Protection from Creditors Clause Samples
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Protection from Creditors. In the event of the Provider’s bankruptcy, insolvency or assignment for the benefit of creditors, or any adverse judgment, the Trust Funds shall not be available to any creditor as assets of the Provider or to pay any expenses of any bankruptcy or similar proceeding, but shall be distributed to the Purchaser or managed for the Purchaser’s benefit by the Trustee holding the funds. Except in an action by the Regulator to revoke the Provider’s license issued pursuant to the Act and for creation of a receivership as provided in the ITTA, the Trust Funds shall not be subject to judgment, execution, garnishment or other alienation, and shall not be assignable except as approved by the Regulator. This paragraph shall not be construed as restricting in any way the Beneficiary’s, the Beneficiary’s representative’s, the Purchaser’s, or the Purchaser’s representative’s voluntary exercise of any power to cancel the Pre-need Contract.
Protection from Creditors. Neither the Purchaser nor any of its subsidiaries is the subject of any proceedings or court order for protection from its creditors
Protection from Creditors. Subject to Clause 14.2, any order is made, decree is passed or resolution is passed or other action is taken by or with respect to any obligor for protection from creditors of such Obligor.
Protection from Creditors. No income or principal distributable from the Trust created under this Last Will and Testament shall be subject to the attachment by, or the interference or control of, any creditor of, any person seeking support from, any person furnishing necessary services to, or any assignee of, any Beneficiary. No property shall be taken, seized or otherwise reached by any legal or equitable process in satisfaction of any debt or liability of any Beneficiary (including governmental claims). If the Trustee, to their best judgment, believes that the child's portion of the Estate is susceptible to any outside party, then the Trustee is required to act in the best manner possible to protect the interests of the child. If and when the Trustee determines that the child's portion of the inheritance is no longer threatened by any outside pressures may the process of distribution continue in accordance with this Trust.
Protection from Creditors. If the Trustees shall determine that a beneficiary (other than the Settlor's Wife with respect to any Marital Trust) would not benefit as greatly from any outright distribution of trust income or principal because of the availability of the distribution to the beneficiary's creditors, the Trustees shall instead expend those amounts for the benefit of the beneficiary. This direction is intended to enable the Trustees to give the beneficiary the maximum possible benefit and enjoyment of all of the trust income and principal to which the beneficiary is entitled.
Protection from Creditors. The Companies are not the subject of any proceedings or court order for protection from its creditors
Protection from Creditors. Any filing is made or a proceeding is commenced in respect of the Pledgor or Orca (whether voluntary or involuntary) seeking any stay of proceedings, protection from creditors, moratorium, reorganization, arrangement, composition, re-adjustment, or any other relief under any present or future law of any jurisdiction relative to bankruptcy, insolvency, reorganization or other relief for debtors or affecting creditors’ rights, including, without limitation, the Companies’ Creditors Arrangement Act (Canada);
Protection from Creditors. In the event of the Provider's bankruptcy, insolvency or assignment for the benefit of creditors, or an adverse judgment, the Trust Funds shall not be available to any creditor as assets of the Provider or to pay any expenses of any bankruptcy or similar proceeding, but shall be distributed to the Purchaser or managed for the Purchaser's benefit by the Trustee holding the funds. Except in an action by the Regulator to revoke the Provider's license issued pursuant to the Act and for creation of a receivership as provided in the ITTA, the Trust Funds shall not be subject to judgment, execution, garnishment, attachment, or other seizure by process in bankruptcy or otherwise, nor to sale, pledge, mortgage, or other alienation, and shall not be assignable except as approved by the Regulator. This paragraph shall not be construed as restricting in any way the Beneficiary's, the Beneficiary's representative's, the Purchaser's, or the Purchaser's representative's voluntary exercise of any power to cancel the Pre-need Contract.
Protection from Creditors. Any filing is made or a proceeding is commenced in respect of the Corporation or Licensor seeking any stay of proceeding, protection from creditors, moratorium, reorganization, arrangement, composition, re-adjustment, or any other relief under any present or future law of any jurisdiction relative to bankruptcy, insolvency or other relief for debtors, including, without limitation, the Companies’ Creditors Arrangement Act (Canada) or similar legislation in the United States;