Common use of SELLER’S INSOLVENCY Clause in Contracts

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. 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 GLFCMI, and that GLF CMI shall be granted relief from stay in any bankruptcy proceeding any may take any action necessary to protect its interest. 18.

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 GLFN&B, and that GLF N&B shall be granted relief from stay in any bankruptcy proceeding any may take any action necessary to protect its interest.

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 GLFN&B, and that GLF N&B shall be granted relief from stay in any bankruptcy proceeding any may take any action necessary to protect its interest. 18.

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. 18.