Default - Insolvency Sample Clauses
Default - Insolvency. Upon the happening of one or more Events of Default under Section 7.3 hereof, the Bank's obligations to advance the Credit shall be canceled immediately, automatically and without notice, and the Credit Notes shall become immediately due and payable without presentation, demand or notice of any kind.
Default - Insolvency. If Distributor shall be the subject of any judicial or non-judicial bankruptcy or insolvency proceeding, or becomes insolvent, or if a receiver, liquidator or administrator of the Distributor's property or any part thereof is appointed by a court of competent authority, or if Distributor shall make an assignment for the benefit of creditors, Company may terminate this Agreement by giving written notice to the Distributor, its legal representative or assigns, as the case may be. Any termination, whether for default or otherwise, shall not relieve Distributor from liability for amounts owed to Company.