Termination by Operation of Law. This Agreement may be terminated by any Party hereto if there shall be any statute, rule or regulation that renders consummation of the transactions contemplated by this Agreement (the “Contemplated Transactions) illegal or otherwise prohibited, or a court of competent jurisdiction or any government (or governmental authority) shall have issued an order, decree or ruling, or has taken any other action restraining, enjoining or otherwise prohibiting the consummation of such transactions and such order, decree, ruling or other action shall have become final and nonappealable.
Termination by Operation of Law. Subject to Section 10.4, this Agreement shall immediately and automatically terminate should either Party (a) become insolvent; (b) enter into or file a petition, arraignment or proceeding seeking an order for relief under the bankruptcy laws of its respective jurisdiction; (c) enter into a receivership of any of its assets or (d) enter into a dissolution or liquidation of its assets or an assignment for the benefit of its creditors.
Termination by Operation of Law. In the event the University Board is notified by the Department that an Academy site is subject to closure under section 507 of the Code, MCL 380.507 (“State’s Automatic Closure Notice”), then this Contract shall automatically be amended to eliminate the Academy’s authority to operate certain age and grade levels at the site or sites identified in the State’s Automatic Closure Notice. If the State’s Automatic Closure Notice includes all of the Academy’s existing sites, then this Contract shall automatically be terminated at the end of the current school year in which either the State’s Automatic Closure Notice is received without any further action of the University Board or the Academy. Following receipt of the State’s Automatic Closure Notice, the SUPO Director shall forward a copy of the notice to the Academy Board and may request a meeting with the Academy Board representatives to discuss the Academy’s plans and procedures for the elimination of certain age or grade levels at the identified site or sites, or if all of the Academy’s existing sites are included in that notice, then wind-up and dissolution of the Academy corporation at the end of the current school year. All Academy inquiries and requests for reconsideration of the State’s Automatic Closure Notice, including the granting of any hardship exemption by the Department rescinding the State’s Automatic Closure Notice (“Pupil Hardship Exemption”), shall be directed to the Department, in a form and manner determined by the Department. If the Department rescinds the State’s Automatic Closure Notice for an Academy site or sites by granting a Pupil Hardship Exemption, the Academy is not required to close the identified site(s) but shall present to the University, the Department’s school improvement plan, if applicable, for the identified site(s). If the Department elects not to issue a Pupil Hardship Exemption and the SUPO Director determines, in his or her discretion, that the closure of one or more sites as directed by the Department creates a significant economic hardship for the Academy as a going concern or the possibility of a mid-year school closure, then the SUPO Director may recommend to the University Board that the Contract be terminated at the end of the current school year (hereinafter “Economic Hardship Termination”). If the University Board approves the Economic Hardship Termination recommendation, then this Contract shall terminate at the end of the current school year without any fu...
Termination by Operation of Law. This Agreement may be terminated by ------------------------------- any of the parties hereto if, in the reasonable opinion of counsel to the respective parties hereto, there shall be any statute, rule or regulation that renders consummation of the transactions contemplated hereby illegal or otherwise prohibited, or a court of competent jurisdiction or any government (or governmental authority) shall have issued an order, decree or ruling, or has taken any other action restraining, enjoining or otherwise prohibiting the consummation of such transactions and such order, decree, ruling or other action shall have become final and nonappealable.
Termination by Operation of Law. The Executive's employment with the Bank shall terminate:
(a) if the Executive is removed or permanently prohibited from participating in the conduct of the Bank's affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. ss. 1818(e)(4) or (g)(1) as of the effective date of the order.
(b) if the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act) as of the date of the default; or
(c) except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Bank, by the Director of the Office of Thrift Supervision (the "Director") or his or her designee, (x) at the time the Federal Deposit Insurance Corporation or the Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act; or (y) at the time the Director or his her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition.
Termination by Operation of Law. The obligations of such Selling Stockholder hereunder shall not be terminated by operation of law (whether by death or incapacity of any individual Selling Stockholder or, in the case of an estate or trust Selling Stockholder, by the death or incapacity of any executor or trustee thereof or the termination of such trust or estate, or in the case of a partnership or corporation Selling Stockholder, by the dissolution or liquidation of such partnership or corporation, or by the occurrence of any other event); and if any individual Selling Stockholder or trustee or executor of any estate or trust Selling Stockholder should die or become incapacitated, if any estate or trust Selling Stockholder should be terminated, if any partnership or corporation Selling Stockholder should be dissolved or liquidated or if any other event should occur before the delivery of the Stock to the Placement Agent hereunder, certificates for the Stock to be sold by such Selling Stockholder shall be delivered on behalf of such Selling Stockholder in accordance with the terms and conditions of this Agreement
Termination by Operation of Law. In the event that the State notifies the University or the Academy that, pursuant to Code Section 1280c the Academy is being placed under the supervision of the State School Reform/Redesign Officer, the Academy develops or changes a redesign plan after being placed under the supervision of same or the Academy is placed within the reform district contemplated by Code Section 1280c, then the University President may terminate this Contract. Such termination shall be effective at a time determined in the sole discretion of the University President. In the event that the Academy, after its fourth year of operation, receives notice from the State Superintendent of Public Instruction that it is among the lowest achieving 5% of all public schools in the state, is in year 2 of restructuring sanctions under NCLB (exclusive of the individualized education plan subgroup) and is not currently undergoing reconstitution in the form of Corrective Action, then the University shall amend the Academy’s contract to eliminate the Academy’s authority to operate the existing age and grade levels at the site to which the notice applies; if the Academy operates at only one site, then the University shall revoke the Academy’s Contract.
Termination by Operation of Law. 7.2.1. This Agreement will terminate by operation of law when your Employment Contract ends, unless extended before that date under clause 3.6.
Termination by Operation of Law. If funds are not appropriated by the General Assembly otherwise lawfully available to support this Agreement, this Agreement will terminate immediately upon unavailability of funds to compensate the position.
Termination by Operation of Law. In the event the University Board is notified that the Academy site is subject to closure under MCLA 380.507 or one or more sites occupied by the Academy as part of its Physical Plant are being placed in the State School Reform/Redesign District or under the jurisdiction of a chief executive officer, then (a) a copy of such notice shall be forwarded to the Academy Board, (b) this Contract shall automatically be amended to conform to such notice and (c) the University Board or its President shall convene a meeting with the Academy Board to effectuate the action required by such notice.
