Insolvent Partner definition

Insolvent Partner has the meaning specified in Section 6.08 b. hereof.
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Insolvent Partner means any Partner (a) who has voluntarily initiated proceedings of any nature under the Federal Bankruptcy Code, or any similar state or federal law for the relief of debtors; (b) who has made a general assignment for the benefit of creditors, (c) against whom an involuntary proceeding under the Federal Bankruptcy Code, or any similar federal or state law for the relief of debtors, has been initiated, and (i) with respect to such proceeding an order for relief has been entered under the Bankruptcy Code (or comparable order under any similar federal or state law), or (ii) which proceeding is not dismissed or discharged within sixty (60) days after the filing thereof; (d) who has admitted in writing its inability to pay its debts as they mature; or (e) all or any substantial part of whose assets, or whose interest in the Partnership or any part thereof, has been the subject of attachment or other judicial seizure.
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Insolvent Partner has the meaning set forth in Section 17.1.
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Examples of Insolvent Partner in a sentence

  • The Bankrupt or Insolvent Partner shall send written notice of the occurrence of any filing of a petition in bankruptcy, the appointment of a receiver or trustee or any other matter which renders, or with the passage of 90 days may render, it Bankrupt or Insolvent to the other Partner within fifteen days of any such event.

  • If any Partner becomes an Insolvent Partner, the other Partners or their nominees shall have an option to acquire the Partnership Interest of such Insolvent Partner, on a pro rata basis if more than one Partner elects to acquire such Partnership Interest, for a cash purchase price determined by agreement with the Insolvent Partner or its legal representatives to be FMV.

  • If no agreement is reached on the FMV of the Partnership Interest held by the Insolvent Partner within 30 days of giving such notice, the matter shall be deemed to be a Dispute under this Agreement and shall be resolved in accordance with Article 15.

  • If a Partner shall become an Insolvent Partner, then, at the election of the other Partner(s), the Insolvent Partner shall be deemed to be a Withdrawn Partner within the meaning of Section 6.05 hereof and shall be deemed to have withdrawn from the Partnership on the date on which it became an Insolvent Partner (or such later date as shall be designated by a majority of the Other Partners), and the provisions of Section 6.05 hereof shall apply.

  • The other Partners may exercise such option to purchase its pro rata share of the Partnership Interest by written notice to the Insolvent Partner and/or its legal representatives given within 30 days of first becoming aware of the Partner becoming an Insolvent Partner.


More Definitions of Insolvent Partner

Insolvent Partner means a Partner (i) which makes an assignment for the benefit of creditors, (ii) which files a voluntary petition in bankruptcy, (iii) which is adjudicated a bankrupt or insolvent, (iv) which files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, (v) which files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding of the nature described in clause (iv), (v) which seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for such Partner or all or any substantial part of its properties and assets, or (vi) with respect to which a trustee, receiver or liquidator of it or any substantial part of its properties and assets has been appointed without its consent or acquiescence.
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Insolvent Partner means a Partner that has experienced an event of insolvency, including (i) filing a petition in bankruptcy, (ii) having a receiver appointed for its affairs, (iii) making a general assignment for the benefit of creditors, or (iv) being unable to carry out its commitments under this Agreement, for primarily financial reasons.
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Related to Insolvent Partner

  • Insolvent pertaining to a condition of Insolvency.

  • Bankrupt Member means any member (a) that (i) makes an assignment for the benefit of creditors; (ii) files a voluntary petition in bankruptcy; (iii) is adjudged a bankrupt or insolvent, or has entered against such Member an order for relief, in any bankruptcy or insolvency proceedings; (iv) files a petition or answer seeking for the Member any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation; (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Member in any proceeding of the type described in subclauses (i) through (iv) of this clause (a); or (vi) seeks, consents to, or acquiesces in the appointment of a trustee, receiver or liquidator of the Member or of all or any substantial part of the Member's properties; or (b) against which, a proceeding seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, law or regulation has been commenced and one hundred twenty (120) days have expired without dismissal thereof or with respect to which, without the Member's consent or acquiescence, a trustee, receiver or liquidator of the Member or of all or any substantial part of the Member's properties has been appointed and ninety (90) days have expired without the appointment having been vacated or stayed, or ninety (90) days have expired after the date of expiration of a stay, if the appointment has not previously been vacated. The foregoing is intended to and shall supersede and replace the events of bankruptcy described in Sections 18-304(a) and (b) of the Act.

  • Bankrupt means with respect to any entity, such entity that (a) files a petition or otherwise commences, authorizes or acquiesces in the commencement of a proceeding or cause of action under any bankruptcy, insolvency, reorganization or similar Law, or has any such petition filed or commenced against it and such case filed against it is not dismissed in ninety (90) days, (b) makes an assignment or any general arrangement for the benefit of creditors, (c) otherwise becomes bankrupt or insolvent (however evidenced), (d) has a liquidator, administrator, receiver, trustee, conservator or similar official appointed with respect to it or any substantial portion of its property or assets, or (e) is generally unable to pay its debts as they fall due.

  • Former Partner means (i) with respect to a Partner that is a trust, a Partner that has ceased to be a Qualified Trust, and has become a Former Partner, pursuant to the terms of Section 1.78; (ii) with respect to a Partner that is an Entity, a Partner that has ceased to be a Qualified Entity, and has become a Former Partner, pursuant to the terms of Section 1.18; (iii) a Partner that has become a Bankrupt Partner and a Former Partner, pursuant to the terms of Section 1.7; (iv) a Partner that has become a Pledgor Partner and a Former Partner, pursuant to the terms of Section 1.74; and (v) a Partner that ceases to be a Participating Stockholder with respect to the Class B Shares of each Company in which the Partnership owns Class B Shares.

  • Insolvent insurer means a member insurer which, after the effective date of this chapter, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency.