Common use of Removal of Assignment Documents by Incumbent Clause in Contracts

Removal of Assignment Documents by Incumbent. Pursuant to the escrow arrangement described in SECTION 8.6.1 above, Incumbent shall have the right to remove the Assignment Documents from escrow upon the first to occur of the following events: (i) in the event PathNet becomes insolvent, is unable to pay its debts as they mature, makes assignment for the benefit of its creditors and/or in the event any case or proceeding is commenced by or against PathNet under Title 11 of the Unites States Code, as amended, or under any other state or federal statute for the relief of debtors, (ii) the Expiration Date or (iii) PathNet defaulting under its financing arrangement with its vendor and receipt by Incumbent of written notice from vendor stating its intention to waive its right to operate the System for the purpose of generating Revenue from the sale of Excess Capacity.