The Practice Manager's Guide to Buying a Practice - McMasters ...

(a)(b)reserved in, or over any interest in, any asset; orcreated or otherwise arising in, or over any interest in, any asset under a bill of sale,mortgage, charge, lien, pledge, trust or power,by way of security for the payment of any monetary obligation, or the performance of anyother obligations and whether existing or agreed to be granted or created;Insolvency Event means the happening of any of the following events:(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)(k)an application is made to a court for an order or an order is made that a bodycorporate be wound up;an application is made to a court for an order appointing a liquidator or provisionalliquidator in respect of a body corporate or one of them is appointed whether or notunder an order;a receiver, receiver and manager or controller is appointed in respect of any part ofthe property of a body corporate.an administrator is appointed to a body corporate the Corporations Law;a body corporate enters into, or resolves to enter into a deed of companyarrangement, a scheme or arrangement or composition with, or assignment for thebenefit of all or any class of its creditors, or it proposes a reorganization,moratorium or other administration involving any of them;a body corporate resolves to wind itself up, or otherwise dissolve itself, or givesnotice of intention to do so;a body corporate is or its directors state that it is unable to pay its debts as andwhen they become due and payable;a body corporate is presumed to be insolvent under the Corporations Law;a judgment is entered against a body corporate for a sum in excess of $20,000 andremains unsatisfied or un-appealed for a period of 15 days;a person becomes insolvent under administration under the Corporations Law oraction is taken which could result in such an event; oranything having a substantially similar effect to any of the events specified abovehappen under any law of any applicable jurisdiction;Other Adjustments has the meaning given to this term in the Schedule;Parties means the Vendor and the Purchaser;33