Common use of SBC-12STATE may Clause in Contracts

SBC-12STATE may. but is not obligated to, draw on the Letter of Credit or the Cash Deposit, as applicable, upon the occurrence of any one of the following events: 7.6.1 LEVEL 3 owes SBC-12STATE undisputed charges under this Agreement that are more than thirty (30) calendar days past due; or 7.6.2 to the extent consistent with applicable law, LEVEL 3 admits its inability to pay its debts as such debts become due, has commenced a voluntary case (or has had an involuntary case commenced against it) under the U.S. Bankruptcy Code or any other law relating to insolvency, reorganization, winding-up, composition or adjustment of debts or the like, has made an assignment for the benefit of creditors or is subject to a receivership or similar proceeding; or 7.6.3 the expiration or termination of this Agreement, should LEVEL 3 have undisputed unpaid charges that are due and remain open thirty (30) calendar days following the expiration or termination date.

SBC-12STATE may. but is not obligated to, draw on the Letter of Credit or the Cash Deposit, as applicable, upon the occurrence of any one of the following events: 7.6.1 LEVEL 3 CLEC owes SBC-12STATE undisputed charges under this Agreement that are more than thirty (30) calendar days past due; or 7.6.2 to the extent consistent with applicable law, LEVEL 3 CLEC admits its inability to pay its debts as such debts become due, has commenced a voluntary case (or has had an involuntary case commenced against it) under the U.S. Bankruptcy Code or any other law relating to insolvency, reorganization, winding-up, composition or adjustment of debts or the like, has made an assignment for the benefit of creditors or is subject to a receivership or similar proceeding; or 7.6.3 the expiration or termination of this Agreement, should LEVEL 3 CLEC have undisputed unpaid charges that are due and remain open thirty (30) calendar days following the expiration or termination date.