BANKRUPTCY OR DEATH Clause Samples
The 'Bankruptcy or Death' clause outlines the procedures and consequences that apply if a party to the agreement becomes bankrupt or passes away. Typically, this clause specifies whether the contract is automatically terminated, suspended, or transferred in such events, and may detail the rights of the remaining parties or the estate of the deceased. Its core function is to provide clarity and certainty about the status of the agreement in these unforeseen circumstances, thereby minimizing disputes and ensuring a clear process for handling such significant changes.
BANKRUPTCY OR DEATH. In the event the Tenant is ad udicated a bankrupt or files for bankruptcy protection or makes an assignment for the benefit of creditors or if the Tenant shall die, this Lease, at the sole option of the Landlord/Agent, shall terminate and the Premises shall be surrendered to the Landlord/Agent who hereby reserves the right in any of said events to forthwith re-enter and repossess the Premises, provided that same shall be done under authority of law. The parties hereto agree that the term of this Lease and extension thereof shall cease and terminate upon Tenant’s death at the option of the Landlord/Agent and no interest whatsoever shall pass to Tenant’s heirs, executors, administrators or assigns by Will or intestacy.
BANKRUPTCY OR DEATH. If Guarantor becomes insolvent, fails to pay Guarantor's debts 1'~,erierally as they become due, voluntarily seeks (or consents to or acquiesces in) any benefits of any Debtor Law, or becomes a party to (or is made the subject of) any proceeding under any Debtor Law (other than as a creditor or claimant) that could suspend or otherwise adversely affect the Rights of Administrative Agent or my Lender under this guaranty, then, in any such event, the Guaranteed Debt is automatically (as between that Guarantor, Administrative Agent, and Lenders), a fully matured, due, and payable obligation of Guarantor to Administrative Agent and Lenders (without regard to whether Borrower is then in default under the Credit Agreement or whether any of the Obligation is then due and owing by Borrower), payable in full -- I.E., the estimated amount owing in respect of the contingent claim created under this guaranty -- by Guarantor to Administrative Agent and Lenders upon demand.
BANKRUPTCY OR DEATH. If you take any step, application or proceeding for a voluntary arrangement or bankruptcy or you die:
12.1 Your obligations under this Agreement will remain in full force and effect until such time as they are satisfied in full.
12.2 We may require any outstanding sums to be paid immediately.
12.3 Any Additional Cardholder will cease to be entitled to use the Card.
BANKRUPTCY OR DEATH the presentation of a bankruptcy petition against, or the application for an interim order under Section 253 of the Insolvency ▇▇▇ ▇▇▇▇ in respect of, or in the insolvency or death of, any Relevant Party; or
BANKRUPTCY OR DEATH the presentation of a bankruptcy petition against, or the application for an interim order under Section 253 of the Insolvency ▇▇▇ ▇▇▇▇ in respect of, or in the insolvency or death of, any Relevant Party; or