Insolvency and Dissolution. You agree to notify us promptly through your representative if you seek to dissolve corporate formation, materially limit operations or cease operating, transfer a substantial percentage of your assets, are unable to pay your debts when due or are insolvent or bankrupt (individually and collectively, “Incapacitation”). We may continue to honor instructions until: (a) we know of your Incapacitation, and (b) we have had a reasonable opportunity to act on that knowledge. You agree that we may continue to accept deposits and process transactions to your Account until we receive notice and any required proof of Incapacitation and may pay transactions initiated on or before the date of Incapacitation for up to 10 days after your Incapacitation unless ordered to stop payment by someone claiming an interest in the Account. If we receive notification or if we have reason to believe that you have become Incapacitated, we may place a hold on your Account and refuse all transactions. You agree to hold us harmless for any actions we take based on our belief that you have become Incapacitated. If certain payments originating from government entities are deposited into your Account after Incapacitation, we may be required to return those payments to the originator upon notice. If you owe us a debt at the time of your Incapacitation, we are authorized to exercise our right of setoff or security interest rights against the funds credited to your Account after your Incapacitation.
Insolvency and Dissolution. An Obligor commences a voluntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar applicable law, or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or consents to the entry of a decree or order for relief in respect of the Obligor in an involuntary case or proceeding under similar applicable laws. The Obligor files a petition or answer or consent seeking reorganization or relief under any applicable law of any foreign or domestic jurisdiction or any political subdivision thereof, or consents to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of an Obligor or of any substantial part of its property. An Obligor makes a general assignment for the benefit of creditors, admits in writing its inability to pay its debts generally as they become due. Without its application, approval, or consent, a proceeding is instituted in any court of competent jurisdiction or by or before any government or governmental agency of competent jurisdiction, against the Obligor (or any successor in interest thereto) with respect to adjudication in bankruptcy, reorganization, dissolution, winding up, liquidation, a composition or arrangement with creditors, a readjustment of Indebtedness, the appointment of a trustee, receiver, liquidator, or the like of the Obligor of all or any substantial part of their respective property or assets, or other like relief in respect of it under any bankruptcy, reorganization, or insolvency law; and, if such proceeding is being contested by it in good faith, the same continues undismissed for a period of [90 (ninety) days]. The Borrower (or if applicable the Obligor) is dissolved, a resolution for its dissolution is passed or a request for its dissolution is filed. Unlawfulness and invalidity Any Finance Document will at any time for any reason cease to be valid and binding or in full force and effect (other than upon expiration in accordance with its terms) or performance of any material obligation of an Obligor will have become unlawful, or the Obligor will so assert in writing or contest the validity or enforceability thereof.
Insolvency and Dissolution. Buyer is not unable to meet its debts as they fall due (en cessation des paiements) and is not subject to any bankruptcy or equivalent proceedings, in particular to any proceedings with a view to the prevention or resolution of business difficulties (prévention et règlement amiable des difficultés des entreprises). Buyer is not subject to a judgment of, or requested for, dissolution, liquidation, bankruptcy or receivership. Buyer has the financial resources to effect the Transaction.
Insolvency and Dissolution. Each Seller which is an Entity is not insolvent and is not subject to any bankruptcy or equivalent proceedings, in particular to any proceedings with a view to the prevention or resolution of business difficulties. No Seller is subject to a judgment of, or requested for, dissolution, liquidation, bankruptcy or receivership. No Seller that is an individual is subject to any personal bankruptcy or any similar procedure applicable to individuals.
Insolvency and Dissolution. Neither Seller nor the Company is unable to pay its debts as and when they fall due (en cessation des paiements) and is not subject to any proceedings with a view to the prevention or resolution of business difficulties (prévention et règlement amiable des difficultés des entreprises) or to a judgment of, or requested for, dissolution, liquidation, bankruptcy or receivership.
