Common use of Definition of Insolvency Clause in Contracts

Definition of Insolvency. A Party to this Agreement shall be deemed to be insolvent when it: 1. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator, or statutory successor of its properties or assets; or 2. is adjudicated as bankrupt or insolvent; or 3. files or consents to the filing of a petition in bankruptcy, seeks reorganization or an arrangement with creditors or takes advantage of any bankruptcy, dissolution, liquidation or similar law or statute; or 4. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the Party’s domicile.

Definition of Insolvency. A Party to this Agreement shall will be deemed to be insolvent when it: 1. a. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator, liquidator or statutory successor of its properties or assets; or 2. b. is adjudicated as bankrupt or insolvent; or 3. c. files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or an arrangement with creditors or takes advantage of makes formal application for any bankruptcy, dissolution, liquidation or similar law or statute; or 4. d. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the Party’s domicile.

Definition of Insolvency. A Party party to this Agreement shall will be deemed to be insolvent when it: 1. a. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator, liquidator or statutory successor of its properties or assets; or 2. b. is adjudicated as bankrupt or insolvent; or 3. c. files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or an arrangement with creditors or takes advantage of makes formal application for any bankruptcy, dissolution, liquidation or similar law or statute; or 4. d. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the Partyparty’s domicile.

Definition of Insolvency. A Party party to this Agreement shall will be deemed to be insolvent when itIt: 1. a. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator, liquidator or statutory successor of its properties or assets; or 2. is b. Is adjudicated as bankrupt or insolvent; or 3. c. files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or an arrangement with creditors or takes advantage of makes formal application for any bankruptcy, dissolution, liquidation or similar law or statute; or 4. d. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the Partyparty’s domicile.

Definition of Insolvency. A Party party to this Agreement shall be deemed to be insolvent when it: 1. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator, or statutory successor of its properties or assets; or 2. is adjudicated as bankrupt or insolvent; or 3. files or consents to the filing of a petition in bankruptcy, seeks reorganization or an arrangement with creditors or takes advantage of any bankruptcy, dissolution, liquidation or similar law or statute; or 4. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the Party’s party's domicile.

Definition of Insolvency. A Party to this Agreement shall will be deemed to be insolvent when it: 1. a. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator, liquidator or statutory successor of its properties or assets; or 2. b. is adjudicated as bankrupt or insolvent; or 3. c. files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or an arrangement with creditors or takes advantage of makes formal application for any bankruptcy, dissolution, liquidation or similar law or statute; or 4. d. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the Party’s 's domicile.