Insolvency Event. An “Insolvency Event” occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors, or if information becomes publicly available indicating that unsecured claims against the Company are not expected to be paid.
Insolvency Event. Despite clause 18.1, if either party is subject to an Insolvency Event, the other party may:
(a) immediately issue a notice of termination in accordance with clause 19.2;
(b) exercise any other legal rights available to it; and
(c) if the Insolvency Event involves a Serious Financial Breach by the Trader, the Distributor may notify the Electricity Authority and/or the clearing manager that clause 14.41(h) of the Code applies.
Insolvency Event. An “Insolvency Event” occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors, or if the Company admits its inability to pay its debts as they become due in the ordinary course of business.
Insolvency Event the Purchaser is or becomes subject to one or more of the following events: (a) it suspends or threatens to suspend payment of its debts or becomes unable to pay its debts when they are due; (b) its financial position deteriorates to such an extent that, in Xxxxxxx’x opinion, the Purchaser’s ability to fulfil its obligations under the Contract has been placed in jeopardy; (c) it commences negotiations with all or any class of its creditors with a view to rescheduling any of its debts, or makes a proposal for or enters into any compromise or arrangement with its creditors; (d) a petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection with the winding up of the Purchaser; (e) an application is made to court, or an order is made, for the appointment of an administrator, or if a notice of intention to appoint an administrator is given or if an administrator is appointed, over the Purchaser; (f) a person becomes entitled to appoint a receiver over the assets of the Purchaser or a receiver is appointed over the assets of the Purchaser; (g) the holder of a qualifying floating charge over the assets of the Purchaser over the assets of the Purchaser has become entitled to appoint or has appointed an administrative receiver; (h) a creditor or encumbrancer of the Purchaser attaches or takes possession of, or a distress, execution, sequestration or other such process is levied or enforced on or sued against, the whole or any part of the Purchaser’s assets and such attachment or process is not discharged within fourteen (14) Days; (i) it informs any person that it is, presumed to be, insolvent; (j) it ceases or threatens to cease to carry on business; or (k) any guarantee or security given to Sandvik (including the Security Interest) in relation to the Purchaser is revoked or becomes unenforceable.
Insolvency Event. The term “
Insolvency Event any Insolvency Event shall occur with respect to any Credit Party or any of its Subsidiaries; or
Insolvency Event. An Insolvency Event shall have occurred with respect to a Seller Party or any Affiliate; or
Insolvency Event. Owner. SECTION 1.17. Receipts. SECTION 1.18. Registrar. SECTION 1.19. Replacement.
Insolvency Event any Insolvency Event shall occur with respect to the Parent Borrower, any Additional Borrower or any Guarantor that is a Material Subsidiary;
Insolvency Event. An Insolvency Event shall have occurred with respect to the Borrower or the Guarantor.
