Common use of Notification of Bankruptcy or Insolvency Clause in Contracts

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. The Company, through its Board of Directors and Chief Executive Officer, Company 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 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, insolvency, reorganization, arrangement, readjustment of debt, dissolution, liquidation or liquidation similar 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 undismissedundismissed for a period of 120 days; 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 any of its property, or shall suffer any such custodianship, receivership, receivership or trusteeship to continue undischargedundischarged for a period of 120 days; or (ii) The the Company shall generally not pay its debts as such debts become due or shall cease to pay its debts generally 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. 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 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 any 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 sums of the Company's debts debt is greater than all of its property at a fair valuation; or (iv) The present salable saleable 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, absolute and matured, due and payable.

Notification of Bankruptcy or Insolvency. The Company, through its Board of Directors and Chief Executive Officer, Company 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) a. 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, insolvency, reorganization, arrangement, readjustment of debt, dissolution, liquidation or liquidation similar 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 undismissedundismissed for a period of 120 days; 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 any of its property, or shall suffer any such custodianship, receivership, receivership or trusteeship to continue undischargedundischarged for a period of 120 days; or (ii) b. The Company shall generally not pay its debts as such debts become due or shall cease to pay its debts generally 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. 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: (ia) 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 -13- 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 any of its property, or shall suffer any such custodianship, receivership, or trusteeship to continue undischarged; or (iib) 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 (iiic) The sum of the Company's debts is greater than all its property at a fair valuation; or (ivd) The present salable saleable 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, absolute and matured, due and payable.

Notification of Bankruptcy or Insolvency. The Company, through its Board of Directors and Chief Executive Officer, Company 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 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, insolvency, reorganization, arrangement, readjustment of debt, dissolution, liquidation or liquidation similar 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 undismissedundismissed for a period of 120 days; 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 any of its property, or shall suffer any such custodianship, receivership, receivership or trusteeship to continue undischargedundischarged for a period of 120 days; or or (ii) The the Company shall generally not pay its debts as such debts become due or shall cease to pay its debts generally 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.. ARTICLE IV

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: (ia) 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 any of its property, or shall suffer any such custodianship, receivership, or trusteeship to continue undischarged; or (iib) 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; oror -13- (iiic) The sum of the Company's debts is greater than all its property at a fair valuation; or (ivd) The present salable saleable 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, absolute and matured, due and payable.

Notification of Bankruptcy or Insolvency. The Company, through its Board of Directors and Chief Executive Officer, Officer of the Company 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 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, insolvency, reorganization, arrangement, readjustment of debt, dissolution, liquidation or liquidation similar 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 undismissedundismissed for a period of 120 days; 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 any of its property, or shall suffer any such custodianship, receivership, receivership or trusteeship to continue undischargedundischarged for a period of 120 days; or or (ii) The the Company shall generally not pay its debts as such debts become due or shall cease to pay its debts generally 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.. ARTICLE IV

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 insolvent, for purposes of this Agreement only, 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 any 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 be unable to pay its debts obligations as they become due in the ordinary usual course of businessits affairs; or (iii) The sum of the Company's debts is greater than all its property at a fair valuation; or (iv) The present salable saleable 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, absolute and matured, due and payable.

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: (ia) 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 any of its property, or shall suffer any such custodianship, receivership, or trusteeship to continue undischarged; or (iib) 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 (iiic) The sum of the Company's debts is greater than all its property at a fair valuation; or (ivd) The present salable saleable 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, absolute and matured, due and payable.

Notification of Bankruptcy or Insolvency. The Company, through its Board of Directors and Chief Executive Officer, Corporation shall advise the Trustee promptly in writing of the CompanyCorporation's bankruptcy or insolvency. The Company Corporation shall be deemed to be bankrupt or insolvent upon the occurrence of any of the following: (i) The Company Corporation 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, reorganizationinsolvency, reorganiza- tion, arrangement, readjustment of debt, dissolution, liquidation or liquidation similar 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 undismissedundismissed for a period of 120 days; or the Company Corporation 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 any of its property, or shall suffer any such custodianship, receivership, or trusteeship to continue undischargedundischarged for a period of 120 days; or (ii) The Company Corporation shall generally not pay its debts as such debts become due or shall cease to pay its debts generally 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.