Definition of Potential Defaulting Purchaser

  1. Potential Defaulting Purchaser means any Purchaser that is directly or indirectly controlled by a Person which has, but which has not itself, commenced a voluntary, or had commenced against it an involuntary, case under the Bankruptcy Code or any similar bankruptcy laws of its jurisdiction of formation, or a custodian, conservator, receiver or similar official having been appointed for such Person or any substantial part of its assets, or such Person makes a general assignment for the benefit of creditors or having been otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or bankrupt.

Definition of Potential Defaulting Purchaser in Receivables Purchase Agreement

Potential Defaulting Purchaser means any Purchaser that is directly or indirectly controlled by a Person which has, but which has not itself, commenced a voluntary, or had commenced against it an involuntary, case under the Bankruptcy Code or any similar bankruptcy laws of its jurisdiction of formation, or a custodian, conservator, receiver or similar official having been appointed for such Person or any substantial part of its assets, or such Person makes a general assignment for the benefit of creditors or having been otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or bankrupt.