Insolvency procedures Clause Samples

The "Insolvency procedures" clause defines the actions and consequences that apply if one party to the contract becomes insolvent or enters into bankruptcy proceedings. Typically, this clause outlines the rights of the non-insolvent party, such as the ability to terminate the agreement, suspend performance, or claim outstanding payments. For example, if a supplier goes into liquidation, the customer may be entitled to stop further payments or seek alternative suppliers. The core function of this clause is to protect parties from the risks associated with insolvency, ensuring that they have clear remedies and procedures to follow if the other party can no longer fulfill its contractual obligations.
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Insolvency procedures no action has been taken or is pending, no other steps have been taken (whether out of court or otherwise) and no legal proceedings have been commenced or are threatened or are pending for (i) its bankruptcy, liquidation, suspension of payments, controlled management, winding-up, liquidation, dissolution, administration or reorganization; or (ii) it to enter into any composition or arrangement with its creditors; or (iii) the appointment of a receiver, administrative receiver, Agent or similar officer in respect of it or any of its property, undertaking or assets. No event equivalent to any of the foregoing has occurred in or under the laws of any relevant jurisdiction;
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Insolvency procedures. No corporate action has been taken or is pending, no other steps have been taken and no legal proceedings have been commenced (in each case by the Purchaser or, so far as the Purchaser is aware, by any other person) or (so far as the Purchaser is aware) are threatened or are pending for (i) the winding-up, liquidation, dissolution, administration or reorganisation of the Purchaser (other than for the purposes of and followed by a solvent reconstruction previously notified to the Seller); or (ii) the Purchaser to enter into any composition or arrangement with its creditors generally; or (iii) the appointment of a receiver, administrative receiver, trustee or similar officer in respect of the Purchaser or substantially all of its property, undertaking or assets.
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Insolvency procedures. (a) Any Obligor is dissolved or enters into liquidation, administration, administrative receivership, receivership, a voluntary arrangement, a scheme of arrangement with creditors, any analogous or similar procedure in any jurisdiction other than England or any other form of procedure relating to insolvency, reorganisation or dissolution in any jurisdiction; or a petition is presented or other step is taken by any person with a view to any of those things. (b) However, there will not be an Event of Default under clause 16.5 (a) in respect of any Obligor (other than the Borrower) if the Borrower can establish, to the reasonable satisfaction of the Agent (acting on the instructions of the Majority Lenders), that such procedure is: (i) instituted by the Obligor concerned for the purpose of a fully solvent reorganisation; or (ii) a court process instituted by a creditor and is an abuse of process of the court provided that, in either case, the obligations of the relevant Obligor under, and the security created by, the Finance Documents to which such Obligor is a party will not be materially adversely affected.
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Insolvency procedures. No Insolvency Event has occurred in relation to AGCO Iberia, no corporate action has been taken or is pending, no other steps have been taken (whether out of court or otherwise) and no legal proceedings (other than any frivolous and vexatious proceedings which are dismissed within 10 days) have been commenced or are threatened or are pending for: (i) its bankruptcy, liquidation, suspension of payments, controlled management, winding-up, liquidation, dissolution, administration or reorganisation; or (ii) it to enter into any composition or arrangement with its creditors; or (iii) the appointment of a receiver, administrative receiver, trustee or similar officer in respect of it or any of its property, undertaking or assets. No event equivalent to any of the foregoing has occurred in or under the laws of any relevant jurisdiction.
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Insolvency procedures any of the following occur: (a) the Borrower or any of its related bodies corporate obtain a moratorium or other protection from its creditors; or (b) a receiver, administrative receiver, liquidator or administrator is validly appointed in respect of the Borrower or any of its related bodies corporate or a substantial part of their assets; or (c) the Borrower or any of its related bodies corporate becomes or is deemed to be or admits in writing that it is insolvent or unable to pay its debts;
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Insolvency procedures. 12.6.1 Any Group Company is dissolved or enters into liquidation, administration, administrative receivership, receivership, a voluntary arrangement, a scheme of arrangement with creditors, any analogous or similar procedure in any jurisdiction other than England or any other form of procedure relating to insolvency, reorganisation or dissolution in any jurisdiction; or any step is taken by any person with a view to any of those things. 12.6.2 However, there will not be an Event of Default under Clause 12.6.1 (Insolvency procedures) if the Borrower can establish, to the satisfaction of the Lender in its sole and absolute discretion, that such procedure is: 12.6.2.1 instituted by the Group Company concerned for the purpose of a fully solvent reorganisation; or 12.6.2.2 a court process instituted by a creditor and is an abuse of process of the court.
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Related to Insolvency procedures

  • Insolvency Proceedings, Etc Any Loan Party or any of its Subsidiaries institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or

  • Insolvency Proceedings In case there shall be pending, relative to the Borrower or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral, proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Borrower, its property or such other obligor or Person, or in case of any other comparable judicial proceedings relative to the Borrower or other obligor upon the Notes, or to the creditors of property of the Borrower or such other obligor, the Collateral Agent irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Collateral Agent shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered but without any obligation, subject to Section 13.9(a), by intervention in such proceedings or otherwise: (a) to file and prove a claim or claims for the whole amount of principal and Interest owing and unpaid in respect of the Notes, all other amounts owing to the Lenders and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Collateral Agent (including any claim for reimbursement of all expenses (including the fees and expenses of counsel) and liabilities incurred, and all advances, if any, made, by the Collateral Agent and each predecessor Collateral Agent except as determined to have been caused by its own gross negligence or willful misconduct) and of each of the other Secured Parties allowed in such proceedings; (b) unless prohibited by Applicable Law and regulations, to vote (with the consent of the Agent) on behalf of the holders of the Notes in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings; (c) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Secured Parties on their behalf; and (d) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Collateral Agent or the Secured Parties allowed in any judicial proceedings relative to the Borrower, its creditors and its property; and any trustee, receiver, liquidator, collateral agent or trustee or other similar official in any such proceeding is hereby authorized by each of such Secured Parties to make payments to the Collateral Agent and, in the event that the Collateral Agent shall consent to the making of payments directly to such Secured Parties, to pay to the Collateral Agent such amounts as shall be sufficient to cover all reasonable expenses and liabilities incurred, and all advances made, by the Collateral Agent and each predecessor Collateral Agent except as determined to have been caused by its own negligence or willful misconduct.

  • Emergency Procedures All residents and guests are required to exit the building during emergencies that require evacuation and follow instructions given by authorized University emergency personnel (e.g.,

  • No Insolvency Proceedings No attachments, execution proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings are pending, or to the Company’s Knowledge, threatened against the Company or any of the Company Subsidiaries, nor are any such proceedings contemplated by the Company or any of the Company Subsidiaries.

  • Insolvency, Etc In the event of the firm being adjudged insolvent or having a receiver appointed for it by a court or any other order under the Insolvency Act made against them or in the case of a company the passing any resolution or making of any order for winding up, whether voluntary or otherwise, or in the event of the firm failing to comply with any of the conditions herein specified AIIMS, Jodhpur shall have the power to terminate the contract without any prior notice.