Insolvency Event means Sample Clauses
The "Insolvency Event means" clause defines the specific circumstances under which a party is considered insolvent for the purposes of the agreement. Typically, this includes situations such as the appointment of a liquidator, the commencement of bankruptcy proceedings, or the inability to pay debts as they fall due. By clearly outlining what constitutes an insolvency event, the clause ensures that both parties understand when certain contractual rights or remedies—such as termination or suspension of obligations—may be triggered, thereby reducing ambiguity and allocating risk in the event of financial distress.
Insolvency Event means a party enters into any arrangement between itself and its creditors;
Insolvency Event means a "controller" (as defined in section 9 of the Corporations Act), administrator or similar officer is appointed in respect of a person or any asset of a person;
Insolvency Event means bankruptcy proceedings are commenced against either party, or either party is declared bankrupt;
Insolvency Event means a receiver, manager, trustee, administrator, controller or similar external administrator is appointed over any of the assets or undertakings of the Client;
Insolvency Event means. The making of an order, the passing of a resolution or the calling of a meeting to consider Your winding up, dissolution or bankruptcy;
Insolvency Event means the person or entity disposes of all or substantially all its assets, operations or business (other than a voluntary liquidation for the purpose of amalgamation or reconstruction if the new company assumes all the person’s legal obligations); • any formal arrangement between the person or entity and its creditors; • the person or entity ceases to be able to pay its debts as they become due; • the person or entity ceases to carry on business; • any step is taken by a mortgagee to enter possession or dispose of the whole or any part of the person’s assets or business; or • any step is taken to appoint an administrator, a receiver and manager, a trustee in bankruptcy, a liquidator, a provisional liquidator or other like person of the whole or any part of the person’s assets or business.