the Defaulting Party Sample Clauses
The "Defaulting Party" clause defines which party in a contract is considered to be in default, typically due to failing to fulfill a material obligation or breaching a key term of the agreement. In practice, this clause outlines the specific actions or omissions that constitute a default, such as non-payment, failure to deliver goods or services, or insolvency events. By clearly identifying the defaulting party, the clause enables the non-defaulting party to exercise certain rights or remedies, such as terminating the contract or seeking damages, thereby allocating risk and providing a structured response to breaches.
the Defaulting Party. (A) makes an assignment or any general arrangement for the benefit of creditors,
(B) files a petition or otherwise commence, authorize or acquiesce in the commencement of a proceeding or cause under any bankruptcy or similar law for the protection of creditors, or has such petition filed against it and such proceeding remains undismissed for sixty (60) days,
(C) otherwise becomes bankrupt or insolvent (however evidenced), or
(D) acknowledges in writing that it is unable to pay its debts as they fall due.
the Defaulting Party. (i) makes a general assignment for the benefit of creditors;
(ii) files a petition or otherwise commences, authorizes or consents to the commencement of a proceeding, or cause of action, under any bankruptcy, insolvency, reorganization or similar law for the protection of creditors, or has such a petition filed against it;
(iii) is found by a court of competent jurisdiction not to be generally paying its debts as such debts become due, or to be bankrupt;
(iv) otherwise becomes bankrupt or insolvent (however evidenced);
(v) has a liquidator, administrator, receiver, trustee, conservator or similar official appointed with respect to it or any substantial portion of its property or assets, or
(vi) is unable to pay its debts generally as they become due.
the Defaulting Party. (a) subject to Clause 6.4, is unable to pay its debts (within the meaning of section 123(1) or (2) of the Insolvency ▇▇▇ ▇▇▇▇ or Article 103(1) and (2) of the Insolvency (Northern Ireland) Order) 1989) or if any voluntary agreement is proposed in relation to it under section 1 of that Act or Article 14 of that Order or it enters into any scheme of arrangement (other than for the purpose of reconstruction or amalgamation upon terms and within such period as may previously have been approved in writing by the First Party);
(b) has a receiver (which expression includes an administrative receiver within the meaning of section 29 of the Insolvency ▇▇▇ ▇▇▇▇ and an administrative receiver within the meaning of Article 5(1) of the Insolvency (Northern Ireland) Order 1989) of the whole or any material part of its assets or undertaking appointed provided that, notwithstanding the above, this provision shall not apply if a receiver has been appointed over all or substantially all of the Defaulting Party’s assets for so long as such receiver is honouring such Party’s obligations under this Agreement ;
(c) has an administration order under section 8 of the Insolvency ▇▇▇ ▇▇▇▇ or Article 21 of the Insolvency (Northern Ireland) Order 1989 made in relation to it;
(d) passes any resolution for winding-up;
(e) becomes subject to an order by the High Court for winding-up; or
(f) anything analogous to, or having a substantially similar effect to, any of the circumstances listed in paragraphs (a) to (e) above occurs in relation to that party in any jurisdiction.