Example ContractsClausesInsolvency
Insolvency
Insolvency contract clause examples

Insolvency. Borrower (A) (i) shall make an assignment for the benefit of creditors; or # shall be unable to pay its debts as they become due, or be unable to pay or perform under the Loan Documents, or shall become insolvent; or # shall file a voluntary petition in bankruptcy; or # shall file any petition, answer, or document seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such circumstances; or # shall seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of Borrower or of all or any substantial part (i.e., 33-1/3% or more) of the assets or property of Borrower; or # shall cease operations of its business as its business has normally been conducted, or terminate substantially all of its employees; or # Borrower or its directors or majority shareholders shall take any action initiating any of the foregoing actions described in [clauses (i) through (vi)]; or # either # forty-five (45) days shall have expired after the commencement of an involuntary action against Borrower seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, without such action being dismissed or all orders or proceedings thereunder affecting the operations or the business of Borrower being stayed; or # a stay of any such order or proceedings shall thereafter be set aside and the action setting it aside shall not be timely appealed; or # Borrower shall file any answer admitting or not contesting the material allegations of a petition filed against Borrower in any such proceedings; or # the court in which such proceedings are pending shall enter a decree or order granting the relief sought in any such proceedings; or # forty-five (45) days shall have expired after the appointment, without the consent or acquiescence of Borrower, of any trustee, receiver or liquidator of Borrower or of all or any substantial part of the properties of Borrower without such appointment being vacated; or

Insolvency. Either Party shall have the right to terminate this Agreement in its entirety upon immediate written notice if the other Party # files for protection under bankruptcy or insolvency laws, # makes an assignment for the benefit of creditors, # appoints or suffers appointment of a receiver or trustee over substantially all of its property that is not discharged within ninety (90) days after such filing, # proposes a written agreement of composition or extension of its debts, # proposes or is a party to any dissolution or liquidation, # files a petition under any bankruptcy or insolvency act relating to bankruptcy, insolvency, reorganization, winding-up, or composition or readjustment of debts or has any such petition filed against that is not discharged within sixty (60) days of the filing thereof, # commences a voluntary case under the Bankruptcy Code of any country, # fails to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in any involuntary case under the Bankruptcy Code of any country, # takes any corporate action for the purpose of effecting any of the foregoing, # has a proceeding or case commenced against it in any court of competent jurisdiction, seeking # its liquidation, reorganization, dissolution or winding-up, or the composition or readjustment of its debts, # the appointment of a trustee, receiver, custodian, liquidator or the like of all or any substantial part of its assets, or # similar relief under the Bankruptcy Code of any country, or an order, judgment or decree approving any of the foregoing is entered and continues unstayed for a period of sixty (60) days, or # has an order for relief against it entered in an involuntary case under the Bankruptcy Code of any country.

Insolvency. Borrower (A) (i) shall make an assignment for the benefit of creditors; or # shall be unable to pay its debts as they become due, or be unable to pay or perform under the Loan Documents, or shall become insolvent; or # shall file a voluntary petition in bankruptcy; or # shall file any petition, answer, or document seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such circumstances; or # shall seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of Borrower or of all or any substantial part (i.e., 33-1/3% or more) of the assets or property of Borrower; or # shall cease operations of its business as its business has normally been conducted, or terminate substantially all of its employees; or # Borrower or its directors or majority shareholders shall take any action initiating any of the foregoing actions described in [clauses (i) through (vi)]; or # either # forty-five (45) days shall have expired after the commencement of an involuntary action against Borrower seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, without such action being dismissed or all orders or proceedings thereunder affecting the operations or the business of Borrower being stayed; or # a stay of any such order or proceedings shall thereafter be set aside and the action setting it aside shall not be timely appealed; or # Borrower shall file any answer admitting or not contesting the material allegations of a petition filed against Borrower in any such proceedings; or # the court in which such proceedings are pending shall enter a decree or order granting the relief sought in any such proceedings; or # forty-five (45) days shall have expired after the appointment, without the consent or acquiescence of Borrower, of any trustee, receiver or liquidator of Borrower or of all or any substantial part of the properties of Borrower without such appointment being vacated; or

Insolvency. (a) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent; # Borrower begins an Insolvency Proceeding; or # an Insolvency Proceeding is begun against Borrower 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. (a) Borrower or any of its Subsidiaries is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent; # Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or # an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and is not dismissed or stayed within thirty (30) 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. (a) Borrower or any of its Subsidiaries is or becomes Insolvent; # Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or # an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and not dismissed or stayed within forty‑five (45) days (but no Credit Extensions shall be made while Borrower or any Subsidiary is Insolvent and/or until any Insolvency Proceeding is dismissed);

Insolvency. (a) Borrower or any of its Subsidiaries is or becomes Insolvent; # Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or # an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and not dismissed or stayed within forty‑five (45) days (but no Credit Extensions shall be made while Borrower or any Subsidiary is Insolvent and/or until any Insolvency Proceeding is dismissed);

Insolvency. (a) Borrower or Borrower and its Subsidiaries, taken as a whole, is or becomes Insolvent; # Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or # an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and not dismissed or stayed within forty-five (45) days (but no Credit Extensions shall be made while Borrower or any Subsidiary is Insolvent and/or until any Insolvency Proceeding is dismissed);

Insolvency. (a) Borrower or any of its Subsidiaries is or becomes Insolvent; # Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or # an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and not dismissed or stayed within forty‑five (45) days (but no Credit Extensions shall be made while Borrower or any Subsidiary is Insolvent and/or until any Insolvency Proceeding is dismissed);

Insolvency. The filing of a petition by or against Tenant (the term "Tenant" shall include, for the purpose of this Section 17(g), any guarantor of Tenant's obligations hereunder) # in any bankruptcy or other insolvency proceeding; # seeking any relief under any state or federal debtor relief law; # for the appointment of a liquidator or receiver for all or substantially all of Tenant's property or for Tenant's interest in this Lease; # for the reorganization or modification of Tenant's capital structure; or # in any assignment for the benefit of creditors proceeding; however, if such a petition is filed against Tenant, then such filing shall not be an Event of Default unless Tenant fails to have the proceedings initiated by such petition dismissed within 90 days after the filing thereof.

Next results

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.