Common use of Voluntary Insolvency Clause in Contracts

Voluntary Insolvency. if any Obligor or Pledgor: (i) makes any assignment in bankruptcy or makes any other assignment for the benefit of creditors; (ii) makes any proposal under the Bankruptcy and Insolvency Act (Canada) or any comparable law, seeks relief under the Companies’ Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada), the United States Bankruptcy Code, or any other bankruptcy, insolvency or analogous law, or files a petition or proposal to take advantage of any act of insolvency; (iii) consents to or acquiesces in the appointment of a trustee in bankruptcy, receiver, receiver and manager, interim receiver, custodian, sequestrator or other person with similar powers of itself or of all or any portion of its Property which is, in the opinion of the Required Lenders, material; (iv) files a petition or otherwise commences any proceeding seeking any arrangement with creditors, composition, administration or readjustment under any applicable bankruptcy, insolvency, moratorium, reorganization or other similar law affecting creditors’ rights; or (v) consents to, or acquiesces in, the filing of such assignment, proposal, relief, petition, proposal, appointment or proceeding or takes any action to authorize or effect any of the foregoing;

Voluntary Insolvency. if any Obligor or Parent Pledgor: (i) makes any assignment in bankruptcy or makes any other assignment for the benefit of creditors; (ii) makes any proposal under the Bankruptcy and Insolvency Act (Canada) or any comparable law, seeks relief under the Companies’ Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada), the United States Bankruptcy Code, or any other bankruptcy, insolvency or analogous law, or files a petition or proposal to take advantage of any act of insolvency; (iii) consents to or acquiesces in the appointment of a trustee in bankruptcy, receiver, receiver and manager, interim receiver, custodian, sequestrator or other person with similar powers of itself or of all or any portion of its Property which is, in the opinion of the Required Majority Lenders, material; (iv) files a petition or otherwise commences any proceeding seeking any arrangement with creditors, composition, administration or readjustment under any applicable bankruptcy, insolvency, moratorium, reorganization or other similar law affecting creditors’ rightsrights (including the Canada Business Corporations Act); (v) commits or threatens to commit an act of bankruptcy under the Bankruptcy and Insolvency Act (Canada) or any statute passed in substitution therefor; (vi) becomes insolvent or is not able to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due; or (vvii) consents to, or acquiesces in, the filing of such assignment, proposal, relief, petition, proposal, appointment or proceeding or takes any action to authorize or effect any of the foregoing;

Voluntary Insolvency. if any Obligor or PledgorBorrower Group Obligor: (i) makes any assignment in bankruptcy or makes any other assignment for the benefit of creditors; (ii) makes any proposal under the Bankruptcy and Insolvency Act (Canada) or any comparable law, seeks relief under the Companies’ Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada), the United States Bankruptcy Code, ) or any other bankruptcy, insolvency or analogous law, or files a petition or proposal to take advantage of any act of insolvency; (iii) consents to or acquiesces in the appointment of a trustee in bankruptcy, receiver, receiver and manager, interim receiver, custodian, sequestrator or other person with similar powers of itself or of all or any portion of its Property assets which is, in the opinion of the Required Lenders, material; (iv) files a petition or otherwise commences any proceeding seeking any arrangement with creditorsreorganization, arrangement, composition, administration or readjustment under any applicable bankruptcy, insolvency, moratorium, reorganization or other similar law affecting creditors’ rightsrights or any applicable corporate law; (v) commits or threatens to commit an act of bankruptcy under the Bankruptcy and Insolvency Act (Canada) or any statute passed in substitution therefor; (vi) becomes insolvent or is not able to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due; or (vvii) consents to, or acquiesces in, the filing of such assignment, proposal, relief, petition, proposal, appointment or proceeding or takes any action to authorize or effect any of the foregoing;

