NOTIFICATION OF INSOLVENCY. In the event the Vendor enters into a proceeding relating to bankruptcy or an assignment for the benefit of creditors, whether voluntary or involuntary, the Vendor agrees to furnish, by certified mail or other method authorized by the Agreement, written notification of the proceeding to the City. This notification shall be furnished within five (5) days of the initiation of the proceedings relating to bankruptcy filing or transfer of legal and equitable title of assets to a third party under an assignment for the benefit of creditors. This notification shall include the date on which the bankruptcy petition was filed or the transfer consummated, the identity of the court in which the bankruptcy petition was filed or the name of the entity holding Vendor’s assets, and a listing of City contract or purchase order numbers for all City contracts against which final payment has not been made. This obligation remains in effect until final payment of net receipts under this Agreement has been made to the Vendor.
NOTIFICATION OF INSOLVENCY. The Board of Directors and the Chief -------------------------- Executive Officer of the Grantor shall have the duty to inform the Trustee in writing of the Grantor's Insolvency. If a person claiming to be a creditor of the Grantor alleges in writing to the Trustee that the Grantor has become Insolvent, then the Trustee shall determine whether the Grantor is Insolvent and, pending such determination, the Trustee shall discontinue payment of benefits to the Participants. Unless the Trustee has actual knowledge of the Grantor's Insolvency, or has received notice from the Grantor or a person claiming to be a creditor alleging that the Grantor is Insolvent, the Trustee shall have no duty to inquire as to whether the Grantor is Insolvent. The Trustee may in all events rely on such evidence concerning the Grantor's solvency as may be furnished to the Trustee that provides the Trustee with a reasonable basis for making a determination concerning the Grantor's solvency.
NOTIFICATION OF INSOLVENCY. The Company shall advise the Trustee -------------------------- promptly in writing if the Company becomes Insolvent.
NOTIFICATION OF INSOLVENCY. The Insolvent Party shall notify the other Parties immediately in writing for the occurrence of any such event enumerated in subparagraphs (a) through (g) above.
