Involuntary Insolvency Event definition

Involuntary Insolvency Event means the occurrence of an involuntary case or proceeding commencing against DTAG or any Lessee seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official for it or any substantial part of its property.
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Involuntary Insolvency Event means Issuer or any Group Member, without consent of the board of directors of Issuer or such Group Member, as the case may be, (i) becomes the subject of any case, proceeding or other action under any bankruptcy, insolvency or similar law (A) seeking to have an order of relief entered with respect to it or seeking to adjudicate it a bankrupt or insolvent, or (B) seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts or (C) seeking the appointment of a receiver, trustee, custodian or other similar official for it or all or any substantial part of its assets and (ii) an order for relief entered or such proceeding shall not be dismissed or discharged within 30 days of commencement.
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Involuntary Insolvency Event shall have the meaning specified in the Purchase Agreement.
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Examples of Involuntary Insolvency Event in a sentence

  • If the foregoing correctly reflects the understanding between us, please so indicate by signing and returning the enclosed copy of this letter at your earliest convenience.

  • Notwithstanding the foregoing or any other provision of this Agreement to the contrary, PageNet shall not be required to convene a PageNet Stockholders Meeting after (x) the Bankruptcy Case has commenced or (y) PageNet stipulates to bankruptcy relief after the occurrence of an Involuntary Insolvency Event pursuant to Section 6.19(a)(v) hereof.

  • Each Participant acknowledges and agrees that in the event of, and during the continuance of, an Involuntary Insolvency Event or an Insolvency Event in respect of such Participant, it will not directly or indirectly: (A) claim or assert the right to take or receive any of the net sales proceeds retained by the Manager in accordance with the paragraph (iii) above; or (B) claim, assert or take a position that such funds retained by the Manager are not necessary for the benefit of the Venture.


More Definitions of Involuntary Insolvency Event

Involuntary Insolvency Event means, in respect of any person, any creditor or other party commencing and serving on such person any proceeding against such person: (a) for the appointment of a receiver, interim receiver, receiver/manager, trustee in bankruptcy, liquidator, custodian, sequestrator or similar person over any material part of such person’s property; (b) for its winding-up, restructuring, liquidation, dissolution or an assignment in bankruptcy; or (c) seeking its reorganization, rearrangement, restructuring, or protection from creditors or other similar relief under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada) or any similar Canadian law now or hereafter in effect or any applicable bankruptcy, insolvency or similar law of any other jurisdiction now or hereafter in effect, provided that an Involuntary Insolvency Event in respect of such person shall, for the purposes of this Agreement, be considered to have ceased and be no longer continuing if: (a) such proceeding has been discontinued or dismissed; or (b) the Court has granted substantially the relief sought in such proceeding but such relief has been set aside, reversed, made ineffective or otherwise discharged; or (c) (i) 120 days have elapsed since such proceeding was commenced and served, (ii) the Court overseeing such proceeding has not granted substantially the relief sought by the creditor or other party in such proceeding, and (iii) the person has actively and in good faith taken, and continues to take, reasonable steps to have such proceeding discontinued or dismissed.
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Involuntary Insolvency Event means any filing of an involuntary bankruptcy petition against PageNet or any of its Subsidiaries by any party, or the appointment under other applicable state or federal law of a liquidator or a trustee for PageNet or any of its Subsidiaries.
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Related to Involuntary Insolvency Event

  • 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.

  • Lender Insolvency Event means that (i) a Lender or its Parent Company is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or (ii) such Lender or its Parent Company is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its Parent Company, or such Lender or its Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment.

  • Bankruptcy Event means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

  • Involuntary Bankruptcy means, with respect to any Person, without the consent or acquiescence of such Person, the entering of an order for relief or approving a petition for relief or reorganization or any other petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or other similar relief under any present or future bankruptcy, insolvency or similar statute, law or regulation or the filing of any such petition against such Person which order or petition shall not be dismissed within 90 days or, without the consent or acquiescence of such Person, the entering of an order appointing a trustee, custodian, receiver or liquidator of such Person or of all or any substantial part of the property of such Person which order shall not be dismissed within 90 days.

  • Event of Insolvency means, for any Person:

  • Involuntary Termination means a termination of your employment with the Company pursuant to either (i) a termination initiated by the Company without Cause, or (ii) your resignation for Good Reason, and provided in either case such termination constitutes a Separation from Service. An Involuntary Termination does not include any other termination of your employment, including a termination due to your death or disability.

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.

  • Event of Bankruptcy shall be deemed to have occurred with respect to a Person if either:

  • Voluntary Bankruptcy has the meaning set forth in the definition of “Bankruptcy.”

  • Servicer Event of Termination One or more of the events described in Section 7.01.

  • Involuntary Termination Without Cause means Executive’s dismissal or discharge other than for Cause. The termination of Executive’s employment as a result of Executive’s death or disability will not be deemed to be an Involuntary Termination Without Cause.

  • Bankruptcy Event of Default means any Event of Default under Section 8.01(f) of the Credit Agreement.

  • Termination Upon a Change in Control means a termination of Officer’s employment with Corporation within 12 months following a “Change in Control” that constitutes a Termination Other Than For Cause described in Section 2.1(b).

  • Relief Event means any of the following events or circumstances if and to the extent it interferes adversely with, or causes a failure of, the carrying out of the Design, the Construction or the Services or causes an Unavailability Event:

  • Unmatured Termination Event means an event that, with the giving of notice or lapse of time, or both, would constitute a Termination Event.

  • ii) Event means any event described in Section 11(a)(ii) hereof.

  • Incipient Event of Termination means an event that but for notice or lapse of time or both would constitute an Event of Termination.

  • Bankruptcy Default has the meaning assigned to such term in Section 6.01.

  • Involuntary Withdrawal means, with respect to any Member, the occurrence of any of the following events:

  • Delinquency Event A Delinquency Event shall have occurred with respect to any Distribution Date if the Rolling Three Month Delinquency Rate as of the last day of the immediately preceding calendar month equals or exceeds 53.00% of the Senior Enhancement Percentage for such Distribution Date.

  • Swap Termination Event means any event defined as a “Swap Termination Event” in the Interest Rate Swap Agreement.

  • Terminating Event means any of the following events:

  • Event of Termination has the meaning specified in Section 7.01.

  • Company Termination Event has the meaning set forth in Section 10 hereof.

  • Flip-in Event means a transaction in or pursuant to which any Person becomes an Acquiring Person;

  • Master Servicer Event of Termination As defined in Section 7.01 hereof.