Insolvency of Contractor. Contractor shall be deemed to be insolvent if it has ceased to pay its debts for at least sixty (60) days in the ordinary course of business or cannot pay its debts as they become due, whether or not a petition has been filed under the Federal Bankruptcy Code and whether or not Contractor is insolvent within the meaning of the Federal Bankruptcy Code;
Insolvency of Contractor. CONTRACTOR shall be deemed insolvent if it has ceased to pay its debts in the ordinary course of business or cannot pay its debts as they become due, whether it has filed for bankruptcy or not, and whether insolvent within the meaning of the Federal Bankruptcy Law or not;
Insolvency of Contractor. Contractor shall be deemed insolvent if it has ceased to pay its debts in the ordinary course of business or cannot pay its debts as they become due whether it has committed an act of bankruptcy or not, and whether insolvent within the meaning of the Federal Bankruptcy Law or not;
Insolvency of Contractor. It is recognized that if the Contractor is adjudged a bankrupt, makes a general assignment for the benefit of creditors, or if a receiver is appointed for the benefit of creditors on account of the Contractor's insolvency, such circumstance could impair or frustrate the Contractor's performance of this Contract. Accordingly, the parties to this Contract agree that upon the occurrence of any such event, the City shall be entitled to request of the Contractor or its successor in interest adequate assurances of future performance in accordance with the terms and conditions of the Contract Documents and the Contractor shall have seven (7) business days to provide such assurances. The Contractor's failure to comply with such request shall entitle the City to terminate this Contract immediately and to the accompanying rights thereunder.
Insolvency of Contractor. Contractor shall be deemed to be insolvent if it has ceased to pay or has admitted in writing its inability to pay its debts for at least sixty (60) days in the ordinary course of business or cannot pay its debts as they become due, whether or not a petition has been filed under the United States Bankruptcy Code and whether or not Contractor is insolvent within the meaning of the United States Bankruptcy Code, provided that Contractor shall not be deemed insolvent if it has ceased in the normal course of business to pay its debts which are disputed in good faith and which are not related to this Agreement as determined by County;
Insolvency of Contractor. The County may terminate the Agreement, in whole or in part, by written notice to Contractor and may regard Contractor in default of the Agreement if Contractor becomes: insolvent; makes a general assignment for the benefit of creditors; files a voluntary petition of bankruptcy; suffers or permits the appointment of a receiver for its business or assets; becomes subject to any proceeding under any bankruptcy or insolvency law, whether domestic or foreign; or has wound up or liquidated, voluntarily or otherwise.
Insolvency of Contractor. In the event Contractor shall be adjudged bankrupt, make a general assignment for the benefit of creditors, or if a receiver shall be appointed on account of Contractor’s insolvency, or in the event Contractor does not correct or, if immediate correction is not possible, commence and diligently continue action to correct, any default of Contractor to comply with any of the provisions or requirements of this Agreement and all Orders within ten (10) days after written notice by Company, Company may, by written notice to Contractor, without prejudice to any other rights or remedies which Company may have, refuse to allow further performance of services by Contractor. Company may complete the performance of services by such means as Company selects and Contractor shall be responsible for any additional costs incurred by Company in so doing. Any amounts due Contractor for services performed by Contractor in full compliance with the terms of this Agreement and any Order prior to cessation of the performance of services shall be subject to setoff of Company’s additional costs of completing the performance of services and other damages incurred by Company as a result of Contractor’s default. Waiver by Company of any default of Contractor shall not be considered to be a waiver by Company of any provision of this Agreement or of any subsequent default by Contractor.
Insolvency of Contractor. If the Contractor or any sub-contractor becomes insolvent or bankrupt; has a receiver or manager appointed; has a mortgagee or other creditor take possession or control of the Contractor's business; is subject to involuntary winding up proceedings; or if its creditors convene a meeting to consider placing its business and assets under external control, ASP may at its sole option either:
(a) terminate the agreement immediately by the giving of notice to the Contractor or any third party in apparent control of the Contractor, as though the Contractor was in default; or
(b) offer the option of continuing the agreement to such third party until completion of the Work described, including the provision of goods and materials, provided always that ASP may require such guarantees and undertakings from such third party as ASP may in its absolute discretion require.
Insolvency of Contractor after the word “Contractor”, insert the words “or Group Company”. After the word “Insolvent”, insert the words “or the Employer otherwise terminates the Contractor’s employment pursuant to clause 8.5.1”.
