Notice of Dissolution and Other Change of Business. If at any time during the performance of the Work and for a period of two (2) years following the completion of the Work: (i) Dissolution of any Party occurs, or (ii) any Party experiences or anticipates a material change in business, including a reorganization, refinancing, restructuring or leveraged buyout, or (iii) any Party has notice of any of the matters referred to in (i) or (ii); then that Party must furnish the other Parties with written notice of the same within 5 days and, in the case of Prime Consultant or General Contractor, take all necessary and proper safeguards to allow Owner the opportunity to retrieve its property, the Work and anything relating to the Work from their then- current location. For the purposes of this provision, “Dissolution” means, in respect of any Party, the making of an assignment for the benefit of creditors or admitting in writing its inability to pay its debts as they mature, bankruptcy, insolvency, liquidation, winding-up, administration and dissolution and the appointment in respect of it or any of its assets of a receiver, administrator, manager, or similar officer, and any proceeding or event which is equivalent or analogous to any of the same by whatever name known and in whatever jurisdiction and any step taken for or with a view to any of the foregoing.
Notice of Dissolution and Other Change of Business. If at any time during the performance of the Work and for a period of 2 years following the completion of the Work: (i) Dissolution of any Party occurs; (ii) any Party experiences or anticipates a material change in business, including a reorganization, refinancing, restructuring or leveraged buyout; and (iii) any Party has notice of any of the matters referred to in (i) or (ii), then that Party must furnish the other Parties with written notice of the same within 5 days and, in the case of Architect or Contractor, take all necessary and proper safeguards to allow Owner the opportunity to retrieve its property, the Work, and anything relating to the Work from their then-current location. For the purposes of this provision, “Dissolution” means, in respect of any Party, the making of an assignment for the benefit of creditors or admitting in writing its inability to pay its debts as they mature, bankruptcy, insolvency, liquidation, winding-up, administration and dissolution and the appointment in respect of it or any of its assets of a receiver, administrator, manager or similar officer and any proceeding or event which is equivalent or analogous to any of the same by whatever name known and in whatever jurisdiction and any step taken for or with a view to any of the foregoing.
