INSOLVENCY; RECEIVER Clause Samples
The INSOLVENCY; RECEIVER clause defines the rights and procedures that apply if one party becomes insolvent or is placed under the control of a receiver. Typically, this clause allows the non-insolvent party to terminate the agreement or take specific protective actions if the other party is unable to meet its financial obligations or enters bankruptcy proceedings. For example, if a company is declared bankrupt or a receiver is appointed to manage its assets, the counterparty may be entitled to suspend performance or end the contract. The core function of this clause is to protect parties from the risks associated with doing business with an insolvent entity, ensuring they are not bound to a contract with a party that cannot fulfill its obligations.
INSOLVENCY; RECEIVER. The Borrower shall promptly notify BANK if the Borrower receives notice or any application / petition being filed for declaring the Borrower as insolvent or if any other legal proceeding filed or intended to be filed or initiated against the Borrower is received by the borrower or if a Custodian or Receiver is appointed on any of the Borrower's properties, business or undertaking or if any of the Borrower's properties, business or assets is/are attached.
INSOLVENCY; RECEIVER. Either the appointment of a receiver to take possession of all or substantially all of the assets of YMCA, or a general assignment by the YMCA for the benefit of creditors, or any action taken or offered by YMCA under any insolvency or bankruptcy action, will constitute a breach of this License by YMCA, and in such event said License will automatically cease and terminate.
INSOLVENCY; RECEIVER. Either the appointment of a receiver to take possession of all or substantially all of the assets of ▇▇▇▇▇▇, or a general assignment by LESSEE for the benefit of creditors, or any action taken or offered by ▇▇▇▇▇▇ under any insolvency or bankruptcy action, will constitute a breach of this Lease by ▇▇▇▇▇▇, and in such event this Lease will automatically cease and terminate.
INSOLVENCY; RECEIVER. (a) If the Company makes an assignment for the benefit of creditors, files a petition in bankruptcy, is adjudicated or held to be insolvent or bankrupt, petitions or applies to any tribunal for any receiver or any trustee for the Company or any substantial part of the Company's property, commences any proceeding relating to the Company under any reorganization, arrangement, readjustment of debt or similar law or statute of any jurisdiction, whether now or hereafter in effect, or if there is commenced against the Company any such proceeding which remains undismissed, unstayed (or, if stayed, the stay shall have been set aside) or unvacated for a period of 60 days, or the Company by any act indicates its consent to, approval of, or acquiescence in, any such proceeding or the appointment of any receiver or of any trustee for the Company or any substantial part of the Company's property, or suffers any such receivership or trusteeship to continue undischarged, unstayed (or, if stayed, such stay shall have been set aside) or unvacated for a period of 60 days; or
(b) If any of the foregoing events described in Section 7.05(a) occurs with respect to a Subsidiary instead of the Company and that event will have a material adverse effect on the ability of the Company to meet its financial obligations as they become due; or
INSOLVENCY; RECEIVER. Either the appointment of a receiver to take possession of all or substantially all of the assets of LICENSEE, or a general assignment by the LICENSEE for the benefit of creditors, or any action taken or offered by LICENSEE under any insolvency or bankruptcy action, will constitute a breach of this License by LICENSEE, and in such event said License will automatically cease and terminate.
INSOLVENCY; RECEIVER. 28 7.06 JUDGMENTS; ATTACHMENTS.................................................................................28 7.07 ERISA..................................................................................................28 7.08 REMEDIES...............................................................................................29 ARTICLE VIII - MISCELLANEOUS....................................................................................29
INSOLVENCY; RECEIVER. Any one of the following constitutes a breach of this LEASE by LESSEE:
INSOLVENCY; RECEIVER. Any one of the following constitutes a breach of this lease by ▇▇▇▇▇▇: (a) the appointment of a receiver to take possession of all or substantially all assets of Lessee, or (b) a general assignment by ▇▇▇▇▇▇ for the benefit of creditors.
INSOLVENCY; RECEIVER. Either
(a) the appointment of a receiver to take possession of all or substantially all of the assets of Lessee, or (b) a general assignment by Lessee for the benefit of creditors, or (c) any action taken or suffered by Lessee under any insolvency or bankruptcy act shall constitute a breach of this lease by Lessee and at the option of Lessor cause a termination.
INSOLVENCY; RECEIVER. Either the appointment of a receiver to take possession of all or substantially all of the assets of The Stand Up Club, or a general assignment by The Stand Up Club for the benefit of creditors, or any action taken or offered by The Stand Up Club under any insolvency or bankruptcy action, will constitute a breach of this License by The Stand Up Club, and in such event said License will automatically cease and terminate.