No Consolidation Clause Samples
The No Consolidation clause prevents the combining or merging of the parties' assets, liabilities, or legal obligations in the event of insolvency or bankruptcy. In practice, this means that if one party becomes insolvent, its assets and debts cannot be pooled with those of the other party for the purposes of satisfying creditors or legal claims. This clause is commonly used in structured finance and securitization transactions to maintain the legal and financial separation between entities, thereby protecting each party from being held responsible for the other's financial obligations.
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No Consolidation. No Guarantor Party shall consolidate or merge with or into any other Person or, other than the security interest Granted to the Collateral Agent pursuant to the Transaction Documents, convey or transfer their properties and assets substantially as an entirety to any Person.
No Consolidation. Each Lender hereby covenants and agrees that, to the extent that any bankruptcy, reorganization, insolvency or liquidation proceedings, or other proceedings under the Bankruptcy Code or any other Debtor Relief Laws (a “Bankruptcy Action”) is instituted or commenced against any Credit Party (other than the Borrower) as debtor (the “Debtor”), if such Lender is a creditor of the Debtor, such Lender shall not seek or consent to the consolidation of the Borrower with the Debtor with respect to such Bankruptcy Action.
No Consolidation. No Borrower Entity shall consolidate or merge with or into any other Person or, other than the security interest Granted to the Collateral Agent pursuant to the Transaction Documents, convey or transfer its properties and assets substantially as an entirety to any Person.
No Consolidation. Unless the Parties otherwise agree, no dispute, controversy or claim hereunder shall be consolidated with any other arbitration proceeding involving any third party.
No Consolidation. (a) The Issuer shall not consolidate or merge with or into any other Person or, other than the security interest Granted to the Trustee pursuant to this Indenture, convey or transfer its properties and assets substantially as an entirety to any Person.
No Consolidation. It is the intent of both parties that they will only apply for dispute resolution under this Section 17 in an individual capacity and not as a plaintiff or class member in any purported class or representative proceeding, or in a private attorney general capacity. Accordingly, the arbitrator is not empowered to consolidate more than one person’s claims, and may not otherwise preside over any form of a representative or class proceeding.
No Consolidation. 8.1 The Company agrees that it will not undertake any reverse splits or consolidations of its issued, outstanding or authorized common stock for a period of 3 months from the date of this Agreement.
No Consolidation. F.Y.I. will, and (except with respect to clause (a) succeeding which shall not be applicable to Subsidiaries of F.Y.I.) will cause each of its Subsidiaries to:
(a) with respect to F.Y.I. only, provide that, at all times, at least one (1) member of its board of directors or at least one (1) of its officers will be a Person who is not an officer, director or employee of any Affiliate of F.Y.I. or any other Subsidiary;
(b) maintain corporate records and books of account separate from those of any corporation which is an Affiliate of F.Y.I. and separate from those of any Subsidiary of F.Y.I.;
(c) not commingle its funds or assets with those of any corporation which is an Affiliate of F.Y.I. or with those of any Subsidiary of F.Y.I.; and
(d) provide that its board of directors will hold all appropriate meetings (or, to the extent allowed by applicable law, act by written consent) to authorize and approve such Person's corporate actions.
No Consolidation. SOURCECORP will, and (except with respect to clause (a) succeeding which shall not be applicable to Subsidiaries of SOURCECORP) will cause each of its Subsidiaries to:
(a) with respect to SOURCECORP only, provide that, at all times, at least one (1) member of its board of directors or at least one (1) of its officers will be a Person who is not an officer, director or employee of any Affiliate of SOURCECORP or any other Subsidiary;
(b) maintain corporate records and books of account separate from those of any corporation which is an Affiliate of SOURCECORP and separate from those of any Subsidiary of SOURCECORP;
(c) not commingle its funds or assets with those of any corporation which is an Affiliate of SOURCECORP or with those of any Subsidiary of SOURCECORP; and
(d) provide that its board of directors will hold all appropriate meetings (or, to the extent allowed by applicable law, act by written consent) to authorize and approve such Person’s corporate actions.
No Consolidation. If an Advance Notice has been delivered to the Investor, then the Company shall not effect any consolidation of the Company with or into, or a transfer of all or substantially all the assets of the Company to another entity before the transaction contemplated in such Advance Notice has been closed in accordance with Section 2.02 hereof, and all Shares in connection with such Advance have been received by the Investor; provided, however, the foregoing shall not limit the Company from complying with any order or other notice issued by any governmental authority.