Common use of Defaults by the Company Clause in Contracts

Defaults by the Company. The occurrence of any one or more of the following events (regardless of the reason therefor) shall constitute an event of default by the Company hereunder: (a) The Company shall no longer be solvent or shall fail generally to pay its debts as they become due. (b) A petition under the Bankruptcy Code or similar law shall be filed against the Company and not be dismissed within sixty (60) days. (c) A decree or order by a court having jurisdiction (i) for relief in respect of the 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 the Company or of any substantial part of its properties, or (iii) ordering the winding-up or liquidation of the affairs of the Company shall, in any such case be entered, and shall not be vacated, discharged, stayed or bonded within sixty (60) days from the date of entry thereof. (d) The 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 the Company or any substantial part of its properties, or (iii) take corporate or similar action in furtherance of any such action.