Cash Deposit on Insolvency Event Sample Clauses

Cash Deposit on Insolvency Event. If an Insolvency Event occurs in relation to the Trader: (a) the Trader will not be entitled to a return of the Cash Deposit, other than as set out in clause 10.26(f); and (b) if the Trader fails or has failed to pay an amount owing under this Agreement, full beneficial ownership of that amount (plus Default Interest) of the Cash Deposit (or if the Cash Deposit is less than the amount owing, the full amount of the Cash Deposit) will automatically transfer solely to the Distributor and the Distributor will be entitled to draw down that amount (plus Default Interest), on 2 Working Days' notice to the Trader.
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Cash Deposit on Insolvency Event. If an Insolvency Event occurs in relation to the Retailer: (a) the Retailer will not be entitled to a return of the Cash Deposit, other than as set out in 12.24(f); and (b) if the Retailer fails or has failed to pay an amount owing under this agreement, full beneficial ownership of that amount (plus Default Interest) of the Cash Deposit (or if the Cash Deposit is less than the amount owing, the full amount of the Cash Deposit) will automatically transfer solely to the Distributor and the Distributor will be entitled to draw down that amount (plus Default Interest), on 2 Working Days' notice to the Retailer.
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Cash Deposit on Insolvency Event. If an Insolvency Event occurs in relation to the Network User: (a) the Network User will not be entitled to a return of the Cash Deposit; and (b) if the Network User fails or has failed to pay an amount owing under this agreement, full beneficial ownership of that amount (plus Default Interest) of the Cash Deposit (or if the Cash Deposit is less than the amount owing, the full amount of the Cash Deposit) will automatically transfer solely to the Distributor and the Distributor will be entitled to draw down that amount (plus Default Interest), on two Working Days’ notice to the Network User.
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Cash Deposit on Insolvency Event. If an Insolvency Event occurs in relation to the Retailer: the Retailer will not be entitled to a return of the Cash Deposit, other than as set out in 12.24(f); and if the Retailer fails or has failed to pay an amount owing under this agreement, full beneficial ownership of that amount (plus Default Interest) of the Cash Deposit (or if the Cash Deposit is less than the amount owing, the full amount of the Cash Deposit) will automatically transfer solely to the Distributor and the Distributor will be entitled to draw down that amount (plus Default Interest), on 2 Working Days' notice to the Retailer. Reduction of third party security: If the Distributor decreases the value of third party security required in accordance with this agreement, the Retailer may arrange for the issuing of new third party security for the lesser value, in satisfaction of clause 12.1(b)(ii), which will replace the earlier third party security. When the Distributor may make a call on security: The Distributor may make a call on security in accordance with clause 12.21 if: the Retailer has provided acceptable security in accordance with clause 12.1(b); the Retailer fails to pay an amount due under this agreement; and the amount is not subject to a genuine dispute.
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Cash Deposit on Insolvency Event. If an Insolvency Event occurs in relation to the Retailer: (a) the Retailer will not be entitled to a return of the Cash Deposit; and (b) if the Retailer fails or has failed to pay an amount owing under this agreement, full beneficial ownership of that amount (plus Default Interest) of the Cash Deposit (or if the Cash Deposit is less than the amount owing, the full amount of the Cash Deposit) will automatically transfer solely to the Distributor and the Distributor will be entitled to draw down that
Sample 1
Cash Deposit on Insolvency Event. If an Insolvency Event occurs in relation to the Retailer: the Retailer will not be entitled to a return of the Cash Deposit, other than as set out in clause 12.24(f); and if the Retailer fails or has failed to pay an amount owing under this agreement, full beneficial ownership of that amount (plus Default Interest) of the Cash Deposit (or if the Cash Deposit is less than the amount owing, the full amount of the Cash Deposit) will automatically transfer solely to the Distributor and the Distributor will be entitled to draw down that amount (plus Default Interest), on 2 Working Days’ notice to the Retailer. Reduction of third party security: If the Distributor decreases the value of third party security required in accordance with this agreement, the Retailer may arrange for the issuing of new third party security for the lesser value, in satisfaction of clause 12.1(b)(ii), which will replace the earlier third party security. When the Distributor may make a call on security: The Distributor may make a call on security in accordance with clause 12.21 if: the Retailer has provided acceptable security in accordance with clause 12.1(b); the Retailer fails to pay an amount due under this agreement; and the amount is not subject to a genuine dispute. Calls on security: If this clause 12.21 applies in accordance with clause 12.20, the Distributor may, on 2 Working Days’ notice to the Retailer (or immediately in the case of deemed Cash Deposit under clause 12.23), call on the security as follows: if the Retailer provided a Cash Deposit (which includes a deemed Cash Deposit), the Distributor may draw down and apply the amount owed (including Default Interest) from the Cash Deposit and full beneficial ownership of that amount (plus Default Interest) will automatically transfer solely to the Distributor before the draw down; if the Retailer arranged for a third party to provide security, the Distributor may call on the provider of a third party security to pay the amount owed in accordance with the security; and in either case, the Distributor will immediately notify the Retailer that it has called on the security. Requirement to maintain security: To avoid doubt, if the Distributor draws down some or all of a Cash Deposit held by the Distributor under this agreement, or calls on the provider of a third party security, the Retailer will within 5 Working Days take all steps necessary to ensure that the Retailer maintains acceptable security of the value specified in cl...
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Cash Deposit on Insolvency Event. If an Insolvency Event occurs in relation to the Retailer:
Sample 1
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Related to Cash Deposit on Insolvency Event

  • Insolvency Event An “Insolvency Event” occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors, or if information becomes publicly available indicating that unsecured claims against the Company are not expected to be paid.

  • Bankruptcy, Insolvency, etc The Company or any Significant Subsidiary becomes insolvent (which term shall include any form of creditor protection and moratorium, including bankruptcy (faillissement) and suspension of payments (surseance van betaling) under Dutch law and the serving of a notice pursuant to section 36 of the Dutch Tax Collection Act (Invorderingswet)) or generally fails to pay, or admits in writing its inability or refusal to pay, debts as they become due; or the Company or any Significant Subsidiary applies for, consents to, or acquiesces in the appointment of a trustee, liquidator, examiner, receiver or other custodian (including a “curator” in a bankruptcy under Dutch law and a “bewindvoerder” in a suspension of payment (surseance van betaling) under Dutch law) for the Company or such Significant Subsidiary or a material portion of the property thereof, or makes a general assignment for the benefit of creditors; or, in the absence of such application, consent or acquiescence, a trustee, liquidator, examiner, receiver or other custodian is appointed for the Company or any Significant Subsidiary or for a substantial part of the property of any thereof and is not discharged within 60 days; or any warrant of attachment or similar legal process is issued against any substantial part of the property of the Company or any of its Significant Subsidiaries which is not released within 60 days of service; or any bankruptcy, examinership, receivership, reorganization, debt arrangement, or other case or proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation proceeding (except the voluntary dissolution, not under any bankruptcy or insolvency law, of a Significant Subsidiary), is commenced in respect of the Company or any Significant Subsidiary, and, if such case or proceeding is not commenced by the Company or such Significant Subsidiary it is consented to or acquiesced in by the Company or such Significant Subsidiary or remains for 60 days undismissed; or the Company or any Significant Subsidiary takes any corporate action to authorize, or in furtherance of, any of the foregoing.

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