Insolvency and Bankruptcy. The appointment of a receiver to take possession of all or substantially all of the assets of Tenant or any of the persons constituting Tenant, or an assignment by Tenant or any of the persons constituting Tenant for benefit of creditors or any action taken or suffered by Tenant or any of the persons constituting Tenant under any insolvency, bankruptcy, or reorganization act, shall constitute a breach of this Agreement by Tenant. In no event shall this Agreement be assigned or assignable by operation of law or by voluntary or involuntary bankruptcy proceedings or otherwise and in no event shall this Agreement or any rights or privileges hereunder be an asset of Tenant or any of the persons constituting Tenant under any bankruptcy, insolvency, or reorganization proceedings.
Insolvency and Bankruptcy. The Grantor ceases to carry on its enterprise or an important part thereof, becomes insolvent or becomes subject to proceedings, makes an assignment or files a notice to file a proposal under any law relating to insolvency, bankruptcy, reorganization or to arrangements with creditors or any petition in bankruptcy is taken against the Grantor.
Insolvency and Bankruptcy. To the extent permitted by Applicable Law, if either Licensee or SpinCo becomes insolvent, generally does not pay its debts as they become due, or files a voluntary petition (or consents to an involuntary petition or an involuntary petition is filed and is not dismissed within sixty (60) days) under any bankruptcy, insolvency, or similar law, and Licensee cannot prove that such bankruptcy or insolvency has no material adverse effect on Licensee’s operation of the Brand Restaurant Businesses or Licensor or any of Licensor’s Affiliates or any of the Sublicensees.
Insolvency and Bankruptcy. The appointment of a receiver to take possession of all or substantially all of the assets of Tenant or any of the persons constituting Tenant, or an assignment by Tenant or any of the persons constituting Tenant for benefit of creditors or any action taken or suffered by Tenant or any of the persons constituting Tenant under any insolvency, bankruptcy, or reorganization act, shall constitute a breach of this Agreement by Tenant. In no event shall this Agreement be assigned or assignable by operation of law or by voluntary or involuntary bankruptcy proceedings or otherwise and in no event shall this Agreement or any rights or privileges hereunder be an asset of Tenant or any of the persons constituting Tenant under any bankruptcy, insolvency, or reorganization proceedings. Default. With respect to default: A) Rights in Event of Default of Tenant. If Tenant shall abandon or vacate the Leased Premises or fail to pay Rent at the time prescribed in this Agreement, or if after days written notice from Landlord, Tenant shall fail to cure any other default in the performance of its obligations under this Agreement (unless Tenant is then proceeding in good faith to cure such default and continues to do so until the default is cured), then, in addition to any other rights or remedies Landlord may have by law or otherwise, Landlord shall have the right to re-enter and take possession of the Demised Premises without legal process and remove all persons and property therefrom. Should Landlord elect to re-enter as herein provided, or should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may terminate Tenant’s rights under this Agreement, re-let the Demised Premises or any part thereof for such term and at such rent and upon such other terms and conditions as Landlord in the exercise of Landlord’s sole discretion may deem advisable, with the right to make alterations and repairs to the Demised Premises. Upon each such re-letting, Tenant immediately shall be liable for payment to Landlord of any indebtedness of Tenant (other than Rent due hereunder), the cost and expense of such re-letting, and of such alterations and repairs incurred by Landlord, and the amount, if any, by which the Rent reserved in this Agreement, which are Tenant’s responsibility under the provisions of this Agreement for the period of such re-letting, exceeds the amount agreed to be paid as rent by the new tenant for the Demised Premises...
Insolvency and Bankruptcy. In the event of the insolvency of the Subcontractor this Subcontract shall, at the option of the Contractor, cease and terminate and, in that event, the assignees or trustees in bankruptcy of the Subcontractor shall not acquire any interest in or to this Subcontract but shall be paid (but in all cases subject to the terms of this Subcontract including without limitation the provisions of Section 19 hereof) only for such Work as the Subcontractor has performed and been unpaid for as at the date of insolvency or bankruptcy. The Contractor's determination of the amount payable as at the date of insolvency or bankruptcy shall be conclusive.
Insolvency and Bankruptcy. 10.1 If either party shall become insolvent or bankrupt, or have a receiving order or administration order made against it or compound with its creditors or, being a corporation, commence to be wound up (not being a members’ voluntary winding up for the purpose of reconstruction or amalgamation) or carry on its business under an administrator or administrative receiver for the benefit of its creditors or any of them, the other party shall be at liberty either
Insolvency and Bankruptcy. The liability of the Surety hereunder shall continue notwithstanding the liquidation, insolvency or bankruptcy of the Company. The failure by the Directors or Officers to file or enforce a claim against the estate (either an administration, bankruptcy, or other proceeding) of the Surety or the Company, or of any other person shall not affect the Surety’s liability hereunder, nor shall the Surety be released from liability if recovery from the Company or any other person becomes barred by any statute of limitation or is otherwise prevented. The Surety waives and agrees not to assert or take advantage of the defense of the statute of limitations in any action hereunder or for the collection of any credit hereby granted.
Insolvency and Bankruptcy. Either (a) the filing by Tenant of a voluntary petition in bankruptcy or the making of an assignment for the benefit of creditors, or (b) the consenting by Tenant to the appointment of a receiver or trustee of all or any part of its property, or (c) the filing by a Tenant of a petition or answer seeking reorganization under the Bankruptcy Act or any other applicable law, or (d) the filing by Tenant of a petition to take advantage of any insolvency act shall constitute a breach of this Lease by the occurrence of any such event. This Lease shall terminate ten days after written notice of termination given by Landlord to Tenant. Upon the occurrence of any of (a), (b), (c) or (d) above, Tenant shall notify Landlord of the same.
Insolvency and Bankruptcy. If the Contractor becomes insolvent or bankrupt or makes an arrangement with its creditors or has an administrative receiver or administrator appointed or commences to be wound up (other than for the purposes of amalgamation or reconstruction), Council may, without prejudice to any other rights, terminate the Agreement forthwith by notice to Contractor or any person in whom the Contract may have become vested.