Inability to pay debts definition

Inability to pay debts. A member of the Borrower's Restricted Group: (i) is unable to pay its debts as they fall due within the meaning of section 123(1) of the Insolvency Xxx 0000 unless, in the case of section 123(1)(a) only, a statutory notice has been withdrawn, stayed or dismissed within 21 days; (ii) admits its inability to pay its debts as and when they fall due or seeks a composition or arrangement with its creditors or any class of them; or (iii) suspends payments of its debts as they fall due, or the value of the assets of a member of the Borrower's Restricted Group is less than the amount of its liabilities, taking into account its contingent and prospective liabilities at their valued amounts, calculated in accordance with Generally Accepted Accounting Principles.
Sample 1
Inability to pay debts. Any of the following is true: (i) Any Obligor is unable to pay its debts as they fall due. (ii) The value of its assets is less than the amount of its liabilities (taking into account its contingent and prospective liabilities). (iii) Any Obligor admits its inability to pay its debts as and when they fall due or seeks a composition or arrangement with its creditors or any class of them.
Sample 1
Inability to pay debts. Any of the following is true: (i) Any Obligor or any Material Subsidiary is unable to pay its debts as they fall due. (ii) The value of its assets is less than the amount of its liabilities (taking into account its contingent and prospective liabilities) to the extent that this gives a creditor of such Obligor or Material Subsidiary the rights under the jurisdiction of the Obligor or Material Subsidiary to commence proceedings under bankruptcy, insolvency or similar laws. (iii) Any Obligor or any Material Subsidiary admits its inability to pay its debts as and when they fall due or seeks a composition or arrangement with its creditors generally or any class of them. For the purpose of this paragraph and of the definition of "Material Subsidiary" as it is used in this paragraph, Media Planning and its Subsidiaries will be treated as Subsidiaries of the Parent. This paragraph (H) will not apply to any Obligor or Material Subsidiary incorporated in any State of the United States of America.
Sample 1

Examples of Inability to pay debts in a sentence

  • Inability to pay debts is an independent cause of action and must be predicated on the material brought on record which would show that the company is commercially insolvent and its future financial viability is in serious doubt.

  • The Title IIIB legal providers identified the following emerging issues within the older Iowan population where assistance is needed: Financial abuse by family and friends of frail elderly, Self-neglect, At-risk elderly, Consumer debt, Inability to pay debts, Creditors, Collections, Bankruptcy, Advance directives, Miller trusts, Medicaid eligibility, Guardianships, Probate, Real estate, Income taxes, Pensions, and Disputes with neighbors.

  • Any event occurs or proceeding is taken with respect to any Group Company in any jurisdiction to which it is subject which has an effect equivalent or similar to any of the events mentioned in Clause 15.1.7 (Inability to pay debts), 15.1.8 (Insolvency proceedings) or 15.1.9 (Adjudication or appointment).

  • The Design-Builder shall submit plans showing the limits of land which will be used by the Design-Builder for the performance of the Project Work to the Department’s Project Manager 30 days before start of construction.

  • Inability to pay debts is presumed in the case of a transaction at an undervalue in favour of a connected party.There are time limits on the availability of these remedies.

  • Inability to pay debts is, at most, merely evidence of insolvency.

  • The circumstances under which the company may be wound up includes:  Inability to pay debts, or It appears to the courts that it is just and equitable that the company should be wound up.

  • Inability to pay debts can mean either cashflow or balance sheet insolvency.

  • Inability to pay debts is presumed with a transac- tion at an undervalue between the counterparty and a connected party.

Related to Inability to pay debts

  • Incapacity means, with respect to any Person, the bankruptcy, dissolution, termination, entry of an order of incompetence, or the insanity, permanent disability or death of such Person.

  • Incapacitation means the state of being unable to physically or mentally make informed rational judgments and effectively communicate, and may include unconsciousness, sleep, or blackouts, and may result from the use of alcohol or other drugs. Where alcohol or other drugs are involved, evaluation of incapacitation requires an assessment of how the consumption of alcohol or drugs affects a person’s decision-making ability; awareness of consequences; ability to make informed, rational judgments; capacity to appreciate the nature and quality of the act; or level of consciousness. The assessment is based on objectively and reasonably apparent indications of incapacitation when viewed from the perspective of a sober, reasonable person.

  • Illness means a sickness or a disease or pathological condition leading to the impairment of normal physiological function which manifests itself during the Policy Period and requires medical treatment.

  • Permanently Disabled means a person who meets the definition in Iowa Code section 483A.4.

  • Insolvent pertaining to a condition of Insolvency.

  • Medically incapacitated means a person who is incapacitated as a result of prescribed sedatives, anesthesia, or other medication.

  • Complete Disability as used herein shall mean the inability of Employee, due to illness, accident, or other physical or mental incapacity, to perform the services required under the Agreement for an aggregate of ninety (90) days within any period of 180 consecutive days during the term hereof; provided, however, that disability shall not constitute a basis for discharge for cause;

  • Totally and Permanently Disabled means a person as defined in 42 U.S.C. section 416.

