Insolvency of a Party. TO THIS AGREEMENT A party to this Agreement will be deemed insolvent when it:
Insolvency of a Party to this Agreement 16.2 Insolvency of the Ceding Company 16.3 Insolvency of the Reinsurer ARTICLE 17 - ERRORS AND OMISSIONS ARTICLE 18 - DISPUTE RESOLUTION ARTICLE 19 - ARBITRATION ARTICLE 20 - CONFIDENTIALITY ARTICLE 21 - SEVERABILITY ARTICLE 22 - DURATION OF AGREEMENT
Insolvency of a Party. In the event either Party becomes the subject of proceedings involving bankruptcy, insolvency, moratorium of payment, reorganization or liquidation, or if either Party makes any assignment for the benefit of its creditors, then this Agreement may by immediate notice be terminated forthwith by the other Party by written notice, without prejudice to its claims for damage, reimbursement or indemnification for losses incurred by reason of such termination.
Insolvency of a Party. The Insolvency of any party hereto shall be --------------------- deemed to be an offer to sell the Class B Common Stock owned by such party and its Affiliates and Permitted Transferees (other than a financial institution referenced in the second sentence of Section 1.17 hereof) to the other stockholders of BlackRock who are parties hereto in accordance with the terms and procedures set forth in this Article 4, except that (i) the price per share of Class B Common Stock offered in such event shall be equal to the Market Value of each share of Class B Common Stock determined as of the date on which notice of such offer is made in accordance with the provisions of this Article 4 and (ii) Section 4.6 hereof shall not apply. If a court or other governmental authority permits a transfer of Class B Common Stock to a party other than stockholders of BlackRock in connection with a bankruptcy or other insolvency proceeding notwithstanding the preceding sentence, such third party shall be subject to and bound by the terms of this Agreement and shall be required to offer to sell the Class B Common Stock acquired by such third party to the other stockholders of BlackRock who are parties to this Agreement in accordance with the first sentence of this Section 4.8. Each share of Class B Common Stock that is offered for sale pursuant to this Section 4.8 and is not purchased by the stockholders of BlackRock who are parties to this Agreement pursuant to their rights of first refusal under this Article 4, shall be repurchased by BlackRock at a purchase price equal to the price at which such share was offered to such stockholders of BlackRock.
Insolvency of a Party. The parties agree that this Agreement and the Subsequent Agreement involve licensing of intellectual property and the Bankruptcy Code Section 365(n) applies. Subject to the value sharing provisions provided for herein, in the event of insolvency of a party (the “Withdrawing Party”), the other Party retains all rights and licenses including a copy of all relevant strains, genetic materials and software and the Partnership shall neither be terminated nor wound-up, but, instead, the business of the Partnership shall be continued as if such insolvency had not occurred, and the other party shall purchase and the Withdrawing Partner shall sell all of the it’s interest and rights in the Partnership (the "Withdrawing Partner's Interest") owned by the Withdrawing Partner in the Partnership on the date of such insolvency. The Partnership shall, by written notice addressed to the Withdrawing Partner or to the legal representative of an insolvent Partner, fix a closing date for such purchase which shall be not less than seventy-five (75) days after the Withdrawal Date. The Withdrawing Partner's Interest shall be purchased by the other party on such closing date at a price (the "Withdrawing Purchase Price"), which shall be fair market value, where such fair market value takes into consideration the full value of all future value sharing which may come due to the Withdrawing Party under the Partnership. The aggregate dollar amount of the Withdrawing Purchase Price shall be payable in cash on the closing date, unless the Partnership shall elect prior to or on the closing date.
Insolvency of a Party to this Agreement A party to this Agreement will be deemed insolvent when it: (a) applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator or statutory successor of its properties or assets; or (b) is adjudicated as bankrupt or insolvent; or (c) files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or makes formal application for any bankruptcy, dissolution, liquidation or similar law or statute; or (d) becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the party’s domicile. 16.2
Insolvency of a Party. The Parties shall have the respective rights set forth in this Section 13.4 in the event of the Insolvency of the other Party.
Insolvency of a Party. If either Party becomes the subject of proceedings involving bankruptcy, insolvency, moratorium of payment, reorganization or liquidation, and such proceeding is not dismissed or discharged within [***] days after its commencement or if either Party makes any assignment for the benefit of its creditors, then such Party will be deemed to have materially breached this Agreement.
Insolvency of a Party. TO THIS AGREEMENT
Insolvency of a Party. 21.1 Each party is entitled to rescind the Agreement in the event that the other party is declared bankrupt, enters into composition proceedings or liquidation or can otherwise be assumed to have become insolvent.
