Default, Bankruptcy, etc Sample Clauses
Default, Bankruptcy, etc. At the sole option of the Company, this Agreement shall be terminated immediately upon written notice of termination from the Board of Directors to the Business Manager if any of the following events occurs:
(a) the Business Manager violates any provisions of this Agreement and after written notice of the violation from the Company, the default is not cured within thirty (30) days; or
(b) a court of competent jurisdiction enters a decree or order for relief in respect of the Business Manager in any involuntary case under the applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appoints a receiver liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Business Manager or for any substantial part of its property or orders the winding up or liquidation of the Business Manager’s affairs not dismissed within ninety (90) days; or
(c) the Business Manager commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, or consents to the appointment of, or taking possession by, a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Business Manager or for any substantial part of its property, or makes any general assignment for the benefit of creditors, or fails generally to pay its debts, as they become due. The Business Manager agrees that if any of the events specified in subsections (b) and (c) of this Section 16 occur, it will give written notice thereof to the Company within seven (7) days after the occurrence of such event.
Default, Bankruptcy, etc. At the option solely of the Directors, this Agreement shall be and become terminated immediately upon written notice of termination from the Directors to the Advisor if any of the following events shall occur:
(a) if the Advisor shall violate any provision of this Agreement, and after notice of such violation shall not cure such default within 30 days; or
(b) if the Advisor shall be adjudged bankrupt or insolvent by a court of competent jurisdiction, or an order shall be made by a court of competent jurisdiction for the appointment of a receiver, liquidator, or trustee of the Advisor or of all or substantially all of its property by reason of the foregoing, or approving any petition filed against the Advisor for its reorganization, and such adjudication or order shall remain in force or unstayed for a period of 30 days; or
(c) if the Advisor shall institute proceedings for voluntary bankruptcy or shall file a petition seeking reorganization under the Federal bankruptcy laws, or for relief under any law for the relief of debtors, or shall consent to the appointment of a receiver of itself or of all or substantially all its property, or shall make a general assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts generally, as they become due. The Advisor agrees that if any of the events specified in subsections (b) and (c) of this Section 22 shall occur, it will give written notice thereof to the Directors within seven days after the occurrence of such event.
Default, Bankruptcy, etc. At the option solely of the Company, this Agreement shall be terminated immediately upon written notice of termination from the Board of Directors to the Advisor if any of the following events occurs:
a) The Advisor violates any provisions of this Agreement and after notice of such violation shall not cure such default within 30 days; or
b) A court of competent jurisdiction enters a decree or order for relief in respect of the Advisor in any involuntary case under the applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appoints a receiver liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Advisor or for any substantial part of its property or orders the winding up or liquidation of the Advisor’s affairs; or
c) The Advisor commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Advisor or for any substantial part of its property, or makes any general assignment for the benefit of creditors, or fails generally to pay its debts as they become due.
Default, Bankruptcy, etc. At the option of the nondefaulting party, this Agreement may be terminated immediately by written notice from the nondefaulting party to the defaulting party if any of the following events shall have occurred:
(a) RMR or the Company shall have violated any provision of this Agreement and, after written notice from the Company or RMR, as the case may be, of the violation, shall have failed to cure the default within thirty (30) days;
(b) a petition shall have been filed against RMR or the Company for an involuntary proceeding under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, and that petition shall not have been dismissed within ninety (90) days of filing; or a court having jurisdiction shall have appointed a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of RMR or the Company for any substantial portion of its property, or ordered the winding up or liquidation of its affairs, and that appointment or order shall not have been rescinded or vacated within ninety days of the appointment or order; or
(c) RMR or the Company shall have commenced a voluntary proceeding under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall have made any general assignment for the benefit of creditors, or shall have failed generally to pay its debts as they became due.
Default, Bankruptcy, etc. 17.1 At the option solely of the Board, this Agreement shall be terminated immediately upon written notice of termination from the Board to the Advisor if any of the following events shall occur:
(a) if the Advisor breaches any provision of this Agreement, and after notice of breach does not remedy such default within thirty (30) days, or, such longer period as may be appropriate if not susceptible of being remedied within the thirty (30) days; or
(b) if the Advisor shall be adjudged or insolvent by a court of competent jurisdiction, or an order is made by a court of competent jurisdiction for the appointment of a receiver, liquidator, or trustee of the Advisor or of all or substantially all of its property by reorganisation, and such adjudication or order shall remain in force or unstayed for a period of sixty (60) days; or
(c) if the Advisor is placed under administrationor for relief under any law for the relief of debtors, or shall consent to the appointment of a receiver of itself or of all or substantially all its property, or shall make a general assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts generally, as they become due.
