Supplier Insolvency definition

Supplier Insolvency means (i) the failure of Supplier to pay its debts to creditors when and as due (ii) under circumstances in which one or more of such creditors have refused to modify, amend, waive or delay the exercise of their rights to obtain strict compliance with such obligations and (iii) such failure and refusal could reasonably be expected to have a material adverse effect on the ability of Supplier to continue to operate its business without the protection of federal or state laws governing the rights of creditors. Supplier Insolvency is not a breach of this Agreement and shall not be a cause for termination thereof.
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Examples of Supplier Insolvency in a sentence

  • If a Supplier Insolvency Event occurs, CCS is entitled to suspend or terminate this Framework Agreement.

  • CCS may choose to suspend or terminate this Framework Agreement at its entire discretion: ● if a Supplier Insolvency Event occurs or ● if the Supplier has breached Clause 2.8 or ● if at least 3 MI Failures occur within a 6­month rolling period ● if the Supplier has tried to renegotiate any terms following award of a Call­Off Contract.

  • Any dispute regarding the occurrence of the Supplier Insolvency, an Insolvency Release and/or Splint's right to gain access to the Technology pursuant to this Section 20.6 shall be resolved by arbitration in accordance with Schedule 20.3.

  • However, if the Supplier Insolvency persists for more than 90 days following the Insolvency Release, then Sprint's right to use the Escrow Technology and Non-Escrow Technology under the license of Section 20.1 shall become perpetual.

  • Immediately upon the occurrence of a Supplier Insolvency, Supplier shall promptly give notice to Sprint that the Supplier Insolvency exists.