Common use of Notification of Events Clause in Contracts

Notification of Events. Vendor shall notify the Department in writing if any of the following has been engaged in by or occurred with respect to Vendor or any corporation, shareholder or entity having or owning a controlling interest in Vendor: 12.40.1 Vendor files or permits the filing against it of a case or other proceeding seeking liquidation, reorganization, or other relief with respect to itself or its debts under any bankruptcy, insolvency, or other similar law now or hereafter in effect; or filing an answer admitting the material allegations of a petition filed against it in any involuntary case or other proceeding commenced against it seeking liquidation, reorganization, or other relief under any bankruptcy, insolvency, or other similar law now or hereafter in effect with respect to it or its debts; or consenting to any such relief or to the appointment of or taking possession by any such official in any voluntary case or other proceeding commenced against it seeking liquidation, reorganization or other relief under any bankruptcy, insolvency, or other similar law now or hereafter in effect with respect to it or its debts; or 12.40.2 Seeking or suffering the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its assets; or 12.40.3 Making an assignment for the benefit of creditors; or 12.40.4 Failing, being unable, or admitting in writing the inability generally to pay its debts or obligations as they become due or failing to maintain a positive net worth and such additional capital and liquidity as is reasonably adequate or necessary in connection with Vendor’s performance of its obligations under this Agreement; or 12.40.5 An order is entered approving an involuntary petition to reorganize the business of Vendor for all or part of its property; or 12.40.6 If a writ or warrant of attachment, execution, distraint, levy, possession or any similar process that may materially affect the operation of Vendor is issued by any court or administrative agency against all or any material portion of Vendor’s property; or 12.40.7 Taking any action to authorize any of the foregoing.

Notification of Events. Vendor Contractor shall notify the Department in writing if any of the following has been engaged in by or occurred with respect to Vendor Contractor or any corporation, shareholder or entity having or owning a controlling interest in VendorContractor: 12.40.1 Vendor 12.41.1 Contractor files or permits the filing against it of a case or other proceeding seeking liquidation, reorganization, or other relief with respect to itself or its debts under any bankruptcy, insolvency, or other similar law now or hereafter in effect; or filing an answer admitting the material allegations of a petition filed against it in any involuntary case or other proceeding commenced against it seeking liquidation, reorganization, or other relief under any bankruptcy, insolvency, or other similar law now or hereafter in effect with respect to it or its debts; or consenting to any such relief or to the appointment of or taking possession by any such official in any voluntary case or other proceeding commenced against it seeking liquidation, reorganization or other relief under any bankruptcy, insolvency, or other similar law now or hereafter in effect with respect to it or its debts; or 12.40.2 12.41.2 Seeking or suffering the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its assets; or 12.40.3 12.41.3 Making an assignment for the benefit of creditors; or 12.40.4 12.41.4 Failing, being unable, or admitting in writing the inability generally to pay its debts or obligations as they become due or failing to maintain a positive net worth and such additional capital and liquidity as is reasonably adequate or necessary in connection with VendorContractor’s performance of its obligations under this Agreement; or 12.40.5 12.41.5 An order is entered approving an involuntary petition to reorganize the business of Vendor Contractor for all or part of its property; or 12.40.6 12.41.6 If a writ or warrant of attachment, execution, distraint, levy, possession or any similar process that may materially affect the operation of Vendor Contractor is issued by any court or administrative agency Department against all or any material portion of VendorContractor’s property; or 12.40.7 12.41.7 Taking any action to authorize any of the foregoing.

Notification of Events. Vendor shall notify the Department in writing if any of the following has been engaged in by or occurred with respect to Vendor or any corporation, shareholder or entity having or owning a controlling interest in Vendor: 12.40.1 Vendor files or permits the filing against it of a case or other proceeding seeking liquidation, reorganization, or other relief with respect to itself or its debts under any bankruptcy, insolvency, or other similar law now or hereafter in effect; or filing an answer admitting the material allegations of a petition filed against it in any involuntary case or other proceeding commenced against it seeking liquidation, reorganization, or other relief under any bankruptcy, insolvency, or other similar law now or hereafter in effect with respect to it or its debts; or consenting to any such relief or to the appointment of or taking possession by any such official in any voluntary case or other proceeding commenced against it seeking liquidation, reorganization or other relief under any bankruptcy, insolvency, or other similar law now or hereafter in effect with respect to it or its debts; or 12.40.2 Seeking or suffering the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its assets; or 12.40.3 Making an assignment for the benefit of creditors; or 12.40.4 Failing, being unable, or admitting in writing the inability generally to pay its debts or obligations as they become due or failing to maintain a positive net worth and such additional capital and liquidity as is reasonably adequate or necessary in connection with Vendor’s performance of its obligations under this Agreement; or 12.40.5 An order is entered approving an involuntary petition to reorganize the business of Vendor for all or part of its property; or 12.40.6 If a writ or warrant of attachment, execution, distraint, levy, possession or any similar process that may materially affect the operation of Vendor is issued by any court or administrative agency against all or any material portion of Vendor’s property; or 12.40.7 Taking any action to authorize any of the foregoing; or 12.40.8 Vendor or any affiliate or subcontractor of Vendor has experienced a breach in security, unauthorized access to data or any computer network, system, server, data center or hardware operated by or on behalf of Vendor (or any affiliate or subcontractor of Vendor), or any other event or incident that affects Vendor, its customers, or any customer data.

Notification of Events. Vendor Contractor shall notify the Department in writing if any of the following has been engaged in by or occurred with respect to Vendor Contractor or any corporation, shareholder or entity having or owning a controlling interest in VendorContractor: 12.40.1 Vendor Contractor files or permits the filing against it of a case or other proceeding seeking liquidation, reorganization, or other relief with respect to itself or its debts under any bankruptcy, insolvency, or other similar law now or hereafter in effect; or filing an answer admitting the material allegations of a petition filed against it in any involuntary case or other proceeding commenced against it seeking liquidation, reorganization, or other relief under any bankruptcy, insolvency, or other similar law now or hereafter in effect with respect to it or its debts; or consenting to any such relief or to the appointment of or taking possession by any such official in any voluntary case or other proceeding commenced against it seeking liquidation, reorganization or other relief under any bankruptcy, insolvency, or other similar law now or hereafter in effect with respect to it or its debts; or 12.40.2 Seeking or suffering the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its assets; or 12.40.3 Making an assignment for the benefit of creditors; or 12.40.4 Failing, being unable, or admitting in writing the inability generally to pay its debts or obligations as they become due or failing to maintain a positive net worth and such additional capital and liquidity as is reasonably adequate or necessary in connection with VendorContractor’s performance of its obligations under this Agreement; or 12.40.5 An order is entered approving an involuntary petition to reorganize the business of Vendor Contractor for all or part of its property; or 12.40.6 If a writ or warrant of attachment, execution, distraint, levy, possession or any similar process that may materially affect the operation of Vendor Contractor is issued by any court or administrative agency Department against all or any material portion of VendorContractor’s property; or 12.40.7 Taking any action to authorize any of the foregoing.