Common use of Voluntary Insolvency Clause in Contracts

Voluntary Insolvency. if any Loan Party shall: (i) apply for or consent to the appointment of a receiver, trustee or liquidator of itself or of all or a substantial part of its assets; (ii) be unable, or admit in writing its inability or failure, to pay its debts generally as they become due; (iii) make a general assignment for the benefit of creditors; (iv) commit an act of bankruptcy under the Bankruptcy and Insolvency Act (Canada); (v) commence any cause, proceeding or other action under any existing or future law relating to bankruptcy, insolvency, reorganization of its indebtedness or relief of debtors seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement or adjustment of its indebtedness, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts or an arrangement with creditors or taking advantage of any insolvency law or proceeding for the relief of debtors, or file an answer admitting the material allegations of a petition filed against it in any bankruptcy, reorganization of its indebtedness or insolvency proceeding; or (vi) take corporate action for the purpose of effecting any of the foregoing;

Voluntary Insolvency. if any Loan Party shall: (i) apply for or consent to the appointment of a receiver, trustee or liquidator of itself or of all or a substantial part portion of its assetsassets or undertaking; (ii) make or threaten to make a general assignment for the benefit of creditors, or be unable, or admit in writing its inability or failure, to pay its debts generally as they become due; (iii) make a general assignment for the benefit of creditors; (iv) commit an act of bankruptcy under the Bankruptcy and Insolvency Act (Canada); (v) commence any causecase, proceeding or other action under any existing or future law Applicable Law relating to bankruptcy, insolvency, reorganization of its indebtedness debts, winding-up or relief of debtors seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement or adjustment of its indebtednessdebts, winding winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts or an arrangement with creditors or taking advantage of any insolvency law or proceeding for the relief of debtors, or file an answer admitting the material allegations of a petition filed against it in any bankruptcy, reorganization of its indebtedness creditor arrangement or insolvency proceeding; or; (viiv) take corporate or partnership action for the purpose of effecting any of the foregoing; or (v) commit or threaten to commit an act which, if committed by a corporation, would constitute bankruptcy under the Bankruptcy and Insolvency Act (Canada) or Title 11 of the United States Code entitled Bankruptcy, as applicable, or in each case, any statute passed in substitution therefor, and each as amended from time to time;

Voluntary Insolvency. if any Loan Party shall: (i) apply for or consent to the appointment of a receiver, trustee or liquidator of itself or of all or a substantial part substantially all of its assetsassets or undertaking; (ii) make or threaten to make a general assignment for the benefit of creditors or make or threaten to make a bulk sale of its assets; or be unable, or admit in writing its inability or failure, to pay its debts generally as they become due; (iii) make a general assignment for the benefit of creditors; (iv) commit an act of bankruptcy under the Bankruptcy and Insolvency Act (Canada); (v) commence any causecase, proceeding or other action under any existing or future law relating to bankruptcy, insolvency, reorganization of its indebtedness or relief of debtors Debtor Relief Laws seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement or adjustment of its indebtednessarrangement, winding adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts or an arrangement with creditors or taking advantage of any insolvency law Debtor Relief Law or proceeding for the relief of debtors, or file an answer admitting the material allegations of a petition filed against it in any bankruptcy, reorganization of its indebtedness or insolvency proceeding; or; (viiv) take corporate or partnership action for the purpose of effecting any of the foregoing; or (v) commit or threaten to commit an act which, if committed by a corporation, would constitute bankruptcy under the Bankruptcy and Insolvency Act (Canada) or any statute passed in substitution therefor, as amended from time to time;

Voluntary Insolvency. if any Loan Party shall: (i) apply for or consent to the appointment of a receiver, trustee interim receiver, administrative receiver, receiver/manager, custodian, administrator, trustee, liquidator or liquidator of itself similar official is appointed over itself, or of all or a substantial part of its property, assets, undertakings or business; (ii) be unable, or admit in writing its inability or failure, to pay its debts generally as they become due; (iii) make a general assignment for the benefit of creditors; (iv) commit an act of bankruptcy under the Bankruptcy and Insolvency Act (Canada); (v) commence any cause, proceeding or other action in any jurisdiction under any existing or future law relating to bankruptcy, insolvency, reorganization of its indebtedness or relief of debtors (including a proceeding under the Canada Business Corporations Act or the Business Corporations Act (Alberta)) seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement or adjustment of its indebtedness, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts or an arrangement with creditors or taking advantage of any insolvency law or proceeding for the relief of debtors, or file an answer admitting the material allegations of a petition filed against it in any bankruptcy, reorganization of its indebtedness or insolvency proceeding; or (vi) take corporate action for the purpose of effecting any of the foregoing;

Voluntary Insolvency. if any Loan Party shall: (i) apply for or consent to the appointment of a receiver, trustee or liquidator of itself or of all or a substantial part substantially all of its assetsassets or undertaking; (ii) make or threaten to make a general assignment for the benefit of creditors or make or threaten to make a bulk sale of its assets; or be unable, or admit in writing its inability or failure, to pay its debts generally as they become due; (iii) make a general assignment for the benefit of creditors; (iv) commit an act of bankruptcy under the Bankruptcy and Insolvency Act (Canada); (v) commence any causecase, proceeding or other action under any existing or future law relating to bankruptcy, insolvency, reorganization of its indebtedness or relief of debtors Debtor Relief Laws seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement or adjustment of its indebtednessarrangement, winding adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts or an arrangement with creditors or taking advantage of any insolvency law Debtor Relief Law or proceeding for the relief of debtors, or file an answer admitting the material allegations of a petition filed against it in any bankruptcy, reorganization of its indebtedness or insolvency proceeding; or; (viiv) take corporate or partnership action for the purpose of effecting any of the foregoing; or 9617679.9 (v) commit or threaten to commit an act which, if committed by a corporation, would constitute bankruptcy under the Bankruptcy and Insolvency Act (Canada) or any statute passed in substitution therefor, as amended from time to time;