Bankruptcy or Insolvency definition

Bankruptcy or Insolvency means the dissolution or termination of Company’s existence, insolvency, employment of receiver for any part of Company’s property and such appointment is not terminated within ninety (90) days after such appointment is initially made, any general assignment for the benefit of creditors or the commencement of any proceedings under any bankruptcy or insolvency laws by or against Company and such proceedings are not dismissed within ninety (90) days after the filing thereof.

Bankruptcy or Insolvency means the dissolution or termination of a Party’s existence as a going business, insolvency, appointment of receiver for any part of a Party’s property and such appointment is not terminated within ninety (90) days after such appointment is initially made, any general assignment for the benefit of creditors, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against such Party, and such proceeding is not dismissed within ninety (90) days after the filing thereof.

Bankruptcy or Insolvency means the dissolution or termination of a Party’s existence as a going business, insolvency, appointment of receiver for any part of such Party’s property and such appointment is not terminated within ninety (90) days after such appointment is initially made, any general assignment for the benefit of creditors, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against such Party and such proceeding is not dismissed within ninety (90) days after the filing thereof.

Examples of Bankruptcy or Insolvency in a sentence

• Bankruptcy or Insolvency: In the event bankruptcy proceedings are commenced by or against Supplier or under any provisions of the United States Bankruptcy Act or for the appointment of a receiver or trustee or a general assignment for the benefit of creditors of either party, County shall be entitled to terminate without further cost or liability.

• The City shall have no obligation to disburse any financial assistance under this Agreement, including payment of the Incentive Grant Payment, if the following occurs prior to payment: (i) an Event of Bankruptcy or Insolvency occurs; or (ii) an Event of Default occurs with respect to the Developer that is not cured within the applicable period of notice and cure.

• If FortisBC Energy terminates this Agreement in accordance with Section 22.1 (Default) or Section 22.2 (Bankruptcy or Insolvency), then the Shipper shall pay to FortisBC Energy a payment (“Termination Payment”) equal to the Net Present Value of the product of 90% x Contract Demand x Firm Demand Toll x 365 days per year x the number of months from the termination date until the Expiry Date divided by 12.

• Bankruptcy or Insolvency: In the event of any proceedings by or against either party, voluntary or involuntary, in bankruptcy or insolvency, or for the appointment of a receiver or trustee or an assignee for the benefit of creditors, of the property of Service Provider, or in the event of a breach of any of the terms hereof including the warranties of the Service Provider, City may cancel this contract or affirm the contract and hold Service Provider responsible in damages.

• The occurrence of an Event of Bankruptcy or Insolvency of either party.

More Definitions of Bankruptcy or Insolvency

Bankruptcy or Insolvency is defined in the Intercreditor Agreement.

Bankruptcy or Insolvency means the dissolution or termination of the Applicant’s existence, insolvency, employment of receiver for any part of the Applicant’s property and such appointment is not terminated within ninety (90) days after such appointment is initially made, any general assignment for the benefit of creditors or the commencement of any proceedings under any bankruptcy or insolvency laws by or against the Applicant and such proceedings are not dismissed within ninety (90) days after the filing thereof.

Bankruptcy or Insolvency means the dissolution or termination of a Builder’s existence as a going business, insolvency, appointment of receiver for any part of such Builder’s property and such appointment is not terminated within one hundred twenty (120) days after such appointment is initially made, any general assignment for the benefit of creditors, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against such Builder and such proceeding is not dismissed within one hundred twenty (120) days after the filing thereof.

Bankruptcy or Insolvency means any Partner's or the Partnership's filing in any court pursuant to any statute of the United States or of any state, of a petition in bankruptcy or insolvency, any Partner's or the Partnership's filing for reorganization or for appointment of a receiver or trustee of all or a material portion of the Partner's or Partnership's assets; the making by any Partner or the Partnership of an assignment for the benefit of creditors; the admission by any Partner or the Partnership in writing of its inability to pay its debts as they fall due; or any Partner's or the Partnership's seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator of any material portion of its property. The phrase "bankruptcy or insolvency" shall also include the filing against any Partner or the Partnership in any court pursuant to any statute of the United States or of any State, of a petition in bankruptcy or insolvency, or for the reorganization, or for appointment of a receiver or a trustee of all or a substantial portion of the Partner's or Partnership's property, and within ninety (90) days after such commencement of any such proceeding against the Partner or Partnership such petition shall not have been dismissed (or satisfactory evidence that such Partner or Partnership is diligently contesting such petition shall not have been received by the other Partners, provided such other Partner is not otherwise in default hereunder). In addition, if the whole or any portion of the Partnership Interest of any Partner is subject to levy or attachment, and such levy or attachment is not released or discharged within sixty (60) days, such Partner shall be deemed "bankrupt or insolvent" for purposes of this Agreement.

Bankruptcy or Insolvency shall have the meaning for such term set forth in the Indenture.

Bankruptcy or Insolvency. Any action in bankruptcy, receivership, or reorganization filed by or against the BORROWER and/or any GUARANTOR; any assignment for the benefit of creditors made by the BORROWER; any judgment or proceeding entered or brought against the BORROWER and/or any GUARANTOR or affecting the subject premises; the insolvency of the BORROWER and/or any GUARANTOR. Borrower will have a sixty (60) day period to cure any involuntary bankruptcy filing against Borrower.

Bankruptcy or Insolvency shall be deemed to occur when a party files a petition in bankruptcy, makes an assignment for the benefit of creditors, voluntarily take any advantage of any federal or state bankruptcy or insolvency law, is adjudicated a bankrupt or insolvent, or, if a proceeding is instituted against a party proposing as adjudication as a bankrupt or an insolvent and there is no objection within sixty (60) days of the filing unless the proceedings were discharged or denied prior thereto. The party that is not subject to Bankruptcy or Insolvent may terminate this Agreement by written notice to the Bankrupt or Insolvent party.