Creditor's Arrangements Sample Clauses
The Creditor's Arrangements clause outlines the procedures and rights related to agreements or settlements made between a debtor and its creditors, particularly in situations involving financial distress or insolvency. This clause typically specifies how such arrangements must be disclosed to the other party, and may require the debtor to notify or obtain consent before entering into any restructuring, composition, or compromise with creditors. Its core practical function is to protect the interests of the non-debtor party by ensuring transparency and providing an opportunity to respond to changes in the debtor's financial obligations, thereby mitigating the risk of unexpected losses or disruptions.
Creditor's Arrangements. An Obligor agrees to any kind of composition, rescheduling, scheme, compromise or arrangement involving that Obligor and its creditors generally (or any class of them) as a result of financial difficulties.
Creditor's Arrangements. The Seller has not made any assignment for the benefit of creditors nor has any involuntary or voluntary petition in bankruptcy been filed by or against the Seller.
Creditor's Arrangements. BPO has not made any assignment for the benefit of creditors nor has any involuntary or voluntary petition in bankruptcy been filed by or against BPO.
Creditor's Arrangements. TouchSource has not made any assignment for the benefit of creditors, nor has any involuntary or voluntary petition in bankruptcy been filed by or against TouchSource.
Creditor's Arrangements. HVI has not made any assignment for the benefit of creditors, nor has any involuntary or voluntary petition in bankruptcy been filed by or against HVI.
Creditor's Arrangements such Note Agent takes any action for a readjustment or deferment of any of its obligations or makes a general assignment or an arrangement or composition with or for the benefit of its creditors or declares a moratorium in respect of any of its indebtedness;
Creditor's Arrangements. Navidec has not made any assignment for the benefit of creditors, nor has any involuntary or voluntary petition in bankruptcy been filed by or against Navidec.
Creditor's Arrangements. Mediatech has not made any assignment for the benefit of creditors, nor has any involuntary or voluntary petition in bankruptcy been filed by or against Mediatech.
Creditor's Arrangements. Petro is currently subject to supervision in Bankruptcy Court and will no later than June 16, 1997 file a Plan of Reorganization.
Creditor's Arrangements. Seller has no arrangement with creditors not made in the ordinary course of business except as disclosed in writing to Buyer, nor has an involuntary or voluntary petition in bankruptcy been filed by or against Seller.