similar official) of Company or its Affiliates, at law, in equity or otherwise, before any court, board, commission, agency or instrumentality of any federal, state, or local government, Bank or of any agency or subdivision thereofsubstantial part of its properties, or before any arbitrator order the winding-up or panel liquidation of arbitratorsthe affairs of Company Bank, and such determination is finalorder shall not be vacated, non-appealable discharged, stayed or bonded within sixty (60) days from the date of entry thereof; (g) Company Bank shall (i) consent to the institution of proceedings specified in paragraph (f) above or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) of Company Bank of any substantial part of its properties, or (ii) take corporate action in furtherance of any such action; provided, however, if Nordstrom or any of its Affiliates assumes all of the rights and has a material and adverse effect on Company’s ability to perform its obligations of Company Bank under this Agreement, the voluntary dissolution or sale of Company Bank shall not be deemed to be a Company Event of Default; or (h) The event set forth on Schedule 13.3(h) shall have occurred.