Chapter 11 Bankruptcy Proceeding Sample Clauses
A Chapter 11 Bankruptcy Proceeding clause outlines the rights and obligations of parties if one of them files for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. Typically, this clause addresses how contracts are treated during bankruptcy, such as whether they can be assumed, assigned, or rejected by the debtor, and may specify notification requirements or remedies available to the non-bankrupt party. Its core function is to provide clarity and predictability regarding the status of contractual relationships in the event of a bankruptcy filing, thereby helping parties manage risk and plan for potential disruptions.
Chapter 11 Bankruptcy Proceeding. Notwithstanding anything herein to the contrary, this Agreement and the transactions contemplated hereby are contingent upon the approval and authorization of, and subject to modification by further order of, the Bankruptcy Court.
Chapter 11 Bankruptcy Proceeding