Voluntary Bankruptcy or Insolvency Proceedings definition

Voluntary Bankruptcy or Insolvency Proceedings occur where the Company (i) applies for or consents to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) admits in writing its inability to pay its debts generally as they mature, (iii) makes a general assignment for the benefit of its or any of its creditors, (iv) is dissolved or liquidated, (v) commences a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vi) takes any action for the purpose of effecting any of the foregoing; (b) “Involuntary Bankruptcy or Insolvency Proceedings” occur where proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company, or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or any of its “significant subsidiaries,” if any, or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and such involuntary case or other proceeding shall remain undismissed, unstayed or not fully bonded for a period of sixty (60) consecutive days.
Sample 1

Related to Voluntary Bankruptcy or Insolvency Proceedings

  • Fraudulent practice means a misrepresentation of facts in order to influence a procurement process or the execution of a contract to the detriment of the Procuring Entity, and includes collusive practices among Bidders (prior to or after bid submission) designed to establish bid prices at artificial, non-competitive levels and to deprive the Procuring Entity of the benefits of free and open competition.

  • Affiliate of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

  • Corrupt practice means the offering, giving, receiving, or soliciting of anything of value to influence the action of a public official in the procurement process or in contract execution.

  • Subsidiary means an entity in which more than 50 percent of the entity is owned—

  • Effective Date has the meaning set forth in the preamble.

  • Person means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

  • Force Majeure means an event beyond the control of the supplier and not involving the supplier’s fault or negligence and not foreseeable. Such events may include, but is not restricted to, acts of the purchaser in its sovereign capacity, wars or revolutions, fires, floods, epidemics, quarantine restrictions and freight embargoes.

  • Director means a member of the Board.

  • Confidential Information has the meaning set forth in Section 6.1.

  • Code means the Internal Revenue Code of 1986, as amended.

  • Department means the department of health.

  • Party or “Parties” has the meaning set forth in the Preamble.

  • Exchange Act means the Securities Exchange Act of 1934, as amended.

  • Contract means the written agreement entered into between the purchaser and the supplier, as recorded in the contract form signed by the parties, including all attachments and appendices thereto and all documents incorporated by reference therein.

  • Agreement has the meaning set forth in the preamble.

  • Commission means the Securities and Exchange Commission.

  • Day means calendar day.

  • Employee means an employee of the Contractor directly engaged in the performance of work under the contract who has other than a minimal impact or involvement in contract performance.

  • Act means the Securities Act of 1933, as amended.

  • Project means the goods or Services described in the Signature Document or a Work Order of this Contract.

  • rand value means the total estimated value of a contract in Rand, calculated at the time of bid invitation, and includes all applicable taxes;

  • Business Day means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

  • Goods means all of the equipment, machinery, and/or other materials that the supplier is required to supply to the purchaser under the contract.

  • Parties has the meaning set forth in the Preamble.

  • Board means the Board of Directors of the Company.

  • Contractor means the individual or entity, that has entered into this contract with the Commonwealth.