Bankruptcy; Liquidation. 7.17.1 EK Services will consider insolvency proceedings if there are sufficient assets to pay outstanding arrears and the amount of arrears exceeds that required by legislation. There will be significant costs associated with this method of recovery, which the customer will incur.
Bankruptcy; Liquidation. If either of the parties shall become voluntarily or involuntarily the subject of proceedings under any bankruptcy or insolvency law, or other law or procedure for the relief of financially distressed debtors, or is unable, or admits in writing its inability, to pay its debts as they mature, or takes or suffers any action for its liquidation or dissolution other than in the context of a merger of consolidation, or has a receiver or liquidator appointed for all or any part of its assets and, in the event any act of the aforesaid character is involuntary, the consequences thereof are not cured within 60 days, the party not affected by such circumstances may give to the affected party written notice of its decision immediately to terminate this Agreement. In the event that such notice is not given for any reason, the affected party shall remain fully responsible for its obligations set forth in this Agreement at the times required.
Bankruptcy; Liquidation. (A) The Borrower shall (1) commence any voluntary Insolvency Proceeding; (2) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in any involuntary Insolvency Proceeding; (3) apply for, consent to or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator, assignee, sequestrator or the like of itself or of all or a substantial part of its assets (taken as a whole), domestic or foreign; (4) admit in writing its inability to pay its debts as such debts become due; (5) make an assignment for the benefit of its creditors generally; (6) take any corporate action for the purpose of effecting any of the foregoing; (7) be generally unable to pay its debts as such debts become due; or (8) otherwise become insolvent;
Bankruptcy; Liquidation. (a) The Company shall:
Bankruptcy; Liquidation. (i) The Maker shall 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 seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due (or shall admit in writing such inability), or shall take any corporate or limited liability the Maker action to authorize any of the foregoing; or
Bankruptcy; Liquidation. (i) Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company or any Material Subsidiary, as such term is defined in the Purchase Agreement, of the Company or the Borrower admits in writing its inability to pay its debts generally as they mature, or have filed against it an involuntary petition for bankruptcy; or (ii) any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business occurs.
Bankruptcy; Liquidation. If (a) United is judicially determined to be unable to confirm a Chapter 11 plan of reorganization under which it continues to operate as an airline and instead United commences the liquidation of all of its assets, (b) United's Chapter 11 case is converted to a case under Chapter 7 of the United States Bankruptcy Code, or (c) an event of default occurs pursuant to either the "'Debtor in Possession Credit Agreement, dated as of December 24, 2002, among United, the Credit Parties, the Lenders, Bank One, NA, as Agent and Banc One Capital Markets, Inc.,"' as amended, or the "'Revolving Credit, Term Loan and Guaranty Agreement, dated as of December 24, 2002, among United, UAL Corporation, their Subsidiaries, the Lenders, XX Xxxxxx, Xxxxx Bank, Citicorp USA, Inc., X.X. Xxxxxx Securities Inc., Xxxxxxx Xxxxx Xxxxxx Inc., Bank One, NA, Banc One Capital Markets, Inc., and The CIT Group/Business Credit, Inc., as amended, (COLLECTIVELY, the "'DIP Agreements"') and SUCH EVENT OF DEFAULT CAUSES AN ACCELERATION OF UNITED'S OBLIGATIONS UNDER EITHER OF THE DIP AGREEMENTS, and (i) If United discontinues all flight operations, then United may terminate the Agreement; or (ii) If United does not discontinue all flight operations, then Seller may request that United (or its successor in interest, including without limitation an examiner or trustee) provide adequate assurances of performance of the Agreement, and if such adequate assurances are not provided within 30 days of such request, then Seller may terminate the Agreement. In the event that this Agreement is terminated pursuant to this paragraph, then the Seller's claims under the Agreement shall be limited to (a) an administrative expense claim under Sections 503(b)(1) and 507(a)(1) of the Bankruptcy Code for amounts due under the Agreement for the period from the execution of the Agreement through the date of such termination and (b) a prepetition general unsecured non-priority claim for any other damages under the Agreement (including, without limitation, any damages pertaining to future services or lost profits). Each of the foregoing prepetition general unsecured non-priority claims shall be subject to objection by any party, including a Chapter 11 or Chapter 7 trustee, solely as to the amount thereof.
Bankruptcy; Liquidation. No involuntary proceeding exists or involuntary petition has been filed in a court of competent jurisdiction or with any other authority with jurisdiction seeking (i) relief in respect of the Company under any bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, conservator or similar official for the Company or for part of its property or assets, or (iii) the winding-up or liquidation of the Company. There is no unsatisfied judgment outstanding against the Company and none of its financial obligations is due but unpaid, except for trade payables in the ordinary course of business and financial commitments disclosed in the Disclosure Schedule.
Bankruptcy; Liquidation. If the Borrower, SOV or ---------------------- any of their Subsidiaries: (i) files a voluntary petition in bankruptcy or a petition or answer seeking or acquiescing in any reorganization or for an arrangement, imposition, readjustment, liquidation, dissolution, or similar relief for itself pursuant to the United States Bankruptcy Code or any similar law or regulation, federal or state relating to any relief for debtors, now or hereafter in effect; (ii) make an assignment for the benefit of creditors or admits in writing its inability to pay or fails to pay its debts as they become due; (iii) consents to or acquiesces in the appointment of a receiver, trustee, custodian, conservator, liquidator or other similar official of such party, for all or substantially all of the assets of Borrower, SOV or any of their Subsidiaries; (iv) suspends payment of substantially all of its obligations for more than five (5) days or takes any action in furtherance of the foregoing; (v) has filed against it an involuntary petition, arrangement, composition, readjustment, liquidation, dissolution, or an answer proposing an adjudication of it as bankrupt or insolvent, or is subject to a reorganization pursuant to the United States Bankruptcy Code, an action seeking to appoint a trustee, receiver, custodian, or conservator or liquidator, or any similar law or regulation, federal or state, now or hereafter in effect, and such action is approved by any court of competent jurisdiction and the order approving the same shall not be vacated or stayed within five (5) days from entry; or (vi) fails to deny the material allegations of a filing of any such petition or answer in a timely manner.
Bankruptcy; Liquidation. (i) There exists no action taken against any Group Company with a view to liquidating or instituting bankruptcy proceedings against it, or declaring it insolvent, or appointing a liquidation committee for its Assets or business.
