Default for Insolvency Sample Clauses

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Default for Insolvency. COUNTY may terminate this Contract for default for insolvency in the event of the occurrence of any of the following:
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Default for Insolvency. COUNTY may terminate this Contract for default for insolvency in the event of the occurrence of any of the following: 19.4.1 CONTRACTOR ceases 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; 19.4.2 The filing of a voluntary petition in bankruptcy; 19.4.3 The appointment of a Receiver or Trustee for CONTRACTOR; 19.4.4 The execution by CONTRACTOR of an assignment for the benefit of creditors.
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Default for Insolvency. COUNTY may terminate this Contract for default for insolvency in the event of the occurrence of any of the following: 25.2.1 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; 25.2.2 The filing of a voluntary petition in bankruptcy; 25.2.3 The appointment of a Receiver or Trustee for CONTRACTOR; 25.2.4 The execution by CONTRACTOR of an assignment for the benefit of creditors.
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Default for Insolvency. Franchisee will be in default if Franchisee becomes insolvent or makes an assignment for the benefit of creditors; if a petition in bankruptcy is filed by Franchisee or if such a petition is filed against and consented to by Franchisee or is not dismissed within thirty (30) days; if Franchisee is adjudicated as bankrupt; if a bill in equity or other proceeding for the appointment of a receiver of Franchisee or other custodian for Franchisee’s business or assets is filed and is consented to by Franchisee or is not dismissed within thirty (30) days; if a receiver or other custodian is appointed, or if proceeding for composition with the creditors under any state or federal law is instituted by or against Franchisee; or if the real or personal property of Franchisee is sold at levy thereupon by any sheriff, marshal, or constable. Each of the foregoing is an “Insolvency Event.”
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Default for Insolvency. 18.1 COUNTY may cancel this Contract f or default in the event of the occurrence of any of the following:
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Default for Insolvency. COUNTY may terminate this Contract for default for insolvency in the event of the occurrence of any of the following: 1) 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 or not insolvent within the meaning of the Federal Bankruptcy Law. Should such a situation occur, CONTRACTOR shall immediately give notice thereof, including all relevant information, as set forth herein, with respect thereto, to COUNTY; 2) The filing of a voluntary petition in bankruptcy, or involuntary bankruptcy proceedings are commenced against CONTRACTOR, and relief from the automatic stay in bankruptcy is obtained by COUNTY; 3) The appointment of a Receiver or Trustee for CONTRACTOR, provided that the Receiver or Trustee shall not have been dismissed within thirty-calendar day's
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Default for Insolvency. 20.01 City, through its Director of the Park, Recreation or Community Services Department or his designee, may immediately terminate this Agreement for default in the event of the occurrence of any of the following: A. The Director or his designee determines that the Operator is insolvent. Operator shall be deemed to be 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 Federal Bankruptcy Law or not. B. The appointment of a Receiver or Trustee for Operator. C. The execution by Operator of an assignment for the benefit of creditors. 20.02 The rights and remedies of City provided in this Section shall not be exclusive and are in addition to any other rights and remedies provided by law or under this Agreement. 20.03 Any discretion vested in the Director or his designee pursuant to the provisions of this Section shall be reasonably exercised.
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Default for Insolvency. 26 COUNTY may cancel this AGREEMENT for default in the event of: 1 A. A-E/PROFESSIONAL's insolvency – A-E/PROFESSIONAL shall be deemed to be 2 insolvent if it has ceased to pay its debts in the ordinary course of business or 3 cannot pay its debts as they become due, whether it has filed for bankruptcy or 4 not, and whether insolvent within the meaning of the Federal Bankruptcy Law or not;
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Default for Insolvency. The County may immediately cancel this contract for default in the event of the occurrence of any of the following: • Insolvency of the Contractor. The Contractor shall be deemed to be 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 he/she has committed an act of bankruptcy or not, and whether insolvent within the meaning of the Federal Bankruptcy Law or not; • The filing of a voluntary petition to have the Contractor declared bankrupt; • The appointment of a Receiver or Trustee for the Contractor or • The Execution by the Contractor of an assignment for the benefit of its creditors. • The rights and remedies of the County provided in this clause shall not be exclusive and are in addition to any other rights and remedies provided by law or under this contract.
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Related to Default for Insolvency

