Common use of Insolvency of the Operator Clause in Contracts

Insolvency of the Operator. 16.1. Upon initiation of the Operator’s bankruptcy or restructuring proceedings, all Auctions shall be suspended and no new Loan Agreements shall be concluded. 16.2. All information necessary for the due performance of the valid Loan Agreements, ensuring continuity of the pending recovery and other activities required to guarantee proper legal relations shall be made available to the bankruptcy or restructuring administrator or another authorised person. 16.3. The bankruptcy of the Operator shall not have any influence on the Loan Agreements concluded between the Users, and they shall continue to be effective. The recovery under the Operator’s liabilities may not be directed towards the Loan Amounts.

Insolvency of the Operator. 16.115.1. Upon initiation of the Operator’s bankruptcy or restructuring proceedings, all Auctions shall be suspended and no new Loan Agreements shall be concluded. 16.215.2. All information necessary for the due performance of the valid Loan Agreements, ensuring continuity of the pending recovery and other activities required to guarantee proper legal relations shall be made available to the bankruptcy or restructuring administrator or another authorised person. 16.315.3. The bankruptcy of the Operator shall not have any influence on the Loan Agreements concluded between the Users, and they shall continue to be effective. The recovery under the Operator’s liabilities may not be directed towards the Loan Amounts.