Termination Insolvency. Dissolution, termination of existence, insolvency or business failure of Pledgor or the initiation of any bankruptcy proceeding by, or the appointment of a receiver or other legal representative for any part of the property of Pledgor, or assignment for the benefit of creditors by Pledgor.
Termination Insolvency. The builder may terminate this contract by giving the owner written notice by certified mail or personal service if the owner:
Termination Insolvency. The insolvency of either the Lessor or the Lessee shall not terminate this Lease. However, the trustee of the Lessee’s insolvent estate (or liquidator if the Lessee is a company) shall, subject to the rights of Leasehold Mortgagees pursuant to clause 26) above, have the option to terminate this Lease by notice in writing to the Lessor. If the trustee, alternatively, liquidator, does not within three months of his appointment as trustee/liquidator notify the Lessor that he desires to terminate the Lease on behalf of the insolvent Xxxxxx, he shall be deemed to have elected to continue with the Lease.
Termination Insolvency. If either party shall: admit in writing its inability to pay its debts generally as they become due or generally fail or cease to pay its debts generally as they mature or become due; or cease or threaten to cease to carry on its business or commit or threaten to commit any act of bankruptcy; or make or agree to make an assignment, disposition or conveyance, whether by sale or otherwise, of all of its assets (or a substantial portion thereof) in bulk; or have or suffer a judgement order, decree, execution, writ, warrant, sequestration, extent or any similar process, made, issued, entered and/or enforceable against, or a distress, execution or analogous process levied or enforceable upon all or any substantial part of its property or assets which is not removed stayed, set aside, denied, vacated, or released within thirty (30) days after the issuance, entry, levy thereof or after any stay is removed, vacated, denied, or set aside; or consent to or suffer the appointment of a trustee, trustee in bankruptcy, liquidator, receiver and manager, custodian, curator, sequester or other official with similar powers in respect to all or any substantial part of its property or assets, which appointment is not stayed, removed, set aside, denied, vacated, or released within thirty (30) days after the date thereof or after any stay is removed, vacated, denied or set aside; or have any proceeding instituted or commenced against it to adjudicate it as bankrupt or insolvent, or to petition it into bankruptcy, or to seek liquidation, winding up, reorganization or arrangement, relief from or composition of its debts, under any applicable legislation now or in the future, including without limitation under the Companies' Creditors Arrangement Act (Canada) , Bankruptcy and Insolvency Act (Canada) or the Winding-Up Act (Canada) or any other bankruptcy, insolvency, or analogous laws; or take any action in respect to its dissolution, winding-up or liquidation, or institute any proceedings to be adjudicated a bankrupt or insolvent, or consent to, approve or authorize the institution of bankruptcy or insolvency proceedings against it, or file any petition or proposal to take advantage of any act of insolvency, or take any action, make any proposal or file or present any petition (or consent to the filing or presentment of any such petition), answer or consent seeking liquidation, winding-up, reorganization, arrangement or relief from or composition of its debts under any applicable ...
Termination Insolvency. Either party shall have the right to immediately terminate this Agreement in the event that the other party becomes insolvent, has voluntary or involuntary bankruptcy proceedings filed by or against it, or makes an assignment for the benefit of creditors.
Termination Insolvency. If either party shall:
(i) admit in writing its inability to pay its debts generally as they become due or generally fail or cease to pay its debts generally as they mature or become due; or
(ii) cease or threaten to cease to carry on its business or commit or threaten to commit any act of bankruptcy; or
(iii) make or agree to make an assignment, disposition or conveyance, whether by sale or otherwise, of all of its assets (or a substantial portion thereof) in bulk; or
(iv) have or suffer a judgement order, decree, execution, writ, warrant, sequestration, extent or any similar process, made, issued, entered and/or enforceable against, or a distress, execution or analogous process levied or enforceable upon all or any substantial part of its property or assets which is not removed stayed, set aside, denied, vacated, or released within thirty (30) days after the issuance, entry, levy thereof or after any stay is removed, vacated, denied, or set aside; or
Termination Insolvency. If either party shall:
(i) admit in writing its inability to pay its debts generally as they become due or generally fail or cease to pay its debts generally as they mature or become due; or
(ii) cease or threaten to cease to carry on its business or commit or threaten to commit any act of bankruptcy; or
Termination Insolvency. This Agreement may also be terminated by Village in the event the Contractor becomes insolvent or is the subject of a voluntary or involuntary bankruptcy proceeding.
Termination Insolvency. A. Either party may terminate this Agreement, without liability to the other party, if the defaulting party: (1) repudiates or breaches any of the material terms of this Agreement; or (2) fails to make progress so as to endanger timely and proper completion of its obligations; and does not correct such failure or breach within ten (10) days, or such shorter period if commercially reasonable, after receipt of written notice from the non-defaulting party specifying such failure or breach.
B. Either party may terminate this Agreement immediately, without liability to the other party, upon the happening of any of the following or any other comparable event: (1) insolvency of the other party; (2) filing of any petition by or against the other party under any bankruptcy, reorganization or receivership law; (3) execution of an assignment for the benefit of the other party's creditors; or (4) appointment of any trustee or receiver of the other party's business or assets or any part thereof; unless such petition, assignment or appointment be withdrawn or nullified within fifteen (15) days of such event.
C. In the event this Agreement is terminated, each party shall cease using the other party's Marks and materials, and PROMOTER shall immediately return those funds, if any, paid to it by COMPANY for obligations which have not yet been performed and costs that have not been incurred by PROMOTER.
D. The foregoing remedies are in addition to, and not in lieu of, any other rights or remedies that a party may have at law or in equity; provided however, that in no event will either party be liable to the other for incidental, consequential or punitive damages arising out of a breach of this Agreement.
Termination Insolvency. Either Party may terminate this Agreement on written notice to the other Party if the other Party (i) permanently ceases conducting business in the normal course, or (ii) initiates or becomes the subject of any bankruptcy or insolvency proceedings which, if initiated involuntarily, are not dismissed within sixty (60) days thereafter, unless such Party has also requested the opening of debtor-in-possession proceedings (Eigenverwaltung); provided however in the event of termination under this Section 7.4, SMD’s obligations hereunder in consideration for the grant of license and releases by Novaled to SMD under Article 2 hereunder shall be deemed to have been fully performed (vollständig erfüllt) and such grant of license and releases shall therefore not be deemed executory.
