Common use of Insolvency and Rescheduling Clause in Contracts

Insolvency and Rescheduling. The Borrower or the Shareholder or either General Partner or the Charterer or the Charter Guarantor is unable to pay its debts as they fall due, commences negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness or makes a general assignment for the benefit of or a composition with its creditors; or

Insolvency and Rescheduling. The Borrower or the Shareholder or either General Partner or the Initial Charterer or the Charter Guarantor Subsequent Charterer is unable to pay its debts as they fall due, commences negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness or makes a general assignment for the benefit of or a composition with its creditors; or

Insolvency and Rescheduling. The Either Borrower or the Shareholder or either any General Partner or the Charterer or the Charter Guarantor is unable to pay its debts as they fall due, commences negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness or makes a general assignment for the benefit of or a composition with its creditors; or