Define: Insolvent
What does "Insolvent" mean? The meaning differs based on the contract. We found 2 definitions across 2 companies in SEC filings.
Definition 1 (ECOLAB INC., seen in 1 filing)
Insolvent means For purposes of this Plan, an Employer shall be considered Insolvent at such time as it (a) is unable to pay its debts as they mature, or (b) is subject to a pending voluntary or involuntary proceeding as a debtor under the United States Bankruptcy Code.
Source: ECOLAB INC. 10-K
Definition 2 (Arthur J. Gallagher & Co., seen in 1 filing)
Insolvent means either (i) an Employer is unable to pay its debts as they become due, or (ii) the Employer is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
Source: Arthur J. Gallagher & Co. 10-K
Data extracted from 2 SEC EDGAR filings across 2 companies. Source: Material contracts (Exhibit 10) filed under Regulation S-K.
This page presents definitions found in actual SEC filings for informational purposes. The specific definition appropriate for your contract may vary based on jurisdiction, industry, and specific circumstances. Consult with a qualified attorney for legal advice.