Involuntary Dissolution or Split Up Sample Clauses
The 'Involuntary Dissolution or Split Up' clause defines the conditions and procedures under which a business entity may be dissolved or divided without the unanimous consent of its owners or members. Typically, this clause outlines specific triggering events—such as bankruptcy, legal judgments, or regulatory actions—that can force the company to cease operations or split its assets among stakeholders. Its core function is to provide a clear, predetermined process for winding down or restructuring the business in situations where continued operation is no longer feasible, thereby protecting the interests of all parties and minimizing disputes.
Involuntary Dissolution or Split Up. Any order, judgment or decree shall be entered against any Loan Party decreeing its involuntary dissolution or split up and such order shall remain undischarged and unstayed for a period in excess of sixty (60) days; or
Involuntary Dissolution or Split Up. Any order, judgment or decree shall be entered against the Borrower decreeing its involuntary dissolution or split up and such order shall remain undischarged and unstayed for a period in excess of sixty (60) days; or
Involuntary Dissolution or Split Up. Any order, judgment or decree shall be entered against the Company decreeing its involuntary dissolution or split up and such order shall remain undischarged and unstayed for a period in excess of sixty (60) days.
Involuntary Dissolution or Split Up. Any order, judgment or decree is entered in any proceedings against any Loan Party decreeing the involuntary dissolution or a split-up of any Loan Party which requires the divestiture of assets representing a substantial part, or the divestiture of the stock of one or more of its Subsidiaries whose assets represent a substantial part, of the consolidated assets of the Borrower and its Subsidiaries (determined in accordance with GAAP) or which requires the divestiture of assets, or stock of one or more of its Subsidiaries, which shall have contributed a substantial part of the consolidated net income of the Borrower and its Subsidiaries (determined in accordance with GAAP) for any of the three fiscal years then most recently ended, and such order, judgment or decree remains unstayed and in effect for more than sixty (60) days; or
Involuntary Dissolution or Split Up. Any order, judgment or decree shall be entered against Holdings, Borrower or any Restricted Subsidiary (other than an Immaterial Subsidiary) decreeing its involuntary dissolution or split up and such order shall remain undischarged and unstayed for a period in excess of 60 days; or