Insolvency Situation definition

Insolvency Situation means a party:
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Insolvency Situation has the meaning set out in Section 5.01(9).
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Insolvency Situation means (i) a Party passing a resolution for its liquidation, dissolution or winding up or suffering a winding-up order being made against it or going into administration; (ii) a receiver or administrative receiver is appointed or an encumbrance takes possession of the undertaking or assets (or any substantial part thereof) of a Party; and/or
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Examples of Insolvency Situation in a sentence

  • Cisco has the right to terminate if: (1) an Insolvency Situation occurs in respect of Inmarsat; (2) fees due hereunder are not paid when due and payment has not been received within thirty (30) days after written notice from Cisco of such past due payment; or (3) Inmarsat commits a material breach of any of its other material obligations and (if such breach is remediable) fails to remedy that breach within a period of thirty (30) days after receipt of notice in writing requiring it to do so.

  • Most existing commercial buildings cover nearly 100 percent of their lot area.

  • The Buyer acknowledges and accepts that where the Buyer suffers an Insolvency Situation, the Seller reserves the right to cancel any discounts of the Price previously offered to the Buyer, whether such discount is set out in the Order or elsewhere.

  • A Participant who is in Insolvency Situation does not qualify for Entitlement.Within the registration process, the Auction Administrators check if the Participant has signed the agreement(s) as specified above.

  • On July 12, 2004, CREW, a nonprofit 501(c)(3) corpo- ration, asked the FEC to provide it with a investigative report prepared by counsel for Westar Energy Com- pany (Westar) regarding possible campaign finance violations by the company.


More Definitions of Insolvency Situation

Insolvency Situation means: (i) one or several of the Target Companies listed on Exhibit 1 (the Material Group Companies) institutes or consents to the institution of any proceeding against itself or all or any material part of its property under any Debtor Relief Law, or makes a general assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is so appointed without the application or consent of such entity and the appointment continues undischarged or unstayed for thirty (30) calendar days or by the Longstop Date if earlier; or any proceeding under any Debtor Relief Law relating to any such entity or to all or any material part of its property is instituted without the consent of such entity and continues undismissed or unstayed for thirty (30) calendar days or by the Longstop Date, if earlier; or (ii)(a) one or several of the Material Group Companies becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (b) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such entity and is not released or vacated or fully bonded within thirty (30) days after its issue or levy or by the Longstop Date, if earlier, provided that, in any case, any such matter arising in the period thirty (30) calendar days prior to the Closing Date (x) where such matter is subject to the thirty (30) calendar day period set out in clauses (i) and (ii) above and the liabilities relating to such matter do not exceed EUR 5 million (in words: Euro five million), such matter shall not constitute an Insolvency Situation; and (y) where the matter is subject to the thirty (30) calendar day period set out in clauses (i) and (ii) above and the liabilities relating to such matter exceed EUR 5 million (in words: Euro five million), such matter shall not constitute an Insolvency Situation provided that the Seller provides a guarantee in favour of the Company in the full amount of any and all liabilities (actual or contingent) related to such matter Intellectual Property Rights or IPR as defined in clause 11.1(h)(i) IP Licenses as defined in clause 11.1(h)(ii) IT Assets as defined in clause 11.1(h)(iv) Key Em...
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Related to Insolvency Situation

  • Insolvency with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA.

  • Insolvency Proceedings means bankruptcy, liquidation or other collective judicial or administrative proceedings, including interim proceedings, in which the assets and affairs of the debtor are subject to control or supervision by a court for the purposes of reorganisation or liquidation;

  • Insolvency Event means, with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

  • Insolvency Act means the Insolvency Xxx 0000;

  • Insolvency Proceeding means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

  • Insolvency Laws The Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

  • Bankruptcy means, with respect to any Person, if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or (vii) if 120 days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if within 90 days after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, the appointment is not vacated. The foregoing definition of “Bankruptcy” is intended to replace and shall supersede and replace the definition of “Bankruptcy” set forth in Sections 18-101(1) and 18-304 of the Act.

  • Insolvent pertaining to a condition of Insolvency.

  • Insolvency or Liquidation Proceeding means, with respect to any Person, any liquidation, dissolution or winding up of such Person, or any bankruptcy, reorganization, insolvency, receivership or similar proceeding with respect to such Person, whether voluntary or involuntary.

  • Insolvency Officer means any trustee, receiver, receiver and manager, liquidator, sequestrator, administrator or other custodian in connection with the insolvency of Project Co or any of its assets;

  • Insolvency Filing means that a Share Issuer institutes, or has instituted against it by a court, regulator, supervisor, or any similar official with primary insolvency, rehabilitative, or regulatory jurisdiction over it in the jurisdiction of its incorporation or organization or the jurisdiction of its head or home office, or it consents to a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor, or similar official or it consents to such a petition, provided that proceedings instituted or petitions presented by creditors and not consented to by the Share Issuer shall not be deemed an Insolvency Filing.

  • Insolvent insurer means a member insurer which, after the effective date of this chapter, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency.

  • Receivership means a proceeding in which a receiver is appointed.

  • Bankruptcy Proceeding means any bankruptcy, reorganization, insolvency, composition, restructuring, dissolution, liquidation, receivership, assignment for the benefit of creditors, or custodianship action or proceeding under any federal or state law with respect to Borrower, any guarantor of any of the Senior Indebtedness, any of their respective properties, or any of their respective partners, members, officers, directors, or shareholders.

  • Solvency II means the Solvency II Directive and any additional measures adopted to give effect to the Solvency II Directive (for the avoidance of doubt, whether implemented by way of a regulation (including, without limitation, the Level 2 Regulations), a directive, application of relevant EIOPA guidelines or otherwise);

  • Potential Repudiation/Moratorium means the occurrence of an event described in paragraph (a) of the definition of Repudiation/Moratorium.