Example ContractsClausesInsolvency
Insolvency
Insolvency contract clause examples

Insolvency. The commencement of an Insolvency Proceeding by or against any Borrower or Guarantor or their assets and, if instituted against the Borrower or any Guarantor, are consented to or are not dismissed within 60 days after such commencement, or an order for relief is entered in an such Insolvency Proceeding, or the making by any Borrower or any Guarantor of any offer of settlement, extension or composition to its unsecured creditors generally;

Insolvency. (a) A Co-Borrower or any of its Subsidiaries is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent; # a Co-Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or # an Insolvency Proceeding is begun against a Co-Borrower or any of its Subsidiaries and is not dismissed or stayed within forty-five (45) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed);

Insolvency. Insolvency of any of the Healthtech Parties, or assignment for the benefit of creditors by Borrower, or commencement of a voluntary or involuntary case in bankruptcy, receivership or insolvency by or against the Healthtech Parties; or

Insolvency. Maker makes an assignment for the benefit of any one or more of its creditors; or

Insolvency. Should Guarantor become insolvent, or fail to pay Guarantor’s debts generally as they become due, or voluntarily seek, consent to, or acquiesce in the benefit or benefits of any Debtor Relief Law, or become a party to (or be made the subject of) any proceeding provided for by any Debtor Relief Law (other than as a creditor or claimant) that could reasonably be expected to suspend or otherwise adversely affect the rights and remedies of [[Organization C:Organization]] granted hereunder, then, in any such event, the Guaranteed Obligations shall be, as between Guarantor and [[Organization C:Organization]], a fully matured, due, and payable obligation of Guarantor to [[Organization C:Organization]] (without regard to whether [[Organization B:Organization]] is then in default under any Warehouse Documents or whether the Guaranteed Obligations, or any part thereof is then due and owing by [[Organization B:Organization]] to [[Organization C:Organization]]), payable in full by Guarantor to [[Organization C:Organization]] upon demand, which shall be the estimated amount owing in respect of the contingent claim created hereunder.

Insolvency Event. An Insolvency Event shall have occurred with respect to [[Organization C:Organization]] or any Affiliate; or

Insolvency Events. Tenant or any guarantor or surety of Tenant’s obligations hereunder shall: # make a general assignment for the benefit of creditors; # commence any case, proceeding or other action seeking to have an order for relief entered on its behalf as a debtor or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or of any substantial part of its property (collectively a “Proceeding for Relief”); # become the subject of any Proceeding for Relief which is not dismissed within 90 days of its filing or entry; or # die or suffer a legal disability (if Tenant, guarantor, or surety is an individual) or be dissolved or otherwise fail to maintain its legal existence (if Tenant, guarantor or surety is a corporation, partnership or other entity).

a notice shall have been issued to convene a meeting for the purpose of passing a resolution to wind up that Party, or such a resolution shall have been passed other than a resolution for the solvent reconstruction or reorganisation of that Party;

Insolvency Proceedings. Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, each Affiliated [[Lender:Organization]] that is not an Affiliated Debt Fund hereby agrees that, if a proceeding under any Debtor Relief Law shall be commenced by or against the [[Borrower:Organization]] or any other Loan Party at a time when such [[Lender:Organization]] is an Affiliated [[Lender:Organization]], such Affiliated [[Lender:Organization]] irrevocably authorizes and empowers the Administrative [[Agent:Organization]] to vote on behalf of such Affiliated [[Lender:Organization]] with respect to the Term Loans held by such Affiliated [[Lender:Organization]] in any manner in the Administrative [[Agent:Organization]]’s sole discretion, unless the Administrative [[Agent:Organization]] instructs such Affiliated [[Lender:Organization]] to vote, in which case such Affiliated [[Lender:Organization]] shall vote with respect to the Term Loans held by it as the Administrative [[Agent:Organization]] directs; provided that such Affiliated [[Lender:Organization]] shall be entitled to vote in accordance with its sole discretion (and not in accordance with the direction of the Administrative [[Agent:Organization]]) in connection with any plan of reorganization to the extent any such plan of reorganization proposes to treat any Obligations held by such Affiliated [[Lender:Organization]] in a manner that is less favorable in any material respect to such Affiliated [[Lender:Organization]] than the proposed treatment of similar Obligations held by Lenders that are not Affiliates of the [[Borrower:Organization]]. The Lenders and each Affiliated [[Lender:Organization]] that is not an Affiliated Debt Fund agree and acknowledge that the provisions set forth in this [Section 11.07(j)] and the related provisions set forth in each Assignment and Assumption entered into by an Affiliated [[Lender:Organization]] constitute a “subordination agreement” as such term is contemplated by, and utilized in, Section 510(a) of the United States Bankruptcy Code, and, as such, would be enforceable for all purposes in any case where Holdings, the [[Borrower:Organization]] or any Restricted Subsidiary has filed for protection under any law relating to bankruptcy, insolvency or reorganization or relief of debtors applicable to Holdings, the [[Borrower:Organization]] or such Restricted Subsidiary, as applicable. Each Affiliated [[Lender:Organization]] hereby irrevocably appoints the Administrative [[Agent:Organization]] (such appointment being coupled with an interest) as such Affiliated [[Lender:Organization]]’s attorney-in-fact, with full authority in the place and stead of such Affiliated [[Lender:Organization]] and in the name of such Affiliated [[Lender:Organization]] (solely in respect of Term Loans and participations therein and not in respect of any other claim or status such Affiliated [[Lender:Organization]] may otherwise have), from time to time in the Administrative [[Agent:Organization]]’s discretion to take any action and to execute any instrument that the Administrative [[Agent:Organization]] may deem reasonably necessary to vote on behalf of such Affiliated [[Lender:Organization]] as set forth in this [Section 11.07(j)].

Termination for Insolvency. If voluntary or involuntary proceedings by or against a Party are instituted in bankruptcy under any insolvency law, or a receiver or custodian is appointed for such Party, or proceedings are instituted by or against such Party for corporate reorganization, dissolution, liquidation or winding-up of such Party, which proceedings, if involuntary, shall not have been dismissed within ​ after the date of filing, or if such Party makes an assignment for the benefit of creditors, or substantially all of the assets of such Party are seized or attached and not released within ​ thereafter, the other Party may immediately terminate this Agreement effective upon notice of such termination.

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