Insolvency Event

Insolvency Event. Means, in relation to Vanda, any one of the following: (a) Vanda is the subject of voluntary or involuntary bankruptcy proceedings instituted on behalf of or against Vanda (except for involuntary bankruptcy proceedings which are dismissed within one-hundred and twenty (120) days); (b) an administrative receiver, receiver and manager, interim receiver, custodian, sequestrator or similar officer is appointed for substantially all of the assets of Vanda; (c) a resolution to wind up Vanda shall... have been passed other than a resolution for the solvent reconstruction or reorganization of Vanda; or (d) a resolution shall have been passed by Vanda's board of directors to make an application for an administration order or to appoint an administrator for substantially all of the assets of Vanda. View More

Insolvency Event. (a) without a successor, the specified party fails to function as a going concern or to operate in the ordinary course, or (b) other than in the case when the specified party is a debtor-in-possession and continuing to fulfill all its obligations under this Agreement, a receiver or trustee in bankruptcy is appointed for such party or its property, or such party makes a general assignment for the benefit of its creditors, or such party commences, or has commenced against it, proceedings under... any bankruptcy, insolvency or debtor's relief law, in each case which proceedings are not dismissed within ninety (90) days. View More

Insolvency Event. The filing of a petition under any state or federal debtor relief or liquidation statute by or against an Account Debtor.

Insolvency Event. An involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or the Guarantor or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or the Guarantor or... for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered View More

Insolvency Event. Borrower's becoming insolvent, or becoming the subject of any case or proceeding under the United States Bankruptcy Code or any other law relating to the reorganization or restructuring of debt

Insolvency Event. Means, with respect to a Party: (a) the Party files in any court or agency pursuant to any statute or regulation of any state or country, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of the Party or of its assets; (b) if the Party proposes a written agreement of composition or extension of its debts; (c) if the Party is served with an involuntary petition against it, filed in any insolvency proceeding, and... such petition shall not be dismissed within sixty (60) days after the filing thereof; (d) if the Party proposes or is party to any dissolution or liquidation; or (e) if the Party makes an assignment for the benefit of creditors View More

Insolvency Event. In the context of the Purchaser means any of the following events: (i) a receiver, receiver and manager, judicial manager, official manager, trustee, administrator or similar official is appointed, or steps are taken for such appointment, over all or any part of the assets, equipment or undertaking of the Purchaser; (ii) if the Purchaser stops or suspends payments to its creditors generally, is unable to or admits its inability to pay its debts as they fall due, seeks to enter into any... composition or other arrangement with its creditors, is declared or becomes bankrupt or insolvent or enters into liquidation; (iii) a petition is presented, a proceeding is commenced, an order is made or an effective resolution is passed or any other steps are taken by any person for the liquidation, winding up, insolvency, judicial management, administration, reorganisation, reconstruction, dissolution or bankruptcy of the Purchaser, other than for the purpose of a bona fide scheme of solvent amalgamation or reconstruction; or (iv) if any event, process or circumstance analogous or having a substantially similar effect to any of the above, in any applicable jurisdiction, commences or exists. View More

Insolvency Event. 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 any applicable bankruptcy law; (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

Insolvency Event. With respect to a specified obligor, (a) the filing of a decree or order (i) for relief by a court having jurisdiction over such obligor or any substantial part of its property in an involuntary case under any applicable Insolvency Law, or (ii) appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such obligor or for any substantial part of its property, or (iii) ordering the winding-up or liquidation of such obligor's affairs, provided that such... decree or order shall remain unstayed and in effect for a period of 60 consecutive days, (b) the commencement by such obligor of a voluntary case under any applicable Insolvency Law now or hereafter in effect, or the consent by such obligor to the entry of an order for relief in an involuntary case under any such law, (c) the consent by such obligor to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such obligor or for any substantial part of its property, or the making by such obligor of any general assignment for the benefit of creditors, (d) the failure by such obligor generally to pay its debts as such debts become due, or (e) the taking of action by such obligor in furtherance of any of the foregoing View More