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.
Appears in 3 contracts
Samples: Retention Agreement (United Insurance Holdings Corp.), Retention Agreement (United Insurance Holdings Corp.), Retention Agreement (United Insurance Holdings Corp.)