  • Termination for Insolvency The Procuring Entity may at any time terminate the Contract by giving notice to the Supplier if the Supplier becomes bankrupt or otherwise insolvent. In such event, termination will be without compensation to the Supplier, provided that such termination will not prejudice or affect any right of action or remedy that has accrued or will accrue thereafter to the Procuring Entity

  • Bankruptcy or Insolvency (i) If Lessee shall become a debtor in a case filed under Chapter 7 or Chapter 11 of the Bankruptcy Code and Lessee or Lessee's trustee shall fail to elect to assume this Lease within 60 days after the filing of such petition or such additional time as provided by the court, this Lease shall be deemed to have been rejected. Immediately thereupon, Lessor shall be entitled to possession of the Premises without further obligation to Lessee or Lessee's trustee, and this Lease, upon the election of Lessor, shall terminate, but Lessor's right to be compensated for damages (including, without limitation, liquidated damages pursuant to any provision hereof) or the exercise of any other remedies in any such proceeding shall survive, whether or not this Lease shall be terminated. (ii) An assumption of this Lease in accordance with Section 7.02(f)(i) shall not limit Lessor's right to declare an Event of Default hereunder and exercise any and all remedies available to it if, at any time after such assumption, Lessee is liquidated or files or has filed against it a subsequent petition under Chapter 7 or Chapter 11 of the Bankruptcy Code. (iii) When, pursuant to the Bankruptcy Code, Lessee's trustee or the debtor-in-possession shall be obligated to pay reasonable use and occupancy charges for the use of the Premises, such charges shall not be less than the Basic Rent, Additional Rent and other sums payable by Lessee under this Lease. (iv) Neither the whole nor any portion of Lessee's interest in this Lease or its estate in the Premises shall pass to any trustee, receiver, assignee for the benefit of creditors or any other person or entity, by operation of law or otherwise under the laws of any state having jurisdiction of the person or property of Lessee, unless Lessor shall have consented to such transfer. No acceptance by Lessor of rent or any other payments from any such trustee, receiver, assignee, person or other entity shall be deemed to constitute such consent by Lessor nor shall it be deemed a waiver of Lessor's right to terminate this Lease for any transfer of Lessee's interest under this Lease without such consent. (v) In the event of an assignment of Lessee's interests pursuant to this Section, the right of any assignee to extend the Lease Term shall be extinguished.

  • Notice of IRS or TWC Insolvency Grantee will send notice to the SUD email box, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇▇▇.▇▇.▇▇, their insolvency, incapacity or outstanding unpaid obligations to the Internal Revenue Service (IRS) or Texas Workforce Commission (TWC) within five (5) days of the date of becoming aware of such.

  • No Insolvency No insolvency proceeding of any character, including, without limitation, bankruptcy, receivership, reorganization, composition or arrangement with creditors, voluntary or involuntary, affecting the Company or any of its assets or properties, is pending or, to the knowledge of the Company, threatened. The Company has not taken any action in contemplation of, or that would constitute the basis for, the institution of any such insolvency proceedings.

  • Bankruptcy and Insolvency (a) Lessee shall consent to the appointment of or the taking of possession by a receiver, trustee or liquidator of itself or of substantially all of its property, or Lessee shall admit in writing its inability to pay its debts generally as they come due, or does not pay its debts generally as they become due or shall make a general assignment for the benefit of creditors, or Lessee shall file a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization, liquidation or other relief in a case under any bankruptcy Laws or other insolvency Laws (as in effect at such time), or Lessee shall seek relief by voluntary petition, answer or consent, under the provisions of any other bankruptcy or other similar Law providing for the reorganization or winding-up of corporations (as in effect at such time) or Lessee's board of directors shall adopt a resolution authorizing any of the foregoing; or (b) an order, judgment or decree shall be entered by any court of competent jurisdiction appointing, without the consent of Lessee, a receiver, trustee or liquidator of Lessee or of substantially all of its property, or substantially all of the property of Lessee shall be sequestered, and any such order, judgment or decree of appointment or sequestration shall remain in force undismissed, unstayed and unvacated for a period of 90 days after the date of entry thereof; or (c) a petition against Lessee in a case under any bankruptcy Laws or other insolvency Laws (as in effect at such time) is filed and not withdrawn or dismissed within 90 days thereafter, or if, under the provisions of any Law providing for reorganization or winding-up of corporations which may apply to Lessee, any court of competent jurisdiction assumes jurisdiction, custody or control of Lessee or of substantially all of its property and such jurisdiction, custody or control remains in force unrelinquished, unstayed and unterminated for a period of 90 days.