Insolvency Proceedings, Etc. Any Loan Party or any Restricted Subsidiary institutes or consents to the institution of any proceeding 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, administrator, administrative receiver or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver 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; or
Termination for Insolvency. If, at any time during the Term # a case is commenced by or against either Party under Title 11, United States Code, as amended, or analogous provisions of Applicable Law outside the United States (the Bankruptcy Code) and, in the event of an involuntary case under the Bankruptcy Code, such case is not dismissed within days after the commencement thereof, # either Party files for or is subject to the institution of bankruptcy, liquidation or receivership proceedings (other than a case under the Bankruptcy Code), # either Party assigns all or a substantial portion of its assets for the benefit of creditors, # a receiver or custodian is appointed for either Partys business, or # a substantial portion of either Partys business is subject to attachment or similar process; then, in any such case ((i), (ii), (iii), (iv) or (v)), the other Party may terminate this Agreement upon written notice to the extent permitted under Applicable Law.
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.
Voluntary Bankruptcy or Insolvency Proceedings. [[Organization B:Organization]] shall # apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, # admit in writing its inability to pay its debts generally as they mature, # make a general assignment for the benefit of its or any of its creditors, # be dissolved or liquidated, # commence 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 # take any action for the purpose of effecting any of the foregoing;
Involuntary Bankruptcy or Insolvency Proceedings. 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 subsidiaries, if any, or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) days of commencement.
Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under [Section 9.1(g) or (h)])] shall occur, the [[Organization A:Organization]] shall be under no further obligations to make Term Loans hereunder and the unpaid principal amount of the Term Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the [[Organization A:Organization]] hereunder and thereunder automatically shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; and
Termination for Insolvency/Prolonged Delay. If Seller ceases to conduct its operations in the normal course of business or if any proceeding under the bankruptcy or insolvency laws is brought against Seller, a receiver for Seller is appointed or applied for, an assignment for the benefit of creditors is made or an excused delay (or the aggregate time of multiple excused delays) lasts more than 60 days, Buyer may immediately terminate this Order without liability, except for goods or services completed, delivered and accepted within a reasonable period after termination (which will be paid for at the Order price).
Termination for Bankruptcy, Insolvency or Similar Event. In the event that either Party # becomes the subject, whether voluntarily or involuntarily, of any bankruptcy, insolvency, receivership or similar proceeding, # makes an assignment for the benefit of creditors, # appoints or suffers appointment of a receiver or trustee over substantially all of its property, # proposes a written agreement of composition, arrangement, readjustment or extension of its debts, # proposes or is a party to any dissolution or liquidation or otherwise ceases to do business or winds up its affairs, # admits in writing its inability to meet its obligations as they fall due in the general course, or # becomes subject to a warrant of attachment, execution, or distraint or similar process against substantially all of its property, then the other Party may terminate this Agreement, in whole or in part and in its sole discretion, effective immediately upon written notice to such other Party as specified in Section 13.9 of this Agreement.
Insolvency of the . In the event of the insolvency of the :
“Insolvency Proceeding” means, with respect to any Person, any bankruptcy, insolvency, arrangement, rearrangement, conservatorship, moratorium, suspension of payments, readjustment of debt, reorganization, receivership, liquidation, marshaling of assets and liabilities or similar proceeding of or relating to such Person under any Insolvency Laws.
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.