Dissolution or Bankruptcy Sample Clauses
The Dissolution or Bankruptcy clause outlines the procedures and consequences that apply if one party to an agreement is dissolved or declared bankrupt. Typically, this clause specifies that such events may trigger the automatic termination of the contract or give the other party the right to terminate or take protective actions, such as demanding immediate payment or suspending performance. Its core function is to protect the interests of the non-defaulting party by providing clear steps to follow and mitigating risks associated with a party's inability to fulfill contractual obligations due to insolvency or dissolution.
Dissolution or Bankruptcy. Dissolution or termination of existence of any Borrower, liquidation, insolvency, business failure, appointment of receiver of any part of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under state or federal bankruptcy laws or other insolvency laws by any Borrower or the commencement of an involuntary proceeding against any Borrower under state or federal bankruptcy laws which is not dismissed within ninety (90) days after such commencement, or a merger or consolidation or sale of any Borrower’s assets other than as permitted hereunder.
Dissolution or Bankruptcy. Dissolution, termination of existence, liquidation, insolvency, business failure, appointment of receiver of any part of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under state or federal bankruptcy laws or other insolvency laws by any Credit Party or the commencement of an involuntary proceeding against any Credit Party under state or federal bankruptcy laws which, in each case, is not dismissed within ninety (90) days after such commencement, or a merger or consolidation or sale of any Credit Party’s assets, other than a sale of assets in the ordinary course of business, which has not been consented to by Lender.
Dissolution or Bankruptcy. Borrower is dissolved or becomes subject to voluntary or involuntary bankruptcy proceedings.
Dissolution or Bankruptcy. The Plan shall automatically terminate upon a corporate dissolution or bankruptcy provided that Participants’ (or Former Participant’s) Accounts are distributed and included in the gross income of the Participants (or Former Participants) by the latest of: (i) the Plan Year in #135506 which the Plan termination, (ii) the first Plan Year in which payment of the Accounts is administratively practicable, or (iii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture and otherwise in accordance with Treasury Regulation § 1.409A-3(j)(4)(ix)(C). A corporate dissolution or bankruptcy will have occurred only if the transaction qualifies as both a liquidation or reorganization under ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Code Section 1446(26) and a dissolution or bankruptcy under Code Section 409A and the regulations promulgated thereunder.
Dissolution or Bankruptcy. This Agreement shall terminate automatically if Buyer or any Seller Party is dissolved or any of the Sellers applies for or consents to the appointment of a receiver, trustee or liquidator of all or a substantial part of its assets, files a voluntary petition in bankruptcy, is adjudicated bankrupt, makes a general assignment for the benefit of its creditors, files a petition or answer seeking reorganization or arrangement with its creditors or admits in writing its inability to pay its debts when due.
Dissolution or Bankruptcy. Borrower is dissolved or becomes subject to voluntary or involuntary bankruptcy proceedings. Judgment Liabilities. Aggregate amount (excluding amounts that may be subject to appeal and amounts for which the borrower has set aside reserves) of unsatisfied judgments, decrees, or orders for the payment of money against the borrower exceeds $____________________________________.
Dissolution or Bankruptcy. (a) Any Borrower, any Guarantor, or Swine Investment commences dissolution procedures, terminates its existence, enters into liquidation, becomes insolvent, experiences business failure, requests appointment of a receiver of any part of its property, enters into an assignment for the benefit of creditors, or enters any proceeding under state or federal bankruptcy laws or other insolvency laws, (b) any Borrower, any Guarantor, or Swine Investment has an involuntary proceeding commenced against it under state or federal bankruptcy laws or other insolvency laws which proceeding is not dismissed within ninety (90) days after its commencement, (c) any Borrower, any Guarantor, or Swine Investment enters into a merger or consolidation or sale of its assets, which sale has not been consented to by Lender, other than a sale of assets in the ordinary course of business, or (d) any Borrower's, any Guarantor's, or Swine Investment's ownership changes, other than by devise or descent, without the prior written consent of Lender.
Dissolution or Bankruptcy. The dissolution of the Business or the filing of a petition in voluntary bankruptcy, an assignment for the benefit of creditors, or other action taken voluntarily or involuntarily under any state or federal statute for the protection of debtors.
Dissolution or Bankruptcy. The bankruptcy, liquidation or dissolution of the Class A Member shall not result in the termination of the Company, but the rights and obligations of the Class A Member under this Agreement shall accrue to the Class A Member's successor or legal representative. Except as expressly provided in this Agreement, no other event affecting the Class A Member (including but not limited to insolvency) shall affect this Agreement.
Dissolution or Bankruptcy. 37.1 In the event of winding up or dissolution of the MCFC, or the adjudication of the MCFC as bankrupt pursuant to the Bankruptcy Act, or an assignment by the MCFC for the benefit of its creditors, or the commencement of proceedings under any insolvency legislation, or the appointment of a receiver or trustee to its property, then this Agreement shall terminate immediately and the term herein created be at an end and the MCFC shall quit and surrender the Pilot Project Land to NSDNR, but shall notwithstanding remain liable for any loss or damage suffered by NSDNR.