Insolvency of the Contractor. The Contractor shall be deemed to be insolvent if it has ceased to pay its debts for at least 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 the Contractor is insolvent within the meaning of the Federal Bankruptcy Code;
Insolvency of the Contractor. The CONTRACTOR shall be deemed to be insolvent if it has ceased to pay its debts for at least 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 the CONTRACTOR is insolvent within the meaning of the Federal Bankruptcy Code;
Insolvency of the Contractor. 25.1 The Contractor shall inform the Home Office:-
Insolvency of the Contractor. It is recognized that if the Contractor becomes insolvent, or institutes or has instituted against it a case under Title 11 of the United States Code, or makes a general assignment for the benefit of its creditors, or if a receiver is appointed for the benefit of its creditors, or if a receiver is appointed on account of insolvency, such event or events could impair or frustrate the Contractor’s performance of this Agreement. Accordingly, it is agreed that upon the occurrence of any such event, the Owner will be entitled to request of the Contractor or its successor assurances of future performance that are adequate in the opinion of the Owner. Failure to satisfy such requirement within 10 days following delivery of the request will entitle the Owner to terminate this Agreement under the terms of Section 13.5 above. Pending receipt of adequate assurances of performance and actual performance in accordance therewith, the Owner will be entitled to complete the Construction Work with its own forces or with other contractors on a time-and-materials or other appropriate basis, and the Contractor shall pay to the Owner, on demand, the excess, if any, of the reasonable costs of completing the Construction Work over the Construction Price.
Insolvency of the Contractor. If the Contractor -
Insolvency of the Contractor. 27.1 The Contractor shall inform the Council:-
Insolvency of the Contractor. Where the principal obligations under the Contract are illegal, void or voidable this Deed shall take effect as if the Guarantor was ab initio the principal obligor and not merely a surety.
