Notification of Bankruptcy or Insolvency. The Company, through its Board of Directors and Chief Executive Officer, shall advise the Trustee promptly in writing of the Company's bankruptcy or insolvency. The Company shall be deemed to be bankrupt or insolvent upon the occurrence of any of the following:
(i) The Company shall make an assignment for the benefit of creditors, file a petition in bankruptcy, petition or apply to any tribunal for the appointment of a custodian, receiver, liquidator, sequestrator, or any trustee for it or a substantial part of its assets, or shall commence any case under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, or liquidation law or statute of any jurisdiction (federal or state), whether now or hereafter in effect; or if there shall have been filed any such petition or application, or any such case shall have been commenced against it, in which an order for relief is entered or which remains undismissed; or the Company by any act or omission shall indicate its consent to, approval of or acquiescence in any such petition, application or case or order for relief or to the appointment of a custodian, receiver or any trustee for it or any substantial part of its property, or shall suffer any such custodianship, receivership, or trusteeship to continue undischarged; or
(ii) The Company shall generally not pay its debts as such debts become due or shall cease to pay its debts in the ordinary course of business; or
(iii) The sum of the Company's debts is greater than all its property at a fair valuation; or
(iv) The present salable value of the Company's assets is less than the amount that would be required to pay the probable liability on its existing debts as they become absolute, matured, due and payable.
Notification of Bankruptcy or Insolvency a. In the event the Contractor or a major subcontractor enters into proceedings relating to bankruptcy, whether voluntary or involuntary, or becomes insolvent, the Contractor agrees to furnish, by certified mail or electronic commerce method authorized by the Contract, written notification of the bankruptcy or insolvency to the Contracting Officer. This notification shall be furnished within five days of the initiation of the proceedings relating to bankruptcy filing or upon discovery of the insolvency. This notification shall include the date on which the bankruptcy petition was filed, the identity of the court in which the bankruptcy petition was filed, the name and contact information for the Bankruptcy Trustee, a listing of Authority contract numbers and Authority contracting offices for all Authority contracts against which the Contractor asserts final payment has not been made. This obligation remains in effect until final payment under this Contract.
Notification of Bankruptcy or Insolvency. The Company, ---------------------------------------- through its Board of Directors and Chief Executive Officer, shall advise the Trustee promptly in writing of the Company's bankruptcy or insolvency. The Company shall be deemed to be bankrupt or insolvent in the following circumstances:
(a) The Company is subject to a pending proceeding as a debtor under the Bankruptcy Reform Act of 1978, as amended; or (b) The Company shall generally not pay its debts as such debts become due or shall cease to pay its debts in the ordinary course of business. ARTICLE V
Notification of Bankruptcy or Insolvency a. In the event the Contractor enters into proceedings relating to bankruptcy, whether voluntary or involuntary, the Contractor agrees to furnish, by certified mail or electronic commerce method authorized by the Contract, written notification of the bankruptcy to the Contracting Officer responsible for administering the Contract. This notification shall be furnished within five days of the initiation of the proceedings relating to bankruptcy filing. This notification shall include the date on which the bankruptcy petition was filed, the identity of the court in which the bankruptcy petition was filed, and a listing of Authority contract numbers and Authority contracting offices for all Authority contracts against which the Contractor asserts final payment has not been made. This obligation remains in effect until final payment under this Contract.
Notification of Bankruptcy or Insolvency. The Company, through its Board of Directors and Chief Executive Officer, shall notify the Trustee promptly in writing of the Company's bankruptcy or insolvency. Prior to receipt of such notice, the Trustee shall have no duty to inquire whether or not the Company is bankrupt or insolvent. The Company shall be deemed to be bankrupt or insolvent:
(i) upon the entry of a decree or order by a court having jurisdiction adjudging the Company bankrupt or insolvent, or approving a petition seeking reorganization, arrangement, adjustment or composition of the Company under the Federal Bankruptcy Act, or appointing a receiver (or other similar official) of the Company, or ordering the winding up or liquidation of the affairs of the Company;
(ii) upon the institution by the Company of proceedings to be adjudicated a bankrupt or insolvent, or the consent by the Company to the institution of bankruptcy or insolvency proceedings against it, or the filing by the Company of a petition seeking reorganization or relief under the Federal Bankruptcy Act, or the consent by the Company to the filing of any such petition or to the appointment of a receiver, trustee (or other similar official) of the Company, or the making by the Company of an assignment for the benefit of creditors, or the admission by the Company in writing of its inability to pay its debts as they mature; or
(iii) if the Company is unable to pay its debts as they mature.
Notification of Bankruptcy or Insolvency. The Board of Directors and Chief Executive Officer of the Company shall advise the Trustee in writing of the Company's bankruptcy or insolvency within three business days following the occurrence of an event of bankruptcy or insolvency. The Company shall be deemed to be bankrupt or insolvent upon the occurrence of either of the following:
(i) The Company is unable to pay its debts as the debts become due; or
(ii) The Company is subject to a pending proceeding as a debtor under the Bankruptcy Code.
Notification of Bankruptcy or Insolvency. The Company through its Board of Directors and Chief Executive Officer, shall advise the Trustee promptly in writing of the Company's bankruptcy or insolvency. The Company shall be deemed to be bankrupt or insolvent in the following circumstances.
(a) The Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Reform Act of 1978, as amended; or
(b) The Company shall generally not pay or is unable to pay its debts as such debts become due or shall cease to pay or is unable to pay its debts in the ordinary course of business.
