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Termination of Insolvency Administration Sample Clauses

Termination of Insolvency Administration. 5.03-1 Insolvency Administration shall terminate when the Trustee determines that the Company: (a) Is not Insolvent, in response to a notice or allegation of insolvency under 5.01-2; (b) Has ceased to be Insolvent; or (c) Has been determined by a court of competent jurisdiction not to be Insolvent or to have ceased to be Insolvent. 5.03-2 Upon termination of Insolvency Administration under 5.03-1, the trust fund shall continue to be held for the benefit of the Participants and beneficiaries under the Plan. Benefit payments due during the period of Insolvency Administration shall be made as soon as practicable, together with interest from the due dates at the rate credited on the Participant's account under the Plan.
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Termination of Insolvency Administration. 33 5.04 Creditors' Claims During Solvency...................... 33 ARTICLE VI Successor Trustees..................................... 34
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Termination of Insolvency Administration. 5.03-1 Insolvency Administration shall terminate when the Trustee determines that the Company: (a) Is not Insolvent, in response to a notice or allegation of insolvency under 5.01-2; (b) Has ceased to be Insolvent; or (c) Has been determined by a court of competent jurisdiction not to be Insolvent or to have ceased to be Insolvent. 5.03-2 Upon termination of Insolvency Administration under 5.03-1, the trust fund shall continue to be held for the benefit of the Participants and beneficiaries under the Plans. Benefit payments due during the period of Insolvency Administration shall be made as soon as practicable, together with interest from the due dates at the following rates: (a) For the Deferred Compensation Plan, the rate credited on the Participant's account under the Plan. (b) For the Supplemental Executive Retirement Plan, a rate equal to the interest rate fixed by the Pension Benefit Guaranty Corporation for valuing immediate annuities in the preceding month.
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Termination of Insolvency Administration. 5.3.1 Insolvency Administration shall terminate when the Trustee determines that the Company: (a) Is not Insolvent, in response to a notice or allegation of Insolvency under 5.1.2; or (b) Has ceased to be Insolvent; or (c) Has been determined by a court of competent jurisdiction not to be Insolvent or to have ceased to be Insolvent.
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Termination of Insolvency Administration. PAGE 30 UMBRELLA TRUST(TM) FOR EXECUTIVES 5.03-1 Insolvency Administration shall terminate when the Trustee determines that the Company: (a) Is not Insolvent, in response to a notice or allegation of insolvency under 5.01-2; (b) Has ceased to be Insolvent; or (c) Has been determined by a court of competent jurisdiction not to be Insolvent or to have ceased to be Insolvent. 5.03-2 Upon termination of Insolvency Administration under 5.03-1, the trust fund shall continue to be held for the benefit of the Participants and beneficiaries under the Plans. Benefit payments due during the period of Insolvency Administration shall be made as soon as practicable, together with interest from the due dates at the following rates: (a) For the Executive Deferred Compensation Plan, the rate credited on the Participant's account under the Plan. (b) For the Supplemental Executive Benefit Plan, a rate equal to the interest rate fixed by the Pension Benefit Guaranty Corporation for valuing immediate annuities in the preceding month. (c) For the Severance Plans, a rate equal to the interest rate fixed by the Pension Benefit Guaranty Corporation for valuing immediate annuities in the preceding month.
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Termination of Insolvency Administration. 23 5.04 Creditors' Claims During Solvency. . . . . . . . . . . . . . . . . . 24
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Termination of Insolvency Administration. 5.3.1 Insolvency Administration shall terminate when the Trustee determines that the Company: (a) Is not Insolvent, in response to a notice or allegation of Insolvency under 5.1.2; or (b) Has ceased to be Insolvent; or (c) Has been determined by a court of competent jurisdiction not to be Insolvent or to have ceased to be Insolvent. 5.3.2 Upon termination of Insolvency Administration under 5.3.1, the trust fund shall continue to be held for the benefit of the participants in the Plans. Benefit payments due during the period of Insolvency Administration shall be made as soon as practicable, together with interest from the due dates at the following rates: (a) if a Plan is deferred compensation plan or other defined contribution plan, at the rate credited on the participant's account under such plan. (b) if a Plan is a supplemental executive retirement plan or other defined benefits plan or any other plan (other than a plan referred to in (a) immediately above), at a rate equal to the interest rate fixed by the Pension Benefit Guaranty Corporation for valuing immediate annuities in the preceding month.
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Termination of Insolvency Administration. 5.03-1 Insolvency Administration shall terminate when the Trustee determines that the Company: (a) Is not Insolvent, in response to a notice or allegation of insolvency under 5.01; (b) Has ceased to be Insolvent; or (c) Has been determined by a court of competent jurisdiction not to be Insolvent or to have ceased to be Insolvent. 5.03-2 Upon termination of Insolvency Administration under 5.03-1, the trust fund shall continue to be held for the benefit of the Participants and beneficiaries under the Plans. Benefit payments due during the period of Insolvency Administration shall be made as soon as practicable, together with interest from the due dates, as directed by the Committee, based upon the following rates: (a) For deferred compensation or other defined contribution plans, the rate credited on the Participant’s account under the Plan or, if greater, the rate provided under subparagraph (b) below. (b) For supplemental retirement or other defined benefit plans, a rate equal to the average PBGC rate applicable to immediate annuities during the period while benefit payments were suspended.
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Termination of Insolvency Administration. 5.03-1 Insolvency Administration shall terminate when the Trustee determines that the Company: (a) Is not Insolvent, in response to a notice or allegation of insolvency under 5.01; (b) Has ceased to be Insolvent; or (c) Has been determined by a court of competent jurisdiction not to be Insolvent or to have ceased to be Insolvent. 5.03-2 Upon termination of Insolvency Administration under 5.03-1, the trust fund shall continue to be held for the benefit of the Participants and beneficiaries under the Plans. Benefit payments due during the period of Insolvency Administration shall be made as soon as practicable, together with interest from the due dates, as directed by the Committee, based upon the following rates: (a) For deferred compensation or other defined contribution plans, the rate credited on the Participant's account under the Plan. (b) For supplemental retirement or other defined benefit plans, a rate equal to the average PBGC rate applicable to immediate annuities during the period while benefit payments were suspended.
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Related to Termination of Insolvency Administration