  • Mental, Nervous or Psychological Disorder means a mental or nervous health condition including, but not limited to: anxiety, depression, neurosis, phobia, psychosis; or any related physical manifestation.

  • Material Duties means the duties generally required by employers in the national economy of those engaged in a particular occupation that cannot be reasonably modified or omitted. In no event will working an average of more than 40 hours per week be considered a Material Duty.

  • Material Financial Obligations means a principal or face amount of Debt (other than (i) the Loans and (ii) Non-recourse Debt) and/or payment or collateralization obligations in respect of Derivatives Obligations of the Borrower and/or one or more of its Subsidiaries, arising in one or more related or unrelated transactions, exceeding in the aggregate $150,000,000.

  • Service disabled veteran business means a business that is at least 51 percent owned by one or more service disabled veterans or, in the case of a corporation, partnership, or limited liability company or other entity, at least 51 percent of the equity ownership interest in the corporation, partnership, or limited liability company or other entity is owned by one or more individuals who are service disabled veterans and both the management and daily business operations are controlled by one or more individuals who are service disabled veterans.

  • Telepsychology means the provision of psychological services using telecommunication technologies.

  • Incapacitated means, (i) as to any individual who is a Partner, death, total physical disability or entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her Person or estate, (ii) as to any corporation which is a Partner, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter, (iii) as to any partnership or limited liability company which is a Partner, the dissolution and commencement of winding up of the partnership or limited liability company, (iv) as to any estate which is a Partner, the distribution by the fiduciary of the estate’s entire interest in the Partnership, (v) as to any trustee of a trust which is a Partner, the termination of the trust (but not the substitution of a new trustee) or (vi) as to any Partner, the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner commences a voluntary proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers a general assignment for the benefit of the Partner’s creditors, (d) the Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature described in clause (b) above, (e) the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or any substantial part of the Partner’s properties, (f) any proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement thereof, (g) the appointment without the Partner’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within ninety (90) days of such appointment or (h) an appointment referred to in clause (g) is not vacated within ninety (90) days after the expiration of any such stay.

  • Mentally incapacitated means that a person is rendered temporarily incapable of appraising or controlling his or her conduct whether this condition is produced by illness, defect, the influence of a substance or from some other cause. S.C. Code Ann. § 16-3-651(f).

  • Total and Permanent Disability means that the Optionee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted, or can be expected to last, for a continuous period of not less than one year.

  • Severe Intellectual Disability means a level of functioning severely below age expectations whereby in a consistent basis the student is incapable of giving evidence of understanding and responding in a positive manner to simple directions expressed in the child's primary mode of communication and cannot in some manner express basic wants and needs.

  • Mental abnormality means a congenital or acquired condition affecting the emotional or volitional capacity which predisposes the person to the commission of criminal sexual acts in a degree constituting such person a menace to the health and safety of others.

  • Mentally disabled means that a person suffers from a mental disease or defect which renders him or her incapable of appraising the nature of his or her conduct.

  • Practice of psychology means the observation, description, evaluation, interpretation, or modification of human behavior by the application of psychological principles, methods, and procedures for the purpose of preventing or eliminating symptomatic, maladaptive, or undesired behavior and enhancing interpersonal relationships, work and life adjustment, personal effectiveness, behavioral health, and mental health. The term includes psychological testing and the evaluation or assessment of personal characteristics, such as intelligence, personality, abilities, interests, aptitudes, and neuropsychological functioning; counseling, psychotherapy, biofeedback, behavior analysis and therapy, clinical applications of hypnosis, and other therapeutic techniques based on psychological principles; diagnosis and treatment of mental and emotional disorder or disability, compulsive disorders, disorders of habit or conduct as well as of the psychological aspects of physical illness, accident, injury, or disability; and psychoeducational evaluation, therapy, remediation, and consultation. The term includes providing psychological services to individuals, families, groups, organizations, institutions, and the public regardless of whether payment is received for services rendered. The term includes supervising others who are engaged in the practice of psychology.

  • Material Obligation means an obligation of the Recipient that is material to this transaction.

  • Home occupation means an occupation permitted in a dwelling unit and which:

  • Force Majeure means an event beyond the control of the supplier and not involving the supplier’s fault or negligence and not foreseeable. Such events may include, but is not restricted to, acts of the purchaser in its sovereign capacity, wars or revolutions, fires, floods, epidemics, quarantine restrictions and freight embargoes.

  • Developmentally disabled person means a person who has a disability defined in RCW 71A.10.020. RCW 26.44.020

  • Qualified disability expenses means that term as defined in section 529A of the internal revenue code.

  • Permanently and totally disabled means the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or has lasted or can be expected to last for a continuous period of not less than twelve months as established by a certificate from a licensed physician.