Release Event. A “Release Event” will be deemed to occur in the event: Of the institution by or against Company of insolvency, receivership or bankruptcy proceedings or any other proceedings for the settlement of Company’s debts, provided, with respect to involuntary proceedings, that such proceedings are not dismissed within sixty (60) days; Company makes an assignment for the benefit of its creditors; or Company dissolves, liquidates or ceases to do business in the ordinary course.
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Sources: Application and Services Agreement (TNAV Holdings, Inc.), Application and Services Agreement (TNAV Holdings, Inc.)