Dutch Terms Sample Clauses
The 'Dutch Terms' clause defines the specific conditions and procedures under which a transaction, such as a sale or auction, is conducted using Dutch auction principles. In practice, this means the price of an asset is initially set high and is gradually lowered until a buyer accepts the current price, or a predetermined minimum is reached. This clause ensures transparency and efficiency in price discovery, helping to facilitate fair competition among buyers and potentially achieving a market-driven sale price.
Dutch Terms. In this Agreement, where it relates to a Dutch person or the context so requires, a reference to (i) ‘works council’ means each works council (ondernemingsraad) or central or group works council (centrale of groeps ondernemingsraad) within the meaning of the Works Councils Act of the Netherlands (Wet op de ondernemingsraden) having jurisdiction over that person, (ii) the execution, delivery and performance of any document or action having been ‘duly authorized’ includes any action required to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden) and obtaining an unconditional positive advice (advies) from the competent works council(s), (iii) ‘constituent documents’ means the deed of incorporation (akte van oprichting), articles of association (statuten), and an up-to-date extract of the Trade Register of the Dutch Chamber of Commerce relating to that person, (iv) a ‘bankruptcy’, ‘winding-up’, ‘liquidation’ or ‘dissolution’ includes that person being declared bankrupt (failliet verklaard) or dissolved (ontbonden), (v) a ‘moratorium’ includes (voorlopige) surseance van betaling, (vi) ‘admit in writing its inability or fail generally to pay its debts’ includes that person having filed a notice under Section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990) or Section 60 of the Social Insurance Financing Act of the Netherlands (Wet Financiering Sociale Verzekeringen) in conjunction with Section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990), (vii) a ‘liquidator’ or ‘trustee in bankruptcy’ includes a curator or a beoogd curator, (viii) an ‘administrator’ includes a bewindvoerder or a beoogd bewindvoerder, and (ix) a ‘lien’ includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud), privilege (voorrecht), right of retention (recht van retentie), right to reclaim goods (recht van reclame), and any right in rem (beperkt recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht).
Dutch Terms. In this Agreement, where it relates to a Dutch entity, a reference to:
(i) a necessary action to authorise, where applicable, includes without limitation:
(A) any action required to comply with the Dutch Works Council Act (Wet op de ondernemingsraden); and
(B) obtaining unconditional positive advice (advies) from each competent works council;
(ii) a winding-up, administration or dissolution includes a Dutch entity being:
(A) declared bankrupt (failliet verklaard);
(B) dissolved (ontbonden);
(iii) a moratorium includes (voorlopige) surséance van betaling and granted a moratorium includes (voorlopige) surséance van betaling verleend;
(iv) a trustee in bankruptcy includes a curator;
(v) an administrator includes a bewindvoerder;
(vi) a Receiver or an administrative receiver does not include a curator or bewindvoerder; and
(vii) an attachment includes a conservatoir beslag or executoriaal beslag.
Dutch Terms. In this Agreement, where it relates to a Dutch person or the context so requires, a reference to:
Dutch Terms. In this Agreement, where it relates to a Dutch Credit Party, a reference to:
(i) a “necessary action to authorise” where applicable, includes without limitation:
(a) any action required to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden); and
(b) obtaining an unconditional positive advice (advies) from the competent works council(s);
(ii) “security interest” includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud), right of retention (recht van retentie), right to reclaim goods (recht van reclame), and, in general, any right in rem (beperkt recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);
(iii) a “winding-up, administration” or “dissolution” includes a bankruptcy (faillissement) or dissolution (ontbinding);
(iv) a “suspension of payments” includes surseance van betaling;
(v) any “step” or “procedure” taken in connection with insolvency proceedings includes a Dutch entity having filed a notice under Section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990);
(vi) a “liquidator” includes a curator;
(vii) an “administrator” includes a bewindvoerder;
(viii) an “attachment” includes a beslag;
Dutch Terms. In this Agreement, a reference to:
(a) a “board of directors” means a managing board (bestuur) when a Dutch Loan Party is concerned;
Dutch Terms. In this Agreement, where it relates to a Dutch Domiciled Credit Party, or Dutch security, a reference to:
(a) a necessary action to authorize where applicable, includes without limitation:
(i) any action required to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden); and
(ii) obtaining an unconditional positive advice (advies) from the competent works council(s) if a positive advice is required pursuant to the Dutch Works Councils Act (Wet op de ondernemingsraden);
(b) gross negligence means grove ▇▇▇▇▇▇;
(c) negligence means ▇▇▇▇▇▇;
(d) a security interest includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud), right of retention (recht van retentie), right to reclaim goods (recht van reclame), and, in general, any right in rem (beperkt recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);
(e) willful misconduct means opzet;
(f) a winding-up, administration or dissolution (and any of those terms) includes a Dutch entity being declared bankrupt (failliet verklaard) or dissolved (ontbonden);
(g) a moratorium includes surseance van betaling and a moratorium is declared or occurs includes surseance verleend;
(h) any step or procedure taken in connection with insolvency proceedings includes a Dutch entity having filed a notice under Section 36 of the Dutch Tax Collection Act (Invorderingswet 1990);
(i) an administrative receiver or receiver includes a curator and a beoogd curator or stille bewindvoerder;
(j) an administrator includes a bewindvoerder and a beoogd curator or stille bewindvoerder;
(k) an attachment includes a beslag;
(l) a merger includes a juridische fusie;
(m) a demerger includes a juridische splitsing; and
(n) financial assistance means any action or contemplated action prohibited under section 2:98(c) of the Dutch Civil Code.
Dutch Terms. In this Agreement and any other Credit Document, where it relates to an entity incorporated in The Netherlands, a reference to:
Dutch Terms. In this Agreement, where it relates to a Dutch entity or other applicable term, a reference to:
(a) a necessary action to authorise, where applicable, includes without limitation:
(i) any action required to comply with the Dutch Works Council Act (Wet op de ondernemingsraden); and
(ii) obtaining an unconditional positive advice (advies) from the competent works council(s);
Dutch Terms. In this Agreement, where it relates to a Dutch entity, a reference to:
(a) a necessary action to authorise where applicable, includes without limitation any action required to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden);
(b) a security interest includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud), privilege (voorrecht), right of retention (recht van retentie), right to reclaim goods (recht van reclame), and, in general, any right in rem (beperkt recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);
(i) a winding-up, administration or dissolution (and any of those terms) includes a Dutch entity being declared bankrupt (failliet verklaard) or dissolved (ontbonden);
(ii) a moratorium includes surséance van betaling and granted a moratorium includes surséance verleend;
(iii) any step or procedure taken in connection with insolvency proceedings includes a Dutch entity having filed a notice under section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990);
(iv) a trustee in bankruptcy includes a curator;
(v) an administrator includes a bewindvoerder; and
(vi) an attachment includes a beslag.
Dutch Terms. In this Indenture, where it relates to a Dutch Domiciled Grantor, a reference to financial assistance means any action or contemplated action prohibited under section 2:98(c) of the Dutch Civil Code.