Hard Law Approach Sample Clauses

Hard Law Approach. (2.24) Xxxxxxxxxx and Xxxxxxxxx endorsed the old version of the Principles for Stable Capital Flows and Fair Debt Restructuring proposed by the Institute of International Finance, and suggested a statutory approach to implement such principles. The old version of the principle dealing with inter-creditor issues provides that the sovereign debtor should “guarantee equal treatment of all creditors”.62 In connection with this, Xxxxxxxxxx and Xxxxxxxxx pro- posed that all creditors (i.e. private, bilateral, multilateral) should participate in the restructuring negotiations under a newly established International Debt Framework Commission, with a few exceptions made for creditors with new financing and those holding trade credits.63 The non-governmental organiza- tion German Debt Network (Erlassjahr) followed a similar approach. Its proposal states that in principle all creditors need to be treated equally, and preferred creditor status can only be granted by mutual consent.64 It emphas- izes “all claims on a sovereign need to be treated in one single process”.65
Sample 1
AutoNDA by SimpleDocs

Related to Hard Law Approach

  • Definitions As used in this Agreement, the following terms shall have the following meanings:

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.

  • WHEREAS the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

  • Entire Agreement This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

  • NOW, THEREFORE the parties hereto agree as follows:

  • Assignment This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

  • Termination This Agreement may be terminated at any time prior to the Closing:

  • Environmental Laws The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

Time is Money Join Law Insider Premium to draft better contracts faster.