COMPOSITION OR SCHEMES ETC Sample Clauses
The 'Composition or Schemes etc' clause addresses situations where a party to the contract becomes insolvent or enters into arrangements with creditors, such as compositions, schemes of arrangement, or similar proceedings. Typically, this clause allows the other party to take specific actions—such as terminating the contract or suspending performance—if such financial distress events occur. Its core function is to protect parties from the risks associated with a counterparty's insolvency, ensuring they are not bound to continue contractual obligations when the other party may be unable to fulfill theirs.
COMPOSITION OR SCHEMES ETC. No composition in satisfaction of the debts of the Company, or scheme of arrangement of its affairs, or compromise, or arrangement between it and its creditors or members or any class of its creditors or members, has been proposed, sanctioned or approved.
COMPOSITION OR SCHEMES ETC. No composition in satisfaction of the debts of any of the Acquired Companies, or scheme of arrangement of its affairs, or compromise or arrangement between it and its creditors or members or any class of its creditors or members, has been proposed, sanctioned or approved.