Failure to Maintain Existence Clause Samples
The "Failure to Maintain Existence" clause defines the consequences if a party to the agreement ceases to legally exist, such as through dissolution, bankruptcy, or loss of corporate status. Typically, this clause allows the other party to terminate the contract or take specific actions if such an event occurs, ensuring that contractual obligations are only maintained with entities that are legally capable of fulfilling them. Its core function is to protect parties from being bound to agreements with entities that can no longer perform their duties, thereby reducing risk and ensuring contractual reliability.
Failure to Maintain Existence. The Borrower shall fail to maintain its existence as a public agency and regional transit authority under Chapter 81.112 RCW and Chapter 81.104 RCW or any successor provisions under the laws of the State, unless at or prior to the time the Borrower ceases to exist in such form a successor public agency or governing body has been created by the State pursuant to a valid and unchallenged State law and has succeeded to the assets of the Borrower and has assumed all of the obligations of the Borrower under the TIFIA Loan Documents and the Bond Documents, including the payment of all obligations in respect of the Bonds.
Failure to Maintain Existence. The Borrower shall fail to maintain its existence as a government-owned business within CDOT, as an “enterprise” for purposes of section 20 article X of the State constitution, and under FASTER and the other laws of the State, unless at or prior to the time the Borrower ceases to exist in such form a successor public agency or governing body has been created by the State pursuant to a valid and unchallenged State law with the same rights and privileges as the Borrower had as of the Effective Date and has succeeded to the assets of the Borrower and has assumed all of the obligations of the Borrower under the TIFIA Loan Documents and the Indenture Documents, including the payment of all Secured Obligations.
Failure to Maintain Existence. The Borrower shall fail to maintain its existence as a [______], unless at or prior to the time the Borrower ceases to exist in such form a successor public agency or governing body has been created by the State pursuant to a valid and unchallenged State law and has succeeded to the assets of the Borrower and has assumed all of the obligations of the Borrower under the TIFIA Loan Documents and the Indenture Documents, including the payment of all Secured Obligations.
Failure to Maintain Existence. The Borrower shall fail to maintain its existence as a public agency and regional transit authority under Chapter 81.112 RCW and Chapter 81.104 RCW or any successor provisions under the laws of the State;
Failure to Maintain Existence. The Borrower shall fail to maintain its existence as a [ ] under the laws of [ ];
Failure to Maintain Existence. (A) The Borrower shall be in breach of its obligations under Section 16(l).
(B) The Borrower shall be abolished unless, within a time period acceptable to the TIFIA Lender in its sole discretion, the Kentucky General Assembly designates an appropriate entity of the Commonwealth of Kentucky to continue to carry out all covenants contained in and the performance of all obligations arising under the Related Documents to which it is a party, and the designated entity provides for the payment of obligations arising under this Agreement from the Pledged Receipts in accordance with the terms of this Agreement.
Failure to Maintain Existence. The Borrower shall fail to exist as a public body politic and corporate under the laws of the State and the District of Columbia with the consent of the Congress of the United States of America or its Organizational Documents shall be amended, modified or repealed in any manner that could reasonably be expected to result in a Material Adverse Effect;
Failure to Maintain Existence. The Borrower shall fail to maintain its existence as a special purpose district under the laws of the State, unless at or prior to the time the Borrower ceases to exist in such form a successor public agency or governing body has been created by the State pursuant to a valid and unchallenged State law and has succeeded to the assets of the Borrower and has assumed all of the obligations of the Borrower under the TIFIA Loan Documents and the Other Financing Documents, including the payment of all Secured Obligations.
Failure to Maintain Existence. The Borrower shall fail to maintain its existence as a government-owned business within CDOT under FASTER and the other laws of the State;