Insolvency of Contractor. Contractor shall be deemed to be insolvent if it has ceased to pay its debts for at least sixty (60) days in the ordinary course of business or cannot pay its debts as they become due, whether or not a petition has been filed under the Federal Bankruptcy Code and whether or not Contractor is insolvent within the meaning of the Federal Bankruptcy Code;
Insolvency of Contractor. CONTRACTOR shall be deemed insolvent if it has ceased to pay its debts in the ordinary course of business or cannot pay its debts as they become due, whether it has filed for bankruptcy or not, and whether insolvent within the meaning of the Federal Bankruptcy Law or not;
Insolvency of Contractor. Contractor shall be deemed insolvent if it has ceased to pay its debts in the ordinary course of business or cannot pay its debts as they become due whether it has committed an act of bankruptcy or not, and whether insolvent within the meaning of the Federal Bankruptcy Law or not;
Insolvency of Contractor. It is recognized that if the Contractor is adjudged a bankrupt, makes a general assignment for the benefit of creditors, or if a receiver is appointed for the benefit of creditors on account of the Contractor's insolvency, such circumstance could impair or frustrate the Contractor's performance of this Contract. Accordingly, the parties to this Contract agree that upon the occurrence of any such event, the City shall be entitled to request of the Contractor or its successor in interest adequate assurances of future performance in accordance with the terms and conditions of the Contract Documents and the Contractor shall have seven (7) business days to provide such assurances. The Contractor's failure to comply with such request shall entitle the City to terminate this Contract immediately and to the accompanying rights thereunder.
Insolvency of Contractor. Contractor shall be deemed to be insolvent if it has ceased to pay or has admitted in writing its inability to pay its debts for at least sixty (60) days in the ordinary course of business or cannot pay its debts as they become due, whether or not a petition has been filed under the United States Bankruptcy Code and whether or not Contractor is insolvent within the meaning of the United States Bankruptcy Code, provided that Contractor shall not be deemed insolvent if it has ceased in the normal course of business to pay its debts which are disputed in good faith and which are not related to this Agreement as determined by County;
Insolvency of Contractor. The County may terminate the Agreement, in whole or in part, by written notice to Contractor and may regard Contractor in default of the Agreement if Contractor becomes: insolvent; makes a general assignment for the benefit of creditors; files a voluntary petition of bankruptcy; suffers or permits the appointment of a receiver for its business or assets; becomes subject to any proceeding under any bankruptcy or insolvency law, whether domestic or foreign; or has wound up or liquidated, voluntarily or otherwise.
Insolvency of Contractor. 8.5 .1 If the Contractor is Insolvent, the Employer may at any time by notice to the Contractor terminate the Contractor’s employment under this Contract.
Insolvency of Contractor. If the Contractor or any sub-contractor becomes insolvent or bankrupt; has a receiver or manager appointed; has a mortgagee or other creditor take possession or control of the Contractor's business; is subject to involuntary winding up proceedings; or if its creditors convene a meeting to consider placing its business and assets under external control, ASP may at its sole option either:
Insolvency of Contractor. 8.5.3 – after the word “Contractor”, insert the words “or Group Company”. After the word “Insolvent”, insert the words “or the Employer otherwise terminates the Contractor’s employment pursuant to clause 8.5.1”.
