SELLER’S INSOLVENCY. Upon the occurrence of any of the following - any default by the Seller in the performance or observance of any obligation or condition of this agreement; the Seller's insolvency; commission by Seller of any act of bankruptcy (either voluntary or involuntary); the appointment of a receiver, trustee or liquidator for or in respect of Seller or its property; an assignment by Seller for the benefit of its creditors; the filing of any petition or answer by or against Seller asking for reorganization of any other relief under any state insolvency law or under any chapter of the United States Bankruptcy Code; then Seller stipulates that it is in breach of this PO and any Agreement with GLF, and that GLF shall be granted relief from stay in any bankruptcy proceeding any may take any action necessary to protect its interest.
SELLER’S INSOLVENCY. In the event the Seller/Subcontractor delays the progress of the work or the furnishing of material, or fails in the performance of any of the provisions of this Agreement, or becomes bankrupt or insolvent, the Purchaser/Contractor shall have the right to cancel this Agreement upon seven day written notice mailed or delivered to Seller/Subcontractor at its last known address. In case of such termination, the Seller/Subcontractor shall not be entitled to receive any further payments under this Agreement until the performance of the Seller/Subcontractor’s Work has been completed, at which time, if the unpaid balance due Seller/Subcontractor exceeds the cost of completion, said amount shall be paid to Seller/Subcontractor; but if such cost of completion shall exceed such unpaid balance, then the Seller/Subcontractor shall pay the difference to the Purchaser/Contractor. The cost of completion incurred by the Purchaser/Contractor shall include all damage and costs incurred through the default of the Seller/Subcontractor including, but not limited to reasonable attorney’s fees, if any, incurred by the Purchaser/Contractor. Waivers: Seller//Subcontractor shall furnish to Purchaser/Contractor, at its request, waiver or waivers of lien (partial or final) or other documents which Purchaser/Contractor may request in order to comply with the Mechanic’s Lien laws of the State of Illinois or any other applicable state.
SELLER’S INSOLVENCY. Seller shall pay all costs associated with a third party evaluation and report. Buyer may immediately terminate or suspend an Order or, including for clarity, Release without any liability of Buyer to Seller except for payment of Goods previously delivered and in or comparable event: (i) insolvency, liquidation or dissolution of Seller; (ii) Seller’s inability to promptly provide Buyer with adequate and reasonable assurance of Seller’s financial capability to perform timely any of Seller’s obligations under any Order; (iii) filing of a voluntary petition in bankruptcy by Seller; (iv) filing of an involuntary petition in bankruptcy against Seller; (v) appointment of a receiver/manager or trustee for Seller; (vi) Seller becomes subject to any order in connection with any insolvency legislation in any jurisdiction; (vii) cessation of Seller’s normal operations; or (viii) execution of an assignment for the benefit of creditors of Seller. Seller shall respond in writing within three business days to any written demand by Xxxxx for assurances of the willingness and ability of Seller to perform Seller’s obligations.
SELLER’S INSOLVENCY. If Seller ceases to conduct its operations in the normal course of business including inability to meet its obligations as they mature, or if any proceeding under the bankruptcy or insolvency laws is brought by or against Seller, or a Receiver for Seller is appointed or applied for, or an assignment for the benefit of creditors is made by Seller, Purchaser may, upon written notice, immediately terminate the SOM order(s) without liability except for deliveries previously made or for goods covered by a SOM order then completed and subsequently delivered in accordance with the terms of the SOM order.
SELLER’S INSOLVENCY. If SELLER ceases to conduct its operations in the normal course of business, fails to pay its debts generally as such debts become due, any proceeding under the federal Bankruptcy Code or insolvency laws is commenced by or against SELLER, a receiver is appointed for SELLER or a substantial portion of its business or assets, or an assignment for the benefit of SELLER’s creditors is made, MACHINTEK may terminate this order without liability except for deliveries previously made or for goods or services covered by the order then completed and subsequently delivered in accordance with the terms of this order.
SELLER’S INSOLVENCY. Seller shall pay all costs associated with a third party evaluation and report. Buyer may immediately terminate or suspend an Order or, including for clarity, Release without any liability of Buyer to Seller except for payment of Goods previously delivered and in compliance with an Order upon the occurrence of any of the following or any other similar or comparable event: (i) insolvency, liquidation or dissolution of Seller; (ii) Seller’s inability to promptly provide Buyer with adequate and reasonable assurance of Seller’s financial capability to perform timely any of Seller’s obligations under any Order;
SELLER’S INSOLVENCY. In the event of any of the following:
