Notification of Bankruptcy or Insolvency Clause Samples

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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.
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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.
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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
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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.
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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.
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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.
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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.
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Related to Notification of Bankruptcy or Insolvency

  • Bankruptcy or Insolvency (i) If Lessee shall become a debtor in a case filed under Chapter 7 or Chapter 11 of the Bankruptcy Code and Lessee or Lessee's trustee shall fail to elect to assume this Lease within 60 days after the filing of such petition or such additional time as provided by the court, this Lease shall be deemed to have been rejected. Immediately thereupon, Lessor shall be entitled to possession of the Premises without further obligation to Lessee or Lessee's trustee, and this Lease, upon the election of Lessor, shall terminate, but Lessor's right to be compensated for damages (including, without limitation, liquidated damages pursuant to any provision hereof) or the exercise of any other remedies in any such proceeding shall survive, whether or not this Lease shall be terminated. (ii) An assumption of this Lease in accordance with Section 7.02(f)(i) shall not limit Lessor's right to declare an Event of Default hereunder and exercise any and all remedies available to it if, at any time after such assumption, Lessee is liquidated or files or has filed against it a subsequent petition under Chapter 7 or Chapter 11 of the Bankruptcy Code. (iii) When, pursuant to the Bankruptcy Code, Lessee's trustee or the debtor-in-possession shall be obligated to pay reasonable use and occupancy charges for the use of the Premises, such charges shall not be less than the Basic Rent, Additional Rent and other sums payable by Lessee under this Lease. (iv) Neither the whole nor any portion of Lessee's interest in this Lease or its estate in the Premises shall pass to any trustee, receiver, assignee for the benefit of creditors or any other person or entity, by operation of law or otherwise under the laws of any state having jurisdiction of the person or property of Lessee, unless Lessor shall have consented to such transfer. No acceptance by Lessor of rent or any other payments from any such trustee, receiver, assignee, person or other entity shall be deemed to constitute such consent by Lessor nor shall it be deemed a waiver of Lessor's right to terminate this Lease for any transfer of Lessee's interest under this Lease without such consent. (v) In the event of an assignment of Lessee's interests pursuant to this Section, the right of any assignee to extend the Lease Term shall be extinguished.

  • Notice of Bankruptcy Grantee shall notify in writing its assigned contract manager of its plan to seek bankruptcy protection within five days of such action by ▇▇▇▇▇▇▇.