Insolvency Events definition

Insolvency Events has the meaning set forth in Section 3.

Insolvency Events means liquidation, administration, receivership, application for creditor protection, suspension of payments, or other similar insolvency process or proceedings;

Insolvency Events means (in relation to an individual) the Party has deceased, becomes bankrupt or insane, commits an act of bankruptcy; or an action to place the Party in bankruptcy was commenced against the Party; and (in relation to a corporate entity) the Party is unable to pay its debts as and when they are due; an action is commenced to place the Party in insolvency, judicial management, receivership, administrative management, or any similar or other proceedings; any claim, action or proceeding of any nature is commenced against the Party or steps are taken by any person to enforce any security against the Party; or the Party makes any compromise or arrangement with its creditors;

Examples of Insolvency Events in a sentence

• Each Transaction Document to which the Servicer is a party constitutes a legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its respective terms, except as such enforceability may be limited by Insolvency Events and general principles of equity (whether considered in a suit at law or in equity).

• With respect to any Person and any date, indebtedness of such Person as of such date for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, Insolvency Events, non-approved transfers or other events) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness.

• In addition, either Verizon Signatory or Customer Signatory may terminate the Agreement immediately by written notice where, after expiry of all Service Commitments and/or Volume Commitment Periods, no Services have been provided under the Agreement for a continuous period exceeding three months, or (to the extent permitted by applicable law) if the other Party to the Agreement has experienced any of the Insolvency Events.

• Each Transaction Document to which the Collateral Manager is a party constitutes a legal, valid and binding obligation of the Collateral Manager enforceable against the Collateral Manager in accordance with its respective terms, except as such enforceability may be limited by Insolvency Events and general principles of equity (whether considered in a suit at law or in equity).

• Further provisions on when an insolvency practitioner must notify the Board in relation to an insolvent partnership are set out in the Pension Protection Fund (Insolvent Partnerships) (Amendment of Insolvency Events) Order 2005.

More Definitions of Insolvency Events

Insolvency Events shall have the meaning set forth in Section 15.1 hereof.

Insolvency Events means in relation to any party: 5.17.10.1 A receiver, receiver and manager, trustee, administrator, other controller (as defined in the Corporations Law) or similar official being appointed over any of the assets or undertaking of a party; 5.17.10.2 The party suspending payment of its debts generally; 5.17.10.3 The party is or becomes unable to pay its debts when they are due or is or becomes unable to pay its debts or is presumed to be insolvent within the meaning of the Corporations Law; 5.17.10.4 The party enters into or resolves to enter into any arrangement, composition or compromise with or assignment for the benefit of its creditors, or any class of them; 5.17.10.5 The party ceases to carry on business or threatens to cease to carry on business; 5.17.10.6 A resolution is passed or any steps are taken to appoint or to pass a resolution to appoint an administrator; 5.17.10.7 An application or order is made for the winding up or dissolution of the other party or a resolution is passed or any steps are taken to pass a resolution for the winding up or dissolution of the other party otherwise than for the purpose of reconstructing or amalgamating while solvent on terms approved by the Council.

Insolvency Events means, with respect to a person, (i) the institution by or against such person of insolvency, receivership or bankruptcy proceedings or any other proceedings for the settlement of such person’s debts, (ii) upon such person making an assignment for the benefit of creditors, or (iii) upon such person’s dissolution or ceasing to do business.

Insolvency Events has the meaning set forth in Section 3 herein.

Insolvency Events has the meaning given to it in Clause 7.1 (Insolvency Events).

Insolvency Events means any one or more of the following events:

Insolvency Events has the meaning set forth in Section 3 hereto. “Lenders” has the meaning set forth in the recitals hereto.