Insolvency Events definition

Insolvency Events has the meaning set forth in Section 3.

Insolvency Events means liquidation, administration, receivership, application for creditor protection, suspension of payments, or other similar insolvency process or proceedings;

Insolvency Events means (in relation to an individual) the Party has deceased, becomes bankrupt or insane, commits an act of bankruptcy; or an action to place the Party in bankruptcy was commenced against the Party; and (in relation to a corporate entity) the Party is unable to pay its debts as and when they are due; an action is commenced to place the Party in insolvency, judicial management, receivership, administrative management, or any similar or other proceedings; any claim, action or proceeding of any nature is commenced against the Party or steps are taken by any person to enforce any security against the Party; or the Party makes any compromise or arrangement with its creditors;

Examples of Insolvency Events in a sentence

• Each Transaction Document to which the Servicer is a party constitutes a legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its respective terms, except as such enforceability may be limited by Insolvency Events and general principles of equity (whether considered in a suit at law or in equity).

• Each Transaction Document to which the Collateral Manager is a party constitutes a legal, valid and binding obligation of the Collateral Manager enforceable against the Collateral Manager in accordance with its respective terms, except as such enforceability may be limited by Insolvency Events and general principles of equity (whether considered in a suit at law or in equity).

• The indemnified parties shall, however, be relieved of their obligation to first obtain a Final Judgment, seek to obtain payment from the Company with respect to such Final Judgment or, having sought such payment, to wait such 45 days after failure by the Company to immediately satisfy any such Final Judgment if any of the Company Insolvency Events shall have occurred.

• The defaulting Party shall be given sixty (60) Days from the receipt of such notice to cure such default; provided, however, that there shall be no cure period for defaults under Section 10.2.1 Bankruptcy or Insolvency Events) and the cure period is limited to five (5) Days for defaults under Section 10.2.2 (Security).

• Guarantors agree that if any of the Obligations are or become void or unenforceable (because of inadequate consideration, lack of capacity, Insolvency Events, or for any other reason), then each of Guarantors' liability under this Guaranty shall continue in full force with respect to all Obligations as if they were and continued to be legally enforceable.

More Definitions of Insolvency Events

Insolvency Events means in relation to any party:

Insolvency Events shall have the meaning set forth in Section 15.1 hereof.

Insolvency Events means, with respect to a person, (i) the institution by or against such person of insolvency, receivership or bankruptcy proceedings or any other proceedings for the settlement of such person’s debts, (ii) upon such person making an assignment for the benefit of creditors, or (iii) upon such person’s dissolution or ceasing to do business.

Insolvency Events any of the following:

Insolvency Events has the meaning given to it in Clause 7.1 (Insolvency Events).

Insolvency Events has the meaning set forth in Section 3 hereto. “Lenders” has the meaning set forth in the recitals hereto.

Insolvency Events. As defined in Section 11.1(c).