Common use of Termination in the Event of Financial Difficulties Clause in Contracts

Termination in the Event of Financial Difficulties. If the HSP makes an assignment, proposal, compromise, or arrangement for the benefit of creditors, or is petitioned into bankruptcy, or files for the appointment of a receiver the LHIN will consult with the Director before determining whether this Agreement will be terminated in respect of a Home. If the LHIN terminates this Agreement in respect of a Home because a person has exercised a security interest as contemplated by section 107 of the Act, the LHIN would expect to enter into a service accountability agreement with the person exercising the security interest or the receiver or other agent acting on behalf of that person where the person has obtained the Director's approval under section 110 of the Act and has met all other relevant requirements of Applicable Law.

Termination in the Event of Financial Difficulties. If the HSP makes an assignment, proposal, compromise, or arrangement for the benefit of creditors, or is petitioned into bankruptcy, or files for the appointment of a receiver the LHIN will consult with the Director before determining whether this Agreement will be terminated in respect of a Home. If the LHIN terminates this Agreement in respect of a Home because a person has exercised a security interest as contemplated by section 107 of the Act, the LHIN would expect to enter into a service accountability agreement with the person exercising the security interest or the receiver or other agent acting on behalf of that person where the person has obtained the Director's ’s approval under section 110 of the Act and has met all other relevant requirements of Applicable Law.

Termination in the Event of Financial Difficulties. If the HSP makes an assignment, proposal, compromise, or arrangement for the benefit of creditors, or is petitioned into bankruptcy, or files for the appointment of a receiver receiver, the LHIN will consult with the Director before determining whether this the Agreement will be terminated in respect of a Hometerminated. If the LHIN terminates this Agreement in respect of a Home because a person has exercised a security interest as contemplated by section 107 of the Act, the LHIN would expect to enter into a service accountability agreement with the person exercising the security interest or the receiver or other agent acting on behalf of that person where the person has obtained the Director's approval under section s. 110 of the Act and has met all other relevant requirements of Applicable Law.