Common use of Bankruptcy with respect to the Seller Clause in Contracts

Bankruptcy with respect to the Seller. No Act of Bankruptcy has occurred with respect to the Seller or any Property Entity. As used herein, “Act of Bankruptcy” means if the Seller (A) applies for or consents to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator, of himself or of all or a substantial part of his property, (B) admits in writing his inability to pay his debts as they become due, (C) makes a general assignment for the benefit of his creditors, (D) files a voluntary petition or commences a voluntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect), (E) is adjudicated bankrupt or insolvent, (F) files a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, receivership, dissolution, winding-up or composition or adjustment of debts, (G) fails to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against him in an involuntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect), or (H) take any action for the purpose of effecting any of the foregoing.

Bankruptcy with respect to the Seller. No Act of Bankruptcy has occurred with respect to the Seller or any Property EntitySeller. As used herein, “Act herein,“Act of Bankruptcy” means if the Seller (A) applies for or consents to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator, of himself or of all or a substantial part of his property, (B) admits in writing his inability to pay his debts as they become due, (C) makes a general assignment for the benefit of his creditors, (D) files a voluntary petition or commences a voluntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect), (E) is adjudicated bankrupt or insolvent, (F) files a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, receivership, dissolution, winding-up or composition or adjustment of debts, (G) fails to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against him in an involuntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect), or (H) take any action for the purpose of effecting any of the foregoing.

Bankruptcy with respect to the Seller. No Act of Bankruptcy has occurred with respect to the Seller or any Property Entity. As used herein, “Act of Bankruptcy” means if the Seller (A) applies for or consents to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator, of himself or of all or a substantial part of his property, (B) admits in writing his inability to pay his debts as they become due, (C) makes a general assignment for the benefit of his creditors, (D) files a voluntary petition or commences a voluntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect), (E) is adjudicated bankrupt or insolvent, (F) files a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, receivership, dissolution, winding-winding- up or composition or adjustment of debts, (G) fails to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against him in an involuntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect), or (H) take any action for the purpose of effecting any of the foregoing.