Common use of Insolvency Proceeding Clause in Contracts

Insolvency Proceeding. Any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

Insolvency Proceeding. Any The term "Insolvency Proceeding" herein shall mean any proceeding commenced by or against any Person person or entity under any provision of the United States Bankruptcy Code Code, as amended, or under any other state or federal bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoriamoritoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, arrangements or other similar relief.

Insolvency Proceeding. Any “Insolvency Proceeding” means any proceeding commenced by or against any Person person or entity under any provision of the United States Bankruptcy Code Code, as amended, or under any other state or federal bankruptcy or insolvency law, including assignments for the benefit of creditorscreditors under State or Federal law, formal or informal moratoria, compositions, extensions extension generally with its creditors, or proceedings seeking reorganization, arrangement, or other similar relief.