Business Rescue. The Customer agrees that in the event that the Customer is placed under business rescue in terms of Chapter 6 of the Companies Act 2008, the conclusion of any compromise of the debt under such approved business rescue plan will not reduce the liability of any person or entity that has signed surety for the debts due by the Customer to Bosun and such surety shall remain liable for the full amount of the debt that was due before such compromise, not-withstanding that it is acknowledged, agreed and understood by the Customer that the surety may be entitled to have recourse against the Customer for amounts paid by the surety to Bosun pursuant to such suretyship.
Business Rescue. The Customer agrees that in the event that the Customer is placed under business rescue in terms of Chapter 6 of the Companies Act 2008, the conclusion of any compromise of the debt under such approved business rescue plan will not reduce the liability of any person or entity that has signed surety for the debts due by the Customer to SmartStone and such surety shall remain liable for the full amount of the debt that was due before such compromise, notwithstanding that it is acknowledged, agreed and understood by the Customer that the surety may be entitled to have recourse against the Customer for amounts paid by the surety to SmartStone pursuant to such suretyship.
Business Rescue. 24.1 If Supplier is a company incorporated in South Africa, it shall notify Canon, in writing, telephonically, and by e-mail, within 2 days of the occurrence of the following events: (i) when the board of Supplier becomes aware that it is Financially Distressed; (ii) when the board of Supplier contemplates, considers, discusses or agrees to any Business Rescue of Supplier or proposes to do any of the things referred to in this Clause 24; or (iii) when Supplier becomes aware of any person proposing to take, or taking, any step to apply to court for the Business Rescue of Supplier.
Business Rescue. 13.1. In the event that:
Business Rescue neither the board of directors of the Borrower, nor of any of its Subsidiaries has resolved to commence business rescue proceedings, nor has any such board or any of its agents, officers or employees taken any other steps contemplated under the Companies Act in anticipation of business rescue proceedings, in respect of itself or any of its Subsidiaries.
Business Rescue no person has applied to court for an order commencing business rescue proceedings in respect of the Borrower or any of its Subsidiaries.
Business Rescue no corporate action, legal proceedings or similar procedure or steps have been taken nor do any circumstances exist which are likely to give rise to steps being taken in respect of the Borrower or any of its Subsidiaries relating to the appointment of a business rescue practitioner or similar officer of it of any of its Assets, nor has anything analogous to any of the foregoing occurred in any applicable jurisdiction.
Business Rescue. In the event that the Debtor is placed under business rescue in terms of Chapter 6 of the Companies Act 2008, the conclusion of any compromise of the debt under such approved business rescue plan will not reduce the liability of any person that is bound as a surety for the obligations owed by the Debtor to the Creditor. Any such surety shall remain liable for the full amount of the debt that was due before such compromise. Signed at on 20 - - - Signed for the Debtor: Witness Full Name: Witness Signature: Signed at on 20 xxx Signed for the Creditor: Witness Full Name:
