Supplier Insolvency definition

Supplier Insolvency means (i) the failure of Supplier to pay its debts to creditors when and as due (ii) under circumstances in which one or more of such creditors have refused to modify, amend, waive or delay the exercise of their rights to obtain strict compliance with such obligations and (iii) such failure and refusal could reasonably be expected to have a material adverse effect on the ability of Supplier to continue to operate its business without the protection of federal or state laws governing the rights of creditors. Supplier Insolvency is not a breach of this Agreement and shall not be a cause for termination thereof.
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Examples of Supplier Insolvency in a sentence

  • If a Supplier Insolvency Event occurs, CCS is entitled to suspend or terminate this Framework Agreement.

  • CCS may choose to suspend or terminate this Framework Agreement at its entire discretion: ● if a Supplier Insolvency Event occurs or ● if the Supplier has breached Clause 2.8 or ● if at least 3 MI Failures occur within a 6­month rolling period ● if the Supplier has tried to renegotiate any terms following award of a Call­Off Contract.

  • Any dispute regarding the occurrence of the Supplier Insolvency, an Insolvency Release and/or Splint's right to gain access to the Technology pursuant to this Section 20.6 shall be resolved by arbitration in accordance with Schedule 20.3.

  • However, if the Supplier Insolvency persists for more than 90 days following the Insolvency Release, then Sprint's right to use the Escrow Technology and Non-Escrow Technology under the license of Section 20.1 shall become perpetual.

  • Immediately upon the occurrence of a Supplier Insolvency, Supplier shall promptly give notice to Sprint that the Supplier Insolvency exists.

Related to Supplier Insolvency

  • Act of Insolvency means any Act of Insolvency as defined by the Presidency Towns Insolvency Act, or the Provincial Insolvency Act or any act amending such original.

  • EU Insolvency Regulation means Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast).

  • Unassigned medication for respiratory distress means albuterol, levalbuterol, or another medication designated by the executive commission of the Health and Human Services Commission for treatment of respiratory distress, prescribed by an authorized health-care provider in the name of the district with a non-patient-specific standing delegation order for the administration of a medication for respiratory distress, and issued by an authorized health-care provider.

  • Event of Insolvency means, for any Person:

  • Abortion-inducing drug means a drug, medicine, mixture, or preparation, when it is prescribed or administered with the intent to terminate the pregnancy of a woman known to be pregnant.