Dissolution of the Sample Clauses

Dissolution of the. Lease agreement due to malpractice: - If one of the Parties commits a breach of one of the provisions of the Lease agreement, the other Party will be entitled to terminate the Lease agreement immediately, without any compensation and without judicial intervention, at the expense of the defaulting Party, if the defaulting Party does not put an end to the breach within a period of ten working days following a notice describing the breach and sent by registered letter to the other Party. The period of ten working days starts from the date on the postmark of the notice of default. If the same Party commits the same breach within the three months following the expiry of the aforementioned period of ten working days, the other Party may still terminate the Lease agreement in accordance with the aforementioned, but without further notice of default and without the opportunity for the defaulting Party to remedy the breach. - If the Lessee's movable and/or immovable property is seized and the Lessee fails to pay for at least one Lease period (on time), if the Vehicle is seized or confiscated, or if the Vehicle is otherwise requisitioned by the government, and the Lessee fails to remedy this within ten working days after a written notice of default by DirectLease sent to the Lessee by registered letter. - If the security provided by the Lessee, its co-debtors or collateral is affected or withdrawn in any way and the Lessee fails to remedy this within ten working days after a written notice of default by DirectLease sent by registered letter to the Lessee. - If the Vehicle covers more than 180,000 km (diesel) or 160,000 km (petrol, other) during the term of the Lease agreement. - In the event that the Lessee causes more than three claims that are not recoverable from third parties during the term of the Lease agreement with over €2,500 of costs per claim. - If the Civil Liability insurer no longer wishes to insure the Vehicle, for example because the Vehicle often causes damage to others. - In the event that the Lessee uses the Vehicle or allows someone to use the Vehicle for a purpose other than that for which it is intended. - In the event of a total loss of the Vehicle and if DirectLease, for whatever reason, is not reimbursed by an insurance or if DirectLease can invoke the non-application of the Own Damage Service.
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Dissolution of the. Silent Partnership 1. The Silent Partnership shall be dissolved in the event that the YTC is liquidated. 2. (S) 3, Section 3 and (S) 8, Section 4 shall be applicable also in this event.
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Dissolution of the. Firm In the event of the Firm’s dissolution, all liabilities are to be paid off and all remaining assets are to be divided amongst partners as per the Profit and Loss sharing ratio. IN WITNESS whereof the said parties have thereto signed on the day, month, year above written. x y WITNESSED BY: 1. ……………………………. 2. ……………………………….. Drafted by Xxxxxxx Xxxxx LL.B. (Hon’s), LL.M. (DU) Advocate Supreme Court of Bangladesh Corporate Lawyer & Legal adviser Chamber- Badsha Plaza, 00, Xxxx Xxxx, Xxxxxx Xxxxx Xxx, Xxxxx. Mobile: 01710065033 PARTNERSHIP BUSINESS IN BANGLADESHA partnership is a type of business structure where two or more partners start an entity to do business. For a partnership to exist, there must always be two or more partners.A Partnership is defined by the Partnership Act, 1932, (the “Partnership Act”) as ‘the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all’. This definition gives three minimum requirements to constitute a partnership:The individuals who wish to form a partnership must enter into a verbal or written agreement.The purpose of the agreement must be to divide the profits from the business that will be conducted by the partnership, andThe business must be operated by all of the partners or by one of them acting on their behalf.The Partnership Act does not define the term “person.”There are no penalties for failing to register your partnership, so registration is not required. However, it is recommended as the following rights are denied to unregistered businesses:The Partnership Act prohibits a partner from bringing a lawsuit against the firm or other partners to enforce any contractual or statutory right.A contractual right cannot be enforced in court by or on behalf of your company against a third xxxxx.Xx addition, neither the firm nor any of its partners may assert a set-off (i.e., the mutual adjustment of debts owed by disputing parties to one another) or other proceedings in a dispute with a third party.PARTNERSHIP BUSINESS IN BANGLADESH QUICK FACTSIn Bangladesh, a registered partnership is the only way to establish a separate legal identity (i.e. separate from its owners) for liability purposes.All partners of a partnership are jointly and severally liable for the partnership’s xxxxxxxxx.Xx Bangladesh, the concept of Limited Liability Partnership does not exist.TAXATION in Partnership Business in Bangladesh: Tax-wise, partnership business in Bangladesh are n...
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Dissolution of the. TRUST 17.1 The Trustee shall, at the request of Royal Dutch Shell, BG and STT, acting jointly, dissolve the Trust provided that, subject to clause 17.2, dissolution shall not occur for so long as there remains Trust Property in respect of which the time period in clause 16.2 has not expired.
Sample 1
Dissolution of the. Firm In the event of the Firm’s dissolution, all liabilities are to be paid off and all remaining assets are to be divided amongst partners as per the Profit and Loss sharing ratio. IN WITNESS whereof the said parties have thereto signed on the day, month, year above written.
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Related to Dissolution of the

  • Dissolution of the Company The Company shall be dissolved upon the happening of any of the following events, whichever shall first occur: (a) upon the written direction of the Member; or (b) the expiration of the term of the Company as provided in Section 2.5 hereof.

