Insolvency Default. Any Maker: (i) discontinues the conduct of its business; (ii) applies for or consents to the imposition of any Insolvency Relief; (iii) voluntarily commences or consents to the commencement of an Insolvency Proceeding; (iv) files an answer admitting the material allegations of any involuntary commencement of an Insolvency Proceeding; (v) makes a general assignment for the benefit of its creditors; (vi) is unable or admits in writing its inability to pay its debts as they become due; or (vii) any Insolvency Order is entered against such Maker and such Insolvency Order is not dismissed within 60 days of its entry ("Insolvency Default").
Insolvency Default. The Borrower or the Borrower Parent becomes insolvent or unable to pay its debts when due or commits or permits any act of bankruptcy, which act shall include (i) the filing of a petition in any bankruptcy, reorganization, winding up or liquidation of the Borrower or the Borrower Parent, or any other proceeding analogous in purpose and effect; provided, however, that in case the foregoing petition is filed by any other party, other than the Borrower or the Borrower Parent, such event shall only be an Event of Default if such petition is consented to, or not objected to, by the Borrower or the Borrower Parent, or continues undismissed for sixty (60) consecutive days or a final order or decree of any court approving or ordering any of the foregoing is entered, (ii) the making of an assignment by the Borrower or the Borrower Parent for the benefit of its creditors, (iii) the admission in writing by the Borrower or the Borrower Parent of its inability to pay its debts, or (iv) the entry of any final order or judgment of any court, tribunal or administrative agency, in each case, having appropriate jurisdiction confirming the bankruptcy or insolvency of the Borrower or the Borrower Parent or approving any reorganization, winding up or liquidation of the Borrower or the Borrower Parent, or (v) the filing of an application for the appointment of a receiver, liquidator, assignee or trustee of the Borrower or the Borrower Parent or a substantial part of its property or assets or a substantial part of its capital stock or to assume custody or control of the Borrower or the Borrower Parent or the ordering of its dissolution, winding-up or liquidation of its affairs;
Insolvency Default. The Borrower becomes insolvent or unable to pay its debts when due or commits or permits any act of bankruptcy, which act shall include (i) the filing of a petition in any bankruptcy, reorganization, winding up or liquidation of the Borrower, or any other proceeding analogous in purpose and effect: Provided, however, that in case the foregoing petition is filed by any other party, other than the Borrower, such event shall be considered a Declared Event of Default if such petition is not dismissed or decided in favor of the company within a period of sixty (60) Days, from the date of filing thereof, (ii) the making of an assignment by the Borrower for the benefit of its creditors, (iii) the admission in writing by the Borrower of its inability to pay its debts, or (iv) the entry of any order or judgment of any court, tribunal or administrative agency or body confirming the bankruptcy or insolvency of the Borrower or approving any reorganization, winding up or liquidation of the Borrower, or (v) the appointment of a receiver, liquidator, assignee, trustee, or sequestrator of the Borrower or a substantial part of its property or assets or a substantial part of its capital stock or to assume custody or control of the Borrower or the ordering of its dissolution, winding-up or liquidation of its affairs.
Insolvency Default. Notwithstanding any provision to the contrary in this Agreement or any other Financing Document, upon the occurrence of any Facility Event of Default caused by a bankruptcy, insolvency, reorganization or other similar action or condition of the Company all unutilized Commitments under the Facilities shall immediately terminate, and all principal of, accrued and unpaid interest on and other amounts due in respect of, the Senior Debt Obligations shall be immediately due and payable without presentment, demand, protest or notice of any kind whatsoever.
Insolvency Default. If any Event of Default specified in Section 9.1(g) or Section 9.1(i) shall occur, then all Commitments of the Lenders shall be automatically cancelled and the principal amount of all outstanding Accommodations and all interest and fees accrued thereon and all other Obligations of the Borrowers under this Agreement and the other Credit Facility Documents shall forthwith become due and payable, without the need for any declaration or notice under Section 9.2 or any other action by the Agent, the US Agent or any Lender.
Insolvency Default. A Party (not then subject to the events enumerated in this Section) may terminate this Agreement on sixty (60) days’ notice if:
Insolvency Default. In addition to any other rights of the Sellers hereunder, this Agreement shall be deemed to be immediately terminated in the event that the Buyer should become bankrupt or insolvent or any debtor proceedings shall be taken by or against the Buyer. In such event, in addition to any and all other legal remedies and rights, the Sellers may immediately declare Buyer to be in default of this Agreement and the Buyer shall make delivery to Sellers, as described in Section 4.1 (D) below, of the stock certificates representing the MM&S Shares previously acquired within 10 business days of such event.
Insolvency Default. The occurrence of any of the following shall constitute a default hereunder:
Insolvency Default. 30 12.5 Failure of Lease Guaranty...................................... 30
Insolvency Default. Any "Event of Insolvency" occurs as defined below. Tenant shall immediately notify Landlord, in writing, of any Event of Insolvency. An "Event of Insolvency" shall consist of the following: the making by Tenant of any general assignment or arrangement for the benefit of creditors, or the filing by or against Tenant of a petition to have Tenant adjudged bankrupt, or a petition or reorganization or arrangement under any law relating to bankruptcy or the filing against Tenant of a petition to have Tenant adjudged bankrupt, or a petition or reorganization or arrangement or under any law relating to bankruptcy, if the same is not dismissed within 60 days of filing, or the appointment of a trustee or receiver to take possession of substantially all of Tenant's assets located on the Properties or of Tenant's interest in this Lease; or the attachment, execution or other judicial seizure of substantially all of Tenant's assets located on the Properties or of Tenant's interest in this Lease. In the event Tenant's assets are seized by any such authority in connection with an Event of Insolvency, Landlord continuously shall have the right to approve or reject any subsequent Tenant to whom such authority assigns or sublets the Properties (subject to applicable limitations, if any, under Federal bankruptcy law).
