INSOLVENCY; RECEIVER. The Borrower shall promptly notify BANK if the Borrower receives notice or any application / petition being filed for declaring the Borrower as insolvent or if any other legal proceeding filed or intended to be filed or initiated against the Borrower is received by the borrower or if a Custodian or Receiver is appointed on any of the Borrower's properties, business or undertaking or if any of the Borrower's properties, business or assets is/are attached.
INSOLVENCY; RECEIVER. (a) If the Company makes an assignment for the benefit of creditors, files a petition in bankruptcy, is adjudicated or held to be insolvent or bankrupt, petitions or applies to any tribunal for any receiver or any trustee for the Company or any substantial part of the Company's property, commences any proceeding relating to the Company under any reorganization, arrangement, readjustment of debt or similar law or statute of any jurisdiction, whether now or hereafter in effect, or if there is commenced against the Company any such proceeding which remains undismissed, unstayed (or, if stayed, the stay shall have been set aside) or unvacated for a period of 60 days, or the Company by any act indicates its consent to, approval of, or acquiescence in, any such proceeding or the appointment of any receiver or of any trustee for the Company or any substantial part of the Company's property, or suffers any such receivership or trusteeship to continue undischarged, unstayed (or, if stayed, such stay shall have been set aside) or unvacated for a period of 60 days; or
(b) If any of the foregoing events described in Section 7.05(a) occurs with respect to a Subsidiary instead of the Company and that event will have a material adverse effect on the ability of the Company to meet its financial obligations as they become due; or
INSOLVENCY; RECEIVER. Either the appointment of a receiver to take possession of all or substantially all of the assets of YMCA, or a general assignment by the YMCA for the benefit of creditors, or any action taken or offered by YMCA under any insolvency or bankruptcy action, will constitute a breach of this License by YMCA, and in such event said License will automatically cease and terminate.
INSOLVENCY; RECEIVER. Either the appointment of a receiver to take possession of all or substantially all of the assets of XXXXXX, or a general assignment by LESSEE for the benefit of creditors, or any action taken or offered by XXXXXX under any insolvency or bankruptcy action, will constitute a breach of this Lease by XXXXXX, and in such event this Lease will automatically cease and terminate.
INSOLVENCY; RECEIVER. Either the appointment of a receiver to take possession of all or substantially all of the assets of LICENSEE, or a general assignment by the LICENSEE for the benefit of creditors, or any action taken or offered by LICENSEE under any insolvency or bankruptcy action, will constitute a breach of this License by LICENSEE, and in such event said License will automatically cease and terminate.
INSOLVENCY; RECEIVER. Any of the following shall constitute a breach of this Lease by Tenant: (a) the appointment of a receiver to take possession of all or substantially all of Tenant's assets; or (b) a general assignment by Tenant for the benefit of creditors; or (c) an action taken or suffered by Tenant under any insolvency or bankruptcy act.
INSOLVENCY; RECEIVER. 28 7.06 JUDGMENTS; ATTACHMENTS.................................................................................28 7.07 ERISA..................................................................................................28 7.08 REMEDIES...............................................................................................29 ARTICLE VIII - MISCELLANEOUS....................................................................................29
INSOLVENCY; RECEIVER. Either
(a) the appointment of a receiver to take possession of all or substantially all of the assets of Lessee, or (b) a general assignment by Lessee for the benefit of creditors, or (c) any action taken or suffered by Lessee under any insolvency or bankruptcy act shall constitute a breach of this lease by Lessee and at the option of Lessor cause a termination.
INSOLVENCY; RECEIVER. Any Loan Party or any of its Subsidiaries institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or
(i) Borrower or any Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 30 days after its issue or levy.
INSOLVENCY; RECEIVER. Either the appointment of a receiver to take possession of all or substantially all of the assets of The Stand Up Club, or a general assignment by The Stand Up Club for the benefit of creditors, or any action taken or offered by The Stand Up Club under any insolvency or bankruptcy action, will constitute a breach of this License by The Stand Up Club, and in such event said License will automatically cease and terminate.