17.2 The Advisor agrees that if any of the events specified in subsections (b) and (c) of this Section 18.1 occurs, it will give written notice thereof to the Board within seven (7) days after such occurrence. If any director of the Company is an Related Entity of the Advisor, the approval of a majority of the Board who are not so Related Entity shall be required for the Company to give any notice described in this Section.
Default, Bankruptcy, etc. Should a petition in bankruptcy be filed by the Lessee, whether for reorganization, rehabilitation or otherwise, or should the Lessee be adjudged bankrupt or insolvent by any court, or should a trustee or receiver in bankruptcy or a receiver of any property of the Lessee be appointed in any suit or proceeding by or against the Lessee, this Lease shall automatically terminate unless the Lessor shall waive such termination provision in writing delivered to the Lessee within thirty days after the date when Lessor has received notice of such occurrence. Should default be made by the Lessee in the payment of rental herein reserved, or any part thereof or any other payments provided herein to be made, when and as herein provided, or should Lessee make default in performing, fulfilling, keeping or observing any of the Lessee's other covenants, conditions, provisions or agreements herein contained, or should the Premises become vacant or abandoned, or should this Lease by operation of law pass to any person other than the Lessee, or should the leasehold interest be levied upon under execution, and should any of such conditions/defaults continue for fifteen (15) days after Lessor gives Lessee written notice of such conditions/defaults and request that the same be cured, then and in such event, the Lessor may, if the Lessor so desires, after such demand and notice to the Lessee declare this Lease terminated and reenter the Premises without further notice or demand and hold and enjoy the same thenceforth as if this Lease had not been made, without prejudice, however, to any right of action or remedy of the Lessor in respect to any breach by the Lessee of any of the covenants herein contained, including, but not limited to, all of those remedies set forth hereinafter. Also in such event, whether or not Lessor has elected to terminate this Lease as provided herein, the Lessor shall nevertheless have and is hereby given the right to reenter the Premises, with or without legal process, and to remove the Lessee's signs and all property and effects of the Lessee or others, and if the Lessor so desires, to relet the Premises or any part thereof upon such terms, to such person or persons and for such period or periods as may seem proper to the Lessor. In case of such reletting, the Lessee shall be liable to the Lessor for the difference between the rents and payments herein reserved and agreed upon for the residue of the entire stipulated term of this Lease and the net rent ...
Default, Bankruptcy, etc. At the option of the Directors, this Agreement shall be terminated immediately upon written notice of termination from the Directors to the Adviser if any of the following events shall occur:
(a) If the Adviser shall violate any provision of this Agreement and, after written notice of such violation, shall not cure such default within 30 days;
(b) If the Adviser shall be adjudged bankrupt or insolvent by a court of competent jurisdiction, or any order shall be made by a court of competent jurisdiction for the appointment of a receiver, liquidator or trustee of the Adviser or of all or substantially all of its property by reason of the foregoing, or approving any petition filed against the Adviser for its reorganization; or
(c) If the Adviser shall institute proceedings for voluntary bankruptcy or shall file a petition seeking reorganization under the Federal bankruptcy laws, or for relief under any law for the relief of debtors, or shall consent to the appointment of a receiver of itself or of all or substantially all its property, or shall make a general assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts generally, as they become due. The Adviser agrees that if any of the events specified in subsections (b) and (c) of this Section 19 shall occur, it will give written notice thereof to the Directors within seven days after the occurrence of such event.
Default, Bankruptcy, etc. At the option solely of the Trustees, this Agreement shall be and become terminated immediately upon written notice of termination from the Trustees to the Advisor if any of the following events shall occur:
Default, Bankruptcy, etc. At the option solely of the Directors, this Agreement shall be and become terminated
Default, Bankruptcy, etc. If the client of TREEPAR B.V. does not, or not properly, or not in a timely manner, fulfil any obligation, as well as in the event that its client is declared insolvent, is granted a moratorium (whether or not provisionally), or statutory debt adjustment is declared with regard to the client, or the client is placed under guardianship, or the company of the client is ceased or liquidated, then the client will be deemed to be in default by operation of law with regard to all obligations which have not been fulfilled, and TREEPAR B.V. will have the right to, at its discretion, without any obligation of compensation, and without prejudice to the further rights accruing to TREEPAR B.V. on the basis of the law, and without the requirement of notice of default, terminate the agreement(s) concerned wholly or in part by means of a statement in writing, or, as the case may be, to suspend the (further) performance of this (these) agreement(s). TREEPAR B.V. will in these events also have the right to demand immediate payment of all that which the client owes to TREEPAR B.V..