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

  • In Simulacra and Simulation, sociologist and cultural theologian Jean Baudrillard argues that developments of the late twentieth century—the rise of multinational capitalism, the increasing penetration of media to many people’s everyday lives, the realisation of computer and genetic technologies, intensifying globalisation and urbanisation, etc.—have contributed to the indistinguishability of non-reality from reality.

  • 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.

  • Service Resolution Planning Information(3) Insolvency continuity plan for the particular servicesA service continuity plan available for use in the event of Supplier Insolvency.

  • Our cover shall not apply to First Advance Payment incurred after:- you have or should have notified us an Adverse Information on your Supplier,- our Cancellation of the Credit Limit on the Supplier,- Insolvency of the Supplier.

  • If you need to make a claim under Supplier Insolvency and Disruption Cover, Section B15, please email the Affirma claims department: claims@ affirmainsurance.com or contact them on 0203 540 4422.

  • Section XXXII - Overseas Travel Service Supplier Insolvency This benefit shall pay or reimburse the below stated expenses incurred by the insured in case of pre booked tour by paying an advance with an Overseas Travel Service Provider located at the intended destination(s), provided an Overseas Travel Service Provider turns insolvent and the insured/insured person does not get intended service.

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

  • Contracting Authorities should also maintain internal contingency plans for each of their Critical Service Contracts (and, where appropriate, for non-critical service contracts with Public Sector Dependent Suppliers) covering risks arising from Supplier Insolvency.

  • If you need to make a claim under Supplier Insolvency and Disruption Cover, Section B15, please email the Affirma claims department: claims@affirmainsurance.

  • Contracting Authorities should consult Cabinet Office Markets & Suppliers Team and weigh the possible benefits and costs of requiring the use of a ring-fenced subsidiary against the criticality and interruptibility of the services being procured and the perceived risk of Supplier Insolvency before proceeding.

Related to Supplier Insolvency

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

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

  • Financial Insolvency means, with respect to any Named Entity covered under any Coverage Part designated as “included” in the Declarations attached hereto:

  • Event of Insolvency means, for any Person:

  • Applicable Insolvency Laws means all Applicable Laws governing bankruptcy, reorganization, arrangement, adjustment of debts, relief of debtors, dissolution, insolvency, fraudulent transfers or conveyances or other similar laws (including, without limitation, 11 U.S.C. Sections 544, 547, 548 and 550 and other “avoidance” provisions of Title 11 of the United States Code, as amended or supplemented).

  • Autism spectrum disorder means a neuro-developmental condition typically appearing in the first three years of life that significantly affects a person's ability to communicate, understand relationships and relate to others, and is frequently associated with unusual or stereotypical rituals or behaviours.

  • In-Transit Inventory means Inventory of a Borrower which is in the possession of a common carrier and is in transit from a Foreign Vendor of a Borrower from a location outside of the continental United States to a location of a Borrower that is within the continental United States.

  • Excess Bankruptcy Loss Any Bankruptcy Loss, or portion thereof, which exceeds the then applicable Bankruptcy Amount.

  • United States Bankruptcy Code means the Bankruptcy Reform Act of 1978, as amended and as codified in Title 11 of the United States Code, as amended from time to time hereafter, or any successor federal bankruptcy law.

  • 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.

  • U.S. Bankruptcy Code means Title 11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors.

  • Insolvency Act means the Insolvency Xxx 0000;

  • Bankruptcy Proceeding means any case, action or proceeding before any court or other Governmental Authority relating to any Bankruptcy Event.

  • Chapter 11 means Chapter 11 of the Bankruptcy Code.

  • Bankruptcy Proceedings has the meaning set forth in clause (b) of paragraph 9 hereof.

  • consumer dispute means a dispute where the person against whom a complaint has been made, denies or disputes the allegations contained in the complaint;

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

  • Bankruptcy Custodian means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

  • 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.

  • Bankruptcy Act means the Bankruptcy Act or Title 11 of the United States Code.

  • Rejected Executory Contract and Unexpired Lease List means the list, as determined by the Debtors or the Reorganized Debtors, as applicable, of Executory Contracts and Unexpired Leases that will be rejected by the Reorganized Debtors pursuant to the Plan, which list shall be included in the Plan Supplement.