Effect of Insolvency. Notwithstanding anything to the contrary herein, Retention Pay shall become fully earned in the event United (a) becomes insolvent, (B) is generally unable to pay, or fails to pay, its debts as they become due, (C) files, or has filed against it, a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency law, (D) makes or seeks to make a general assignment for the benefit of its creditors, or (E) applies for, or consents to, the appointment of a trustee, receiver or custodian for a substantial part of its business. 7.
Effect of Insolvency. At any time after the occurrence of an Event of Default under Clause 24.6 (Insolvency) or Clause 24.7 (Insolvency proceedings) in respect of any Obligor the Loans made to such Obligor shall be immediately due and payable without notice from the Agent (together with accrued interest and commission and any other sums then owed by such Obligor under this Agreement).
Effect of Insolvency. Any obligation of the Shareholders otherwise arising under clause 10.3 shall automatically cease for so long as the Company is the subject of an Insolvency Event.
Effect of Insolvency. If a voluntary or involuntary petition is commenced by or against Sub under any bankruptcy statute, or Sub becomes insolvent, or any substantial part of Sub's property becomes subject to any levy, seizure, assignment, application or sale for or by any creditor or governmental agency, or a receiver should be appointed for Sub, all rights and licenses herein granted to Parent shall continue. In that connection, the parties acknowledge that the licenses granted under this License Agreement are licenses of "intellectual property" for purposes of section 365(n) of the U.S. Bankruptcy Code, and Parent hereby retains its elections under such section.
Effect of Insolvency. To the extent permitted by applicable law: (a) the validity of this Agreement shall not be affected by any proceeding under a law relating to insolvency or adjustment of debt; (b) this Agreement shall not be subject to termination on the basis that any Party becomes a party to any insolvency proceeding or one that contemplates the adjustment of debt; and (c) if Q-Med or NSH become a debtor in a proceeding under a law relating to insolvency or adjustment of debt, Bioventus may retain its rights with respect to the Q-Med IP under this Agreement for the duration of the Term and may offset against any royalty or other payment obligations the amount of any damages caused by nonperformance of any of Q-Med’s or NSH’s obligations under this Agreement.
Effect of Insolvency. 6.1 The Secured Debt will rank pari passu and without any preference between them in case of the Insolvency of the Company.
6.2 The intercreditor provisions, to the extent permitted under the applicable law, in this Agreement shall remain in full force and effect and shall not be affected in any way by any intermediate payment or discharge in whole or in part of any Secured Debt.
Effect of Insolvency. At all times during the continuance of this Trust, the principal and income of the Trust shall be subject to claims of general creditors of ConAgra. At any time the Trustee has actual knowledge, or has determined, that ConAgra is Insolvent, the Trustee shall deliver any undistributed principal and income in the Trust to satisfy such claims as a court of competent jurisdiction shall direct. The Board and the chief executive officer of ConAgra shall inform the Trustee of ConAgra's Insolvency. If ConAgra or a person claiming to be a creditor of ConAgra alleges in writing to the Trustee that ConAgra has become Insolvent, the Trustee shall independently determine, within thirty days after receipt of such notice, whether ConAgra is Insolvent and, pending such determination, the Trustee shall discontinue any and all distributions hereunder to the Plans, shall hold the Trust assets for the benefit of ConAgra's general creditors, and shall resume such distributions only after the Trustee has determined that ConAgra is not Insolvent (or is no longer Insolvent, if the Trustee initially determined ConAgra to be Insolvent). Unless the Trustee has actual knowledge of ConAgra's Insolvency, the Trustee shall have no duty to inquire whether ConAgra is Insolvent. The Trustee may in all events rely on such evidence concerning ConAgra's solvency as may be furnished to the Trustee which will give the Trustee a reasonable basis for making a determination concerning ConAgra's solvency. For purposes of this Trust Agreement, the Trustee shall be considered to possess any knowledge and information concerning ConAgra in the possession of Trustee's banking department or other department, that can reasonably be imputed to Trustee under normal bank procedures. Nothing in this Trust Agreement shall in any way diminish any rights of a Trust beneficiary to pursue his rights as a general creditor of ConAgra with respect to the payment of benefits. Such beneficiary shall be a general, unsecured creditor of ConAgra with respect to any payments not made to the beneficiary because of this Article V.
Effect of Insolvency. This Agreement shall automatically terminate (i) if either party files a petition in bankruptcy, or is adjudicated bankrupt, or a petition in bankruptcy filed against either party is not dismissed or stayed within One Hundred and Eighty (180) days; or (ii) if either party makes an assignment for the benefit of its creditors; or (iii) if a receiver, custodian, trustee or liquidator is appointed for the party or its business. In the event that a party who falls under any of above items shall immediately notify the other party in writing.
Effect of Insolvency. If an insolvency event occurs to a party:
Effect of Insolvency. If an insolvency event occurs with respect to a party:
(a) that party must immediately notify the other party that the insolvency event has occurred; and
(b) the other party may terminate this agreement at any time by giving notice to the party suffering an insolvency event, regardless of whether notice is given under clause 14.4(a).
14.1 Rights, liabilities and obligations upon termination
