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. 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. 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. 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. 29.1. Landlord and Tenant agree that the following matters are defaults under this Lease:
29.1.1. if Tenant, or any general partner of Tenant if Tenant is a partnership, or any one of the persons or entities constituting Tenant if Tenant is more than one person or entity, or any assignee or any person primarily or secondarily liable for Tenant's obligations under this Lease, shall be adjudicated a bankrupt or an insolvent or take the benefit of any federal or state reorganization or composition proceeding or make a general assignment to or for the benefit of creditors or take the benefit of any insolvency law; or
29.1.2. if Tenant's interest under this Lease shall be sold under any execution or process of law; or
29.1.3. if a trustee in bankruptcy or a receiver be appointed or elected or had for Tenant or any general partner of Tenant if Tenant is a partnership or any one of the persons or entities constituting Tenant if Tenant is more than one person or entity or any guarantor or assignee or any person primarily or secondarily liable for Tenant's obligations under this Lease; or
29.1.4. if the Premises shall be abandoned; or
29.1.5. if Tenant shall default in the payment when due of any installment of Base Rent, Additional Rent and/or any other sum due under this Lease and such default shall continue for a period of three (3) business days after notice by Landlord to Tenant of such default; or
29.1.6. if Tenant or any general partner of Tenant if Tenant is a partnership, or any of the persons or entities constituting Tenant if Tenant is more than one person or entity, or any guarantor or assignee or any person primarily or secondarily liable for Tenant's obligations under this Lease, shall fail to perform any of the terms, provisions, covenants or conditions of this Lease on Tenant's part to be performed other than the covenants for the payment of Base Rent and Additional Rent, and Tenant shall fail to remedy such default within fifteen (15) days after notice by Landlord to Tenant of such default, or if such notice is of such a nature that it cannot be completely remedied within such fifteen (15) day period and 39 47 Tenant shall not commence to cure within said period and shall not thereafter diligently prosecute to completion all steps necessary to remedy such default; or
29.1.7. if any event shall occur or any contingency shall arise whereby this Lease, or the term or estate created thereby, would (by death, operation of law or otherwise) devolve upon ...
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. If the Client commits or is involved in any act as an Insolvent the Client shall be deemed to be in default under this Agreement in which event DLR may take whatever action is necessary to retain all monies paid, cease further deliveries and/or provision of services and/or goods, recover all lost profits and/or at its discretion take immediate possession of any goods not paid for without prejudice to any other rights and without being liable in any way to any party.
