Act of Insolvency. The term “Act of Insolvency” shall mean any of The following: (i) Customer or any Guarantor (as defined below) shall die or cease to exist; or (ii) any Guarantor shall attempt to revoke such Guarantor’s guaranty, or such guaranty becomes unenforceable in whole or in part for any reason; or (iii) any bankruptcy, insolvency, or receivership proceedings, or an assignment for The benefit of creditors, shall be commenced under any federal or state law by or against Customer or any Guarantor; or (iv) Customer or any Guarantor shall become The subject of any out-of-court settlement with its creditors; or (v) Customer or any Guarantor is unable or admits in writing its inability to pay its debts as They mature.
Appears in 10 contracts
Samples: Master Treasury Management Services Agreement, Master Treasury Management Services Agreement, Master Treasury Management Services Agreement
