Common use of Insolvency Default Clause in Contracts

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. Any MakerThe Makers: (i) discontinues discontinue the conduct of its their business; (ii) applies apply for or consents to the imposition of any Insolvency Relief; (iii) voluntarily commences commence or consents consent to the commencement of an Insolvency Proceeding; (iv) files file an answer admitting the material allegations of any involuntary commencement of an Insolvency Proceeding; (v) makes make a general assignment for the benefit of its creditors; (vi) is are unable or admits in writing its their inability to pay its their debts as they become due; or (vii) any have an Insolvency Order is entered against such Maker Makers and such Insolvency Order is not dismissed within 60 thirty (30) days of its entry ("each, an “Insolvency Default"”).