Financial Insolvency. Pursuant to Section 302D-28.5, HRS, any public charter school that becomes financially insolvent shall be deemed to have surrendered its charter. For the purpose of this provision, the School shall be determined to be financially insolvent when it is unable to pay its staff when payroll is due. The School shall cooperate with the Commission in ensuring the orderly closure of the School. The School shall comply with the Commission’s closure policies and protocol, once adopted by the Commission.
Financial Insolvency. Financial Insolvency means:
Financial Insolvency. Occurrence of any of the cases or events listed below in respect of any Essential Participant of the Group:
(a) Any Essential Participant of the Group meets the criteria for insolvency in compliance with the Bankruptcy law;
(b) Any Essential Participant of the Group meets the criteria for insufficiency of property in compliance with the Bankruptcy law;
(c) The financial condition of any Essential Participant of the Group affords the grounds for measures for the bankruptcy prevention in compliance with the Bankruptcy law;
(d) Any Essential Participant of the Group meets the criteria or affords the grounds for measures for the bankruptcy prevention similar to the criteria and measures indicated in sections (a) and (b) of the present Article 21.7 (Financial Insolvency) stipulated by any legislation applicable to such Essential Participant of the Group;
(e) Any Essential Participant of the Group starts negotiations with one or several creditors in respect of revision of time-periods of repayment of any his indebtedness by the reason of actual or anticipated financial difficulties;
(f) The moratorium on repayment of creditors’ claims in respect of any indebtedness is introduced; or
(g) Any Essential Participant of the Group meets any other criteria of the bankruptcy established by the Bankruptcy Law or by any other law applicable to such Essential Participant of the Group.
Financial Insolvency. Either Party may terminate this Agreement upon written notice upon the filing or institution of bankruptcy, reorganization, liquidation or receivership proceedings, or upon an assignment of a substantial portion of the assets for the benefit of creditors by the other Party; provided, however, that in the case of any involuntary bankruptcy proceeding such right to terminate shall only become effective if the Party consents to the involuntary bankruptcy or such proceeding is not dismissed within ninety (90) days after the filing thereof.
Financial Insolvency. 10.1 If it is foreseen that the CWM TAF CARE HOME ACCOMMODATION POOLED FUND cannot meet its liabilities and the CWM TAF CARE HOME ACCOMMODATION POOLED FUND Management Board, and thereafter the Parties’ s151 Officers and or Chief Finance Officer are unable to agree a financial solution, then the Parties Chief Executives shall be responsible for ensuring that termination procedures are followed.
Financial Insolvency. 10.1 If it is foreseen that the Cwm Taf STAY WELL @ HOME SERVICE cannot meet its liabilities and the Cwm Taf STAY WELL @ HOME SERVICE Operational Management Board, the Cwm Taf Social Services and Well-Being Partnership Board and thereafter the Contributing Parties’ s151 Officers are unable to agree a financial solution, then the Parties Chief Executives shall be responsible for ensuring that termination procedures are followed.
Financial Insolvency. Any policies subject to this Agreement that include benefits for Financial Insolvency do not cover bankruptcy, insolvency or other default of the Organization selling the policies.
Financial Insolvency. 10.1 If it is foreseen that the Cwm Taf IFST cannot meet its liabilities and the Cwm Taf IFST Management Board, and thereafter the Contributing Parties’ s151 Officers are unable to agree a financial solution, then the Contributing Parties Chief Executives shall be responsible for ensuring that termination procedures are followed.
Financial Insolvency. 10.1 If it is foreseen that the Cwm Taf Social Care Workforce Development Service cannot meet its liabilities and the Cwm Taf Social Care Workforce Development Service Management Board, and thereafter the Parties’ s151 Officers are unable to agree a financial solution, then the Parties Chief Executives shall be responsible for ensuring that termination procedures are followed.
Financial Insolvency. Either Party may terminate this Agreement upon written notice upon the filing or institution of bankruptcy, reorganization, liquidation or receivership proceedings, or upon an assignment of a substantial portion of the assets for the benefit of creditors by the other Party; provided, however, that in the case of any involuntary bankruptcy proceeding such right to terminate shall only become effective if the Party consents to the involuntary bankruptcy or such proceeding is not dismissed within ninety (90) days after the filing thereof. 31 of 61 GEH-02948/Exclusive License and Alliance Agreement/GE Healthcare UK Limited
