Insolvency Event

Insolvency Event. (a) any Credit Party commences any case, proceeding or other action (1) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, -2- ... composition or other relief with respect to it or its debts, or (2) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or any Credit Party making a general assignment for the benefit of its creditors; or (b) there being commenced against any Credit Party any case, proceeding or other action of a nature referred to in clause (a) above which (1) results in the entry of an order for relief or any such adjudication or appointment or (2) remains undismissed, undischarged or unbonded for a period of 60 days; or (c) there being commenced against any Credit Party or any of its subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (d) any Credit Party taking any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (a), (b) or (c) above; or (e) any Credit Party generally not paying, or being unable to pay, or admitting in writing its inability to pay, its debts as they become due. View More

Insolvency Event. Means with respect to any Person either: (a) a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets, or any similar action... with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, dissolution, winding up or composition or adjustment of debts, and such case or proceeding shall continue undismissed, or unstayed and in effect, for a period of 60 consecutive days; or an order for relief in respect of such Person shall be entered in an involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in effect; or 2 (b) such Person shall commence a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for, such Person or for any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or, if a corporation or similar entity, its board of directors or managers shall vote to implement any of the foregoing. View More

Insolvency Event. Means, in relation to the Borrower: (a) any resolution being passed or order being for the winding-up, dissolution, administration, reorganisation or a moratorium is declared in relation to the indebtedness of the Borrower; (b) any composition, compromise, assignment or arrangement is made with any of its creditors; (c) the appointment of any liquidator, receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of the Borrower... or any of the Borrower's assets; (d) the occurrence of any of the events listed in clauses 9.1.6, 9.1.7 or 9.1.8 of the Facility Agreement; or (e) any analogous procedure or step is taken in any jurisdiction. View More

Insolvency Event. In respect of either party (a) passing a resolution for winding up (otherwise than for the purposes of a solvent amalgamation or reconstruction) or a court making an order to that effect or (b) ceasing to carry on its business or substantially the whole of its business or (c) convening a meeting of or making or proposing to make any arrangement or composition with its creditors or (d) if a liquidator, receiver, administrator, administrative receiver, manager, trustee, or similar officer is... appointed over any of the assets of the relevant party. View More

Insolvency Event. When used with respect to any Person, shall mean and include any of the following affecting such Person or the assets of such Person or his estate: bankruptcy; reorganization; insolvency proceeding; receivership; appointment of a trust or 2 conservatorship; foreclosure on or seizure of a material portion of the assets of such Person or his estate; enforcement of any lien, mortgage, collateral assignment or similar agreement or security interest on a... material portion of the assets of such Person or his estate; or any similar proceeding or action affecting such Person or his estate or a material portion of the assets of such Person or his estate. View More

Insolvency Event. Means the institution by Westcor of any proceeding to be adjudicated a bankrupt or insolvent or to be dissolved or wound-up, or the consent of Westcor to the institution of bankruptcy, insolvency, dissolution or winding-up proceedings against it, or the filing of a petition, answer or consent seeking dissolution or winding-up under any bankruptcy, insolvency or analogous laws, including without limitation the Companies' Creditors' Arrangement Act (Canada) and the... Bankruptcy and Insolvency Act (Canada), and the failure by Westcor to contest in good faith any such proceedings commenced in respect of Westcor within 15 days of becoming aware thereof, or the consent by Westcor to the filing of any such petition or to the appointment of a receiver, or the making by Westcor of a general assignment for the benefit of creditors, or the admission in writing by Westcor of its inability to pay its debts generally as they become due, or Westcor not being permitted, pursuant to liquidity or solvency requirements of applicable law, to redeem any Retracted Shares pursuant to Section 3.7(f) of the Exchangeable Share Provisions. View More

Insolvency Event. Means any of the following events: (a) the Pledgor or the Borrower is over-indebted (überschuldet) within the meaning of Section 19 of the German Insolvency Code (Insolvenzordnung), is unable or is expected to be unable to pay his/its debts as they fall due (Zahlungsunfähigkeit or drohende Zahlungsunfähigkeit) within the meaning of Section 17 para. 2 or 18 para. 2 of the German Insolvency Code (Insolvenzordnung), generally discontinues payments to his/its debtors or agrees or declares in... the anticipation of financial difficulties a moratorium or any composition, compromise, arrangement, settlement or standstill agreement with any of his/its creditors; (b) against the assets of the Pledgor or of the Borrower is filed insolvency (Antrag auf Eröffnung eines Insolvenzverfahrens) for any of the reasons set out in Sections 17 to 19 of the German Insolvency Code (Insolvenzordnung) (other than a petition or application which is vexatious or frivolous and which is discharged, stayed or dismissed within fourteen (14) Business Days of application); (c) the Pledgor or the Borrower makes an offer to the affected parties to accept a restructuring plan set out in Section 17 German Corporate Stabilization and Restructuring Act (Unternehmensstabilisierungs- und -restrukturierungsgesetz), puts a restructuring plan to vote in court proceedings (Section 23 German Corporate Stabilization and Restructuring Act), makes use of procedural instruments of the stabilization and restructuring framework set out in Section 29 German Corporate Stabilization and Restructuring Act or notifies a restructuring plan to the competent restructuring court (Section 31 German Corporate Stabilization and Restructuring Act); (d) there are any actions or other steps taken for the solvent or compulsory liquidation or dissolution of the Pledgor or the Borrower; or (e) the occurrence of analogous events or the initiation of similar procedures, measures or steps under the law of any other jurisdiction against the Pledgor or the Borrower. 4 Execution Version View More

Insolvency Event. Means, with respect to any Account Debtor, (a) the commencement of a case, action or proceeding with respect to such Account Debtor before any court or other governmental authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, (b) such Account Debtor is generally not paying its debts when due, or (c) the making or commencement of any general assignment for the benefit of creditors, composition, marshaling of assets... for creditors, or other similar arrangement in respect of the creditors generally or any substantial portion of the creditors of such Account Debtor. View More

Insolvency Event. The bankruptcy or insolvency of the Seller; the filing against the Seller of a petition in bankruptcy; the making of an unauthorized assignment or proposal for the benefit of creditors by the Seller; the appointment of a receiver or trustee for the Seller or for any assets of the Seller; or the institution by or against the Seller of any other type of insolvency proceeding under the Bankruptcy and Insolvency Act (Canada) or otherwise.

Insolvency Event. Means the occurrence of any of the following: (i) the Company makes a general assignment for the benefit of creditors; (ii) an order, judgment or decree is entered adjudicating the Company bankrupt or insolvent; (iii) any order for relief with respect to the Company is entered under the Federal Bankruptcy Code; (iv) the Company petitions or applies to any tribunal for the appointment of a custodian, trustee, receiver or liquidator of the Company or of any substantial part of the assets of the... Company, or commences any proceeding relating to the Company under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction; or (v) any such petition or application is filed, or any such proceeding is commenced, against the Company and not dismissed or stayed within 60 days. View More