Voluntary Insolvency. if any Obligor or PledgorBorrower Group Obligor: (i) makes any assignment in bankruptcy or makes any other assignment for the benefit of creditors; (ii) makes any proposal under the Bankruptcy and Insolvency Act (Canada) or any comparable law, seeks relief under the Companies’ Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada), the United States Bankruptcy Code, ) or any other bankruptcy, insolvency or analogous law, or files a petition or proposal to take advantage of any act of insolvency; (iii) consents to or acquiesces in the appointment of a trustee in bankruptcy, receiver, receiver and manager, interim receiver, custodian, sequestrator or other person with similar powers of itself or of all or any portion of its Property assets which is, in the opinion of the Required Lenders, material; (iv) files a petition or otherwise commences any proceeding seeking any arrangement with creditorsreorganization, arrangement, composition, administration or readjustment under any applicable bankruptcy, insolvency, moratorium, reorganization or other similar law affecting creditors’ rights; (v) commits or threatens to commit an act of bankruptcy under the Bankruptcy and Insolvency Act (Canada) or any statute passed in substitution therefor; (vi) becomes insolvent or is not able to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due; or (vvii) consents to, or acquiesces in, the filing of such assignment, proposal, relief, petition, proposal, appointment or proceeding or takes any action to authorize or effect any of the foregoing;

Voluntary Insolvency. if Companies or any Obligor or Pledgor: other Loan Party (i) makes any assignment in bankruptcy or makes any other assignment for the benefit of creditors; (ii) , makes any proposal under the Bankruptcy and Insolvency Act (Canada) or any comparable law, seeks relief under the Companies’ Creditors Arrangement Act (Canada), the Winding-Up Winding up and Restructuring Act (Canada), the United States Canada Business Corporations Act, the Business Corporations Act (Alberta) or equivalent provincial corporate statutes, the Bankruptcy Code, Code or any other bankruptcy, insolvency or analogous law, or files a petition or proposal to take advantage of any act of insolvency; (iii) , consents to or acquiesces in the appointment of a trustee in bankruptcy, receiver, receiver and manager, interim receiver, custodian, sequestrator sequestrator, liquidator or other person Person with similar powers of over itself or of over all or any substantial portion of its Property which isassets, in the opinion of the Required Lenders, material; (iv) or files a petition or otherwise commences any proceeding seeking any arrangement with creditorsreorganization, arrangement, composition, administration administration, compromise, restructuring or readjustment under any applicable bankruptcy, insolvency, moratorium, reorganization or other similar law affecting creditors’ rights; or (v) rights or consents to, or acquiesces in, the filing of such assignment, proposal, relief, petition, proposal, appointment or proceeding, (ii) institutes or has instituted against it any proceeding seeking liquidation, winding up, administration, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any applicable laws relating to bankruptcy, insolvency, reorganization or relief of debtors including any proceeding under applicable corporate law (including, for certainty, the Canada Business Corporations Act, the Business Corporations Act (Alberta) or equivalent provincial corporate statutes) seeking a compromise or arrangement of, or stay of proceedings to enforce, some or all of the debts of such Person or (iii) takes any corporate or partnership action to authorize or effect any of the foregoingabove actions;

Voluntary Insolvency. if any Obligor or PledgorBorrower Group Member: (i) makes any assignment in bankruptcy or makes any other assignment for the benefit of creditors; (ii) makes any proposal under the Bankruptcy and Insolvency Act (Canada) or any comparable law, seeks relief under the Companies’ Creditors Arrangement Act Xxxxxxxxxxx Xxx (CanadaXxxxxx), the Winding-Up and Restructuring Act (Canada), the United States Bankruptcy Code, or any other bankruptcy, insolvency or analogous law, or files a petition or proposal to take advantage of any act of insolvency; (iii) consents to or acquiesces in the appointment of a trustee in bankruptcy, receiver, receiver and manager, interim receiver, custodian, sequestrator or other person with similar powers of itself or of all or any portion of its Property which is, in the opinion of the Required Lenders, material; (iv) files a petition or otherwise commences any proceeding seeking any arrangement with creditors, composition, administration or readjustment under any applicable bankruptcy, insolvency, moratorium, reorganization or other similar law affecting creditors’ rights; or (v) consents to, or acquiesces in, the filing of such assignment, proposal, relief, petition, proposal, appointment or proceeding or takes any action to authorize or effect any of the foregoing;