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.
Appears in 1 contract
Sources: Renewable Energy Purchase and Sale Agreement (Renegy Holdings, Inc.)
the Defaulting Party. (Ai) makes an a general assignment or any general arrangement for the benefit of its creditors,
; (Bii) files a petition or otherwise commencecommences, authorize authorizes or acquiesce acquiesces in the commencement of a proceeding or cause of action under any bankruptcy or similar law for the protection of creditors, or has such a petition filed against it and such proceeding remains undismissed for petition is not withdrawn or dismissed within sixty (60) days,
days after such filing; (Ciii) otherwise becomes bankrupt insolvent; or insolvent (however evidenced), or
(Div) acknowledges in writing that it is unable to pay its debts as they fall when due.
Appears in 1 contract
Sources: Power Purchase Agreement