  • Dissolution The Company shall dissolve, and its affairs shall be wound up, upon the first to occur of the following: (a) the written consent of the Member or (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act.

  • Dissolution, etc Wind up, liquidate or dissolve (voluntarily or involuntarily) or commence or suffer any proceedings seeking any such winding up, liquidation or dissolution, except in connection with a merger or consolidation permitted pursuant to Section 10.8.

  • Dissolution of Company (a) The Company shall be dissolved, wound up and terminated as provided herein upon the first to occur of the following: (i) a decree of dissolution of the Court of Chancery of the State of Delaware pursuant to Section 18-802 of the Act; (ii) the occurrence of any other event that would make it unlawful for the business of the Company to be continued; or (iii) the written consent of each Member. Except as expressly provided herein or as otherwise required by the Act, the Members shall have no power to dissolve the Company. (b) In the event of the dissolution of the Company for any reason, the Manager or any liquidating agent or committee appointed by the Manager upon reasonable arms length transaction terms shall act as a liquidating agent (such liquidating agent or committee, in such capacity, is hereinafter referred to as the “Liquidator”) and shall commence to wind up the affairs of the Company and to liquidate the Company assets. The Members shall continue to share all income, losses and distributions during the period of liquidation in accordance with Articles 4 and 5. The Liquidator shall have reasonable discretion to determine the time, manner and terms of any sale or sales of Company assets pursuant to such liquidation, giving due regard to the activity and condition of the relevant market and general financial and economic conditions. (c) The Liquidator shall have all of the rights and powers with respect to the assets and liabilities of the Company in connection with the liquidation and termination of the Company that the Manager would have with respect to the assets and liabilities of the Company during the term of the Company, and the Liquidator is hereby expressly authorized and empowered to execute any and all documents necessary or desirable to effectuate the liquidation and termination of the Company and the transfer of any Company assets. (d) Notwithstanding the foregoing, a Liquidator which is not a Member shall not be deemed a Member and shall not have any of the economic interests in the Company of a Member; and such Liquidator shall be compensated for its services to the Company at normal, customary and competitive rates for its services to the Company, as reasonably determined by the Manager.

  • Dissolution of the Partnership The General Partner may dissolve the Partnership prior to the expiration of its term at any time on not less than 60 days’ notice of the dissolution date given to the other Partners. Upon the dissolution of the Partnership, the Partners’ respective interests in the Partnership shall be valued and settled in accordance with the procedures set forth in Section 6.5.

  • Dissolution and Winding Up The Company shall dissolve and its business and affairs shall be wound up pursuant to a written instrument executed by the Member. In such event, after satisfying creditors, all remaining assets shall be distributed to the Member.

  • Dissolution Winding Up (a) The Company shall be dissolved upon: (i) the adoption of a plan of dissolution by the Sole Member or (ii) the occurrence of any event required to cause the dissolution of the Company under the Delaware Limited Liability Company Act. (b) Any dissolution of the Company shall be effective as of the date on which the event occurs giving rise to such dissolution, but the Company shall not terminate unless and until all its affairs have been wound up and its assets distributed in accordance with the provisions of the Delaware Limited Liability Company Act. (c) Upon dissolution of the Company, the Company shall continue solely for the purposes of winding up its business and affairs as soon as reasonably practicable. Promptly after the dissolution of the Company, the Sole Member shall designate one or more persons (the “Liquidating Trustees”) to accomplish the winding up of the business and affairs of the Company. Upon their designation, the Liquidating Trustees shall immediately commence to wind up the affairs of the Company in accordance with the provisions of this Agreement and the Delaware Limited Liability Company Act. In winding up the business and affairs of the Company, the Liquidating Trustees may take any and all lawful actions that they determine in their sole discretion to be in the best interests of the Sole Member, including, but not limited to, any actions relating to: (i) causing written notice by registered or certified mail of the Company’s intention to dissolve to be mailed to each known creditor of and claimant against the Company; (ii) the payment, settlement or compromise of existing claims against the Company; (iii) the making of reasonable provisions for payment of contingent claims against the Company; and (iv) the sale or disposition of the properties and assets of the Company. It is expressly understood and agreed that a reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the satisfaction of claims against the Company so as to enable the Liquidating Trustees to minimize the losses that may result from a liquidation.

  • Dissolution of the Issuer Upon dissolution of the Issuer, the Administrator shall wind up the business and affairs of the Issuer in accordance with Section 9.2 of the Trust Agreement.

  • Dissolution and Liquidation (Check One)

  • Dissolution Liquidation and Termination of the Company Section 8.1 Events Causing Dissolution. -------------------------- The Company shall dissolve upon and its affairs shall be wound up after the happening of any of the following events: 8.1.1 the Consent of all of the Members; 8.1.2 the sale or other disposition by the Company of all or substantially all of its assets; or 8.1.3 the entry of a decree of judicial dissolution under Section 18-802 of the Act.

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