  • Termination on Insolvency and Change of Control 43.1. The Authority may terminate the Contractor’s interest in the Framework Agreement with immediate effect by notice where in respect of the Contractor: 43.1.1. a proposal is made for a voluntary arrangement within Part I of the Insolvency Xxx 0000 or of any other composition scheme or arrangement with, or assignation for the benefit of, its creditors; 43.1.2. a shareholders’ meeting is convened for the purpose of considering a resolution that it be wound up or a resolution for its winding-up is passed (other than as part of, and exclusively for the purpose of, a bona fide reconstruction or amalgamation); 43.1.3. a petition is presented for its winding up (which is not dismissed within 14 days of its service) or an application is made for the appointment of a provisional liquidator or a creditors’ meeting is convened pursuant to section 98 of the Insolvency Xxx 0000; 43.1.4. a receiver, administrative receiver or similar officer is appointed over the whole or any part of its business or assets; 43.1.5. an application order is made either for the appointment of an administrator or for an administration order, an administrator is appointed, or notice of intention to appoint an administrator is given; 43.1.6. it is or becomes insolvent within the meaning of section 123 of the Insolvency Xxx 0000; 43.1.7. being a “small company” within the meaning of section 382 of the Companies Xxx 0000, a moratorium comes into force pursuant to schedule A1 to the Insolvency Xxx 0000; 43.1.8. a debt relief order is entered into; or 43.1.9. any event similar to those listed above occurs under the law of any other jurisdiction. 43.2. The Authority may terminate the Contractor’s interest in the Framework Agreement by notice with immediate effect within 6 months of: 43.2.1. being notified that a change of Control has occurred in accordance with clause 30 (Assignation and Change of Control); or 43.2.2. where no such notification has been given, the date that the Authority becomes aware of the change of control. 43.3. But the Authority may not terminate the Contractor’s interest in the Framework Agreement under clause 43.2 where approval of the change of control has been granted by notice by the Authority.

  • H1 Termination on Insolvency and Change of Control H1.1 The Authority may terminate the Contract with immediate effect by notice in writing where the Contractor is a company and in respect of the Contractor:

  • Termination on Change of Control and Insolvency 25.1 The Authority may terminate the Contract with immediate effect by notice in writing where the Contractor is the subject of proceedings under the Insolvency Xxx 0000. 25.2 The Contractor shall notify the Authority immediately if the Contractor undergoes a change of control within the meaning of section 416 of the Income and Corporation Taxes Act 1988 ("change of control"). The Authority may terminate the Contract by notice in writing with immediate effect within six (6) Months of: 25.2.1 being notified that a change of control has occurred; or 25.2.2 where no notification has been made, the date that the Authority becomes aware of the change of control, but shall not be permitted to terminate where an approval was granted prior to the change of control.

  • Termination for Bankruptcy In the event that either Party files for protection under bankruptcy laws, makes an assignment for the benefit of creditors, appoints or suffers appointment of a receiver or trustee over its property, files a petition under any bankruptcy or insolvency act or has any such petition filed against it which is not discharged within sixty (60) days of the filing thereof, then the other Party may terminate this Agreement effective immediately upon written notice to such Party.

  • Termination Upon Insolvency Either Party may terminate this Agreement if, at any time, the other Party shall file in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of that Party or of its assets, or if the other Party proposes a written agreement of composition or extension of its debts, or if the other Party shall be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within sixty (60) days after the filing thereof, or if the other Party shall propose or be a Party to any dissolution or liquidation, or if the other Party shall make an assignment for the benefit of its creditors.

  • Default, Disruption and Termination H1 Termination on Change of Control and Insolvency H2 Termination on Default H3 Break H4 Consequences of Termