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Bankruptcy or Insolvency
Bankruptcy or Insolvency contract clause examples
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any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any Loan Party;

it seeks the protection of the Bankruptcy and Insolvency Act or any other similar law;

file a petition in bankruptcy or a petition to take advantage of any insolvency act,

For the purposes hereof, “Insolvency Statutes” means the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Assignments and Preferences Act (Ontario) and the Fraudulent Conveyances Act (Ontario).

Insolvency; Voluntary Proceedings. The Company or any of its Material Subsidiaries # generally fails to pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any, whether at stated maturity or otherwise; # voluntarily ceases to conduct its business in the ordinary course; # commences any Insolvency Proceeding with respect to itself; or # takes any action to effectuate or authorize any of the foregoing; or

Termination for Insolvency. Either Party may terminate this Agreement in its entirety immediately upon notice to the other Party if such other Party: # is dissolved or liquidated or takes any corporate action for such purpose; # becomes insolvent or is generally unable to pay, or fails to pay, its debts as they become due; # files or has filed against it a petition for voluntary or involuntary bankruptcy or otherwise becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law; # makes or seeks to make a general assignment for the benefit of creditors; or # applies for or has a receiver, trustee, custodian, or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion of its property or business.

Insolvency Proceedings, Etc. Any Loan Party or any Consolidated Entity institutes or consents to the institution of any proceeding against it under any Debtor Relief Law, or makes an 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 appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding; provided that this [Section 8.01(f)] shall not apply to Cousins/Meyers II, LLC; or

Termination for Insolvency. In the event that either Party (the “Insolvent Party”): # becomes insolvent, or institutes or has instituted against it a petition for bankruptcy or is adjudicated bankrupt; # executes a bill of sale, deed of trust, or a general assignment for the benefit of creditors; # is dissolved or transfers a substantial portion of its assets to a third party as part of any such insolvency proceeding or reorganization; or # a receiver is appointed for the benefit of its creditors, or a receiver is appointed on account of insolvency; then the Insolvent Party shall immediately notify the other Party of such event and such other Party shall be entitled to: # terminate this Agreement and/or any or all SOWs for cause immediately upon written notice to the Insolvent Party or # request that the Insolvent Party or its successor provide adequate assurances of continued and future performance in form and substance acceptable to such other Party, which shall be provided by the Insolvent Party within ten (10) calendar days of such request, and the other Party may terminate this Agreement and/or any or all SOWs for cause immediately upon written notice to the Insolvent Party in the event that the Insolvent Party fails to provide such assurances acceptable to the other Party within such ten (10) day period. Notwithstanding the foregoing, and for the avoidance of doubt, Provider shall have no right to terminate this Agreement in the event of a change of control of Company as a result of financing or merger and acquisition activity. As used in this Agreement, a change of control shall mean a transaction or series of transactions through or as a result of which the owners of the Company prior to such transaction or series of transactions own less than 50% of the voting interest of the Company or otherwise cease to hold sufficient voting interest to direct the management decisions of the Company.

commencement of any proceeding relating to the bankruptcy or insolvency of the Advisor if such proceedings are not dismissed within ninety (90) days, or entry of an order for relief in an involuntary bankruptcy case or the Advisor authorizing or filing a voluntary bankruptcy petition;

Voluntary Bankruptcy, etc. If an Insolvency Proceeding is commenced by a Loan Party or any of its Restricted Subsidiaries;

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