Insolvency Default Sample Clauses

Insolvency Default. If (a) the Purchaser makes default in any payment due hereunder; (b) a resolution is passed or proposed or a petition is presented or an application filed for the winding up of the Purchaser; (c) a receiver or receiver and manager is appointed of the property or any part of the property of the Purchaser; (d) the Purchaser makes or proposes to make any arrangements with its creditors; (e) the Purchaser is placed under official management; (f) execution is levied upon the assets of the Purchaser for an amount in excess of $1,000.00 and it not within seven days satisfied, then, and in any such event the Company may at its option withhold further deliveries or cancel the contract without prejudice to its rights thereafter to rely upon the happening thereafter of any of the events hereinbefore referred to or upon the continuation after any such waiver of any state of affairs the subject of such waiver.

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. Tenant shall be in default if, during the term of the Lease, Tenant shall: (i) make an assignment for benefit of creditors; (ii) have a voluntary or involuntary petition filed by or against Tenant under any law having for its purpose the adjudication of Tenant as bankrupt or the extension of time of payment, composition, adjustment, modification, settlement or satisfaction of the liabilities of Tenant or to which property of Tenant may be subject and, if the petition be involuntary, if said Petition be granted; (iii) have a receiver appointed for Tenant by reason of the insolvency or alleged insolvency of Tenant and said receiver is not discharged within ten (10) days or upon the hearing of a timely filed petition to dismiss, absolve or otherwise terminate the receivership, whichever shall later occur; or (iv) suffer any department of the state or federal government or any officer thereof duly authorized to take possession of the Property and the improvements thereon by reason of the insolvency of Tenant and the taking of possession shall be followed by a proceeding to secure a legal adjudication of the insolvency, or bankruptcy, or receivership of Tenant.

Insolvency Default. The occurrence of any of the following shall constitute a default hereunder: (a) Either party files a voluntary petition in bankruptcy or insolvency or a petition for reorganization under any bankruptcy law, or the admission of either party that it is unable to pay its debts as they become due; or (b) Either party consents to an involuntary petition in bankruptcy or fails to vacate, within ninety (90) days from the date of entry thereof, any order approving an involuntary petition by either party; or (c) Any court of competent jurisdiction enters an order, judgment or decree adjudicating either party as bankrupt or insolvent or approving a petition seeking reorganization or appointing a receiver, trustee or liquidator of a substantial part of such party’s assets, and such order, judgment or decree’s continuing unstayed and in effect for an aggregate of sixty (60) days (whether or not consecutive).

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. 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, upon the occurrence of an Event of Default under clause (f) or (g) of Section 7.01 of the Credit Agreement (or equivalent provisions under the Replacement Letter of Credit Facility), (a) the unutilized Commitments and commitments under the Replacement Letter of Credit Facility shall forthwith terminate immediately and (b) all principal of and accrued interest in respect of the Secured Obligations of each Secured Party shall be immediately due and payable without presentment, demand, protest or notice of any kind whatsoever, in each case as provided in Section 7.02 of the Credit Agreement.

Insolvency Default. Maker: (i) makes a transfer in fraud of creditors, or makes an assignment for the benefit of creditors; (ii) has a receiver, trustee or custodian appointed for, or take possession of, all or substantially all of the assets of such party, either in a proceeding brought by such party or in a proceeding brought against such party and such appointment is not discharged or such possession is not terminated within sixty (60) calendar days after the effective date thereof or such party consents to or acquiesces in such appointment or possession; (iv) files a petition for relief under any Insolvency Law or an involuntary petition for relief is filed against such party under any Insolvency Law and such involuntary petition is not dismissed within sixty (60) calendar days after the filing thereof, or an order for relief naming such party is entered under any Insolvency Law, or any composition, rearrangement, extension, reorganization or other relief of debtors now or hereafter existing is requested or consented to by such party; (v) fails to have discharged within a period of thirty (30) calendar days any attachment, sequestration or similar writ levied upon any property of such party in an amount exceeding $250,000; or (vi) fails to pay within thirty (30) calendar days any final money judgment against such party in an amount exceeding $250,000.