Event of Insolvency definition

Event of Insolvency means, for any Person:

Event of Insolvency means (a) the filing of a voluntary petition by the Contractor under the Federal Bankruptcy Code or any similar state or federal law; or (b) the filing of an involuntary petition against The Contractor under the Federal Bankruptcy Code or any similar state or federal law which remains undismissed for a period of forty-five (45) days; or (c) the Contractor's making of an assignment for the benefit of creditors; or (d) the appointment of a receiver for the Contractor or for the property or assets of the Contractor, if such appointment is not vacated within forty-five (45) days thereafter; or (e) any other proceeding under any bankruptcy or insolvency law or liquidation law, voluntary or otherwise; or (f) the Contractor proves unable to pay its obligations as they mature; or (g) the Contractor is insolvent as otherwise defined under any Applicable Law.

Event of Insolvency means, with respect to any Person, the occurrence of one or more of the following events:

Examples of Event of Insolvency in a sentence

• Each party shall immediately give the other party written notice of any Event of Insolvency with respect to such party.

• No party to this Amendment may, prior to the date which is two (2) years and one (1) day after the Final Payout Date, institute against, or join any other Person in instituting against, the SPV any proceeding of a type referred to in the definition of Event of Insolvency.

• Licensee shall immediately give S&W written notice of any Event of Insolvency.

• The Contract shall terminate on the expiry of the Term or any extension thereof or following the termination of the Contract provided that on the occurrence of an Event of Insolvency or any other default hereunder, the NCC, in addition to such other remedies that it may have hereunder or at law or in equity, may elect to terminate the Contract.

• If an Event of Insolvency or any default hereunder by the Seller occurs at any time, the Seller's rights and obligations to service the Mortgage Loan(s), as provided in this Agreement, shall terminate immediately, without any notice of action by the Buyer.

More Definitions of Event of Insolvency

Event of Insolvency means any of the following:

Event of Insolvency means, with re- spect to a person:

Event of Insolvency means the situation in which a party becomes insolvent, has an insolvency practitioner appointed over the whole or any part of its assets, enters into any compound with creditors, or has an order made or resolution for it to be wound up (otherwise than in the furtherance of a scheme for solvent amalgamation or reconstruction), or an analogous event occurs in respect of a party in any jurisdiction to which that party is subject.

Event of Insolvency means any of the following events:

Event of Insolvency means the occurrence of any one of the following in respect of the General Partner:

Event of Insolvency shall occur when an order for relief against the Manager is entered under Chapter 7 of the federal bankruptcy law, or (a) the Manager: (i) makes a general assignment for the benefit of creditors, (ii) files a voluntary petition under the federal bankruptcy law, (iii) files a petition or answer seeking for that Manager a reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, (iv) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Manager in any proceeding of this nature or (v) seeks, consents to, or acquiesces in the appointment of a trustee, receiver, or liquidator of that Manager or of all or a substantial part of that Manager’s properties or (b) the expiration of 60 days after either (i) the commencement of any proceeding against the Manager seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law, or regulation, if the proceeding has not been dismissed or (ii) the appointment without the Manager’s consent or acquiescence of a trustee, receiver, or liquidator of the Manager or of all or any substantial part of the Manager’s properties, if the appointment has not been vacated or stayed (or if within 60 days after the expiration of any such stay, the appointment is not vacated).

Event of Insolvency means ‘‘Event of Insolvency’’ as defined in § 270.5b– 3(c)(2).