Bankruptcy

Bankruptcy. Shall mean (i) the filing of a voluntary petition under any bankruptcy or insolvency law, or a petition for the appointment of a receiver or the making of an assignment for the benefit of creditors, with respect to the Optionee or any Permitted Transferee, or (ii) the Optionee or any Permitted Transferee being subjected involuntarily to such a petition or assignment or to an attachment or other legal or equitable interest with respect to the Optionee's or such Permitted Transferee's assets,... which involuntary petition or assignment or attachment is not discharged within 60 days after its date, and (iii) the Optionee or any Permitted Transferee being subject to a transfer of the Stock Option or the Issued Shares by operation of law (including by divorce, even if not insolvent), except by reason of death. View More

Bankruptcy. Shall mean, with respect to any Person, (i) such Person (a) admits in writing its inability to pay its debts as they come due, (b) makes an assignment for the benefit of, or any composition or arrangement with, its creditors, or (c) a trustee, receiver, liquidator or other custodian is appointed for itself, its business or all or a substantial part of its property, (ii) any case or proceeding under any bankruptcy, insolvency or similar law of any applicable jurisdiction, or any... dissolution, winding up or liquidation case or proceeding shall be commenced in respect of such Person, or (iii) such Person takes any action to authorize, or in furtherance of, any of the events described in clauses (i) or (ii) above. View More

Bankruptcy. With respect to any Person, (a) the filing by such Person of a voluntary petition seeking liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code or any other federal, state or foreign insolvency law, or such Person's filing an answer consenting to or acquiescing in any such petition, (b) the making by such Person of any assignment for the benefit of its creditors, (c) the expiration of sixty (60) days after the filing of an... involuntary petition under Title 11 of the Unites States Code, an application for the appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of its debts under any other federal, state or foreign insolvency law, provided that the same shall not have been vacated, set aside or stayed within such 60-day period, (d) the entry against it of a final and non-appealable order for relief under any bankruptcy, insolvency or similar law now or hereinafter in effect, (e) the attachment or other judicial seizure of all or substantially all of its assets, which remains pending, (f) its acknowledgement in writing of its inability to pay its debts as they come due, (g) its entry into an offer of settlement, extension or composition to its creditors generally, (h) its taking any action for the purpose of effecting any of the foregoing, or (i) a determination by the Board, in its reasonable discretion, that such Person is bankrupt, insolvent or otherwise unable to pay its debts as they come due. View More

Bankruptcy. Means: (A) that such entity (1) files in any court pursuant to any statute of the U.S., including but not limited to 11 U.S.C. § 101 et seq., or of any state, a voluntary petition in bankruptcy or insolvency, (2) files a petition or other pleading seeking for such entity a reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any applicable law or the appointment of a receiver or a trustee of all or a material portion of such entity's assets,... (3) makes a general assignment for the benefit of creditors, (4) becomes the subject of an order for relief or is declared insolvent in any federal or state bankruptcy or insolvency proceeding, (5) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such entity in a proceeding of the type described in subclauses (1) through (4) of this clause (A), (6) admits in writing its inability to pay its debts as they fall due, or (7) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of any material portion of its assets; or (B) an involuntary petition in bankruptcy or insolvency, or a proceeding seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any applicable law has been commenced against or has been threatened in writing against such entity, or (C) that such entity's governing body has taken any action to authorize any Bankruptcy. View More

Bankruptcy. Means, with respect to the applicable Person, that such Person shall have (1) made an assignment for the benefit of creditors; (2) filed a voluntary petition in bankruptcy; (3) been adjudicated bankrupt or insolvent; (4) filed a petition or answer seeking for himself or itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation; (5) filed an answer or other pleading admitting or failing to contest the... material allegations of a petition filed against him or it in any proceeding set forth in (4) above; or (6) sought, consented to, or acquiesced in the appointment of a trustee, receiver, or liquidator of all or any substantial part of his or its properties; or if 180 days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law, or regulation, the proceeding has not been dismissed, or if within 150 days after the appointment without his or its consent or acquiescence of a trustee, receiver, or liquidator of the Person or all or any substantial part of his or its properties, the appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, the appointment is not vacated. View More

Bankruptcy. With respect to a Person shall mean the filing by such Person of a voluntary petition, or by a third party with respect to such Person, requesting liquidation, dissolution, reorganization, suspension, rearrangement or re-adjustment, in any form, of its debts under the laws of the United States (or corresponding provisions of future laws), the laws of the Licensed Territory, or any other bankruptcy or insolvency law, or such Person's consenting to or acquiescing in... any such petition, the making by such Person of any assignment for the benefit of its creditors or the admission by such Person in writing of its inability to pay its debts as they mature, an application for the appointment of a receiver for the assets of such Person, or an involuntary petition seeking liquidation, dissolution, reorganization, suspension, rearrangement or readjustment of its debts or similar relief under any bankruptcy or insolvency law. View More

Bankruptcy. Means, with respect to any Person, the happening of any of the following: the filing of an application by such Person for, or consent to, the appointment of a trustee over all or substantially all of its assets; the filing by such Person of a voluntary petition in bankruptcy or the filing of a pleading in any court of record admitting in writing its liability to pay its debts as they come due; the making by such Person of a general ... assignment for the benefit of creditors; the filing by such Person of an answer admitting the material allegations of, or its consenting to, or defaulting in answering, a bankruptcy petition filed against it in any bankruptcy proceedings; or the entry of an order, judgment, or decree by any such court of competent jurisdiction adjudicating such Person bankrupt or appointing a trustee over its assets, and such order, judgment, or decree continuing unstayed and in effect for a period of 60 consecutive days. 1 View More

Bankruptcy. Means, as to the Debtor, the occurrence of any of the following: (a) the making by such Person of a general assignment for the benefit of creditors; (b) the filing by such Person of a voluntary petition in bankruptcy; (c) the adjudication of such Person as bankrupt or insolvent, or the entry of an order, judgment or decree by any court of competent jurisdiction, granting relief against such Person in any bankruptcy or insolvency proceeding; (d) the... filing by such Person of a petition or answer seeking for such Person any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation; (e) the filing by such Person of an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such Person in any proceeding for reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar proceeding under any statute, law or regulation; 2 (f) the valid appointment, with the consent of such Person, of a receiver, trustee or liquidator to administer all or a substantial portion of such Person's assets or, in the case of the Debtor, the Ownership Interest; or (g) the valid appointment, without the consent of such Person, of a receiver, trustee or liquidator to administer all or a substantial portion of such Person's assets or, in the case of the Debtor, the Ownership Interest, if such appointment is not vacated or stayed within 90 days after such appointment or, if stayed, such appointment is not vacated within 90 days after such stay. View More

Bankruptcy. The Mortgagor under a Mortgage Loan has sought protection under or is subject to continuing proceedings under the bankruptcy or insolvency laws of the United States or any other similar laws of general application for the relief of debtors.

Bankruptcy. Means, with respect to any Person, (i) the filing of an application by the Person for, or a consent to, the appointment of a trustee of the Person's assets; (ii) the filing by the Person of a voluntary petition in bankruptcy or the filing of a pleading in any court of record admitting in writing the Person's inability to pay debts as they come due; (iii) a general assignment by such Person for the benefit of creditors; (iv) the filing by the Person of an answer admitting the material... allegations of, or the Person's consenting to, or defaulting in answering a bankruptcy petition filed against the Person in any bankruptcy proceeding; or (v) the entry of an order, judgment or decree by any court of competent jurisdiction adjudicating the Person bankrupt or appointing a trustee, custodian, receiver or liquidator of such Person's assets, which order, judgment or decree continues unstayed and in effect for any period of sixty (60) days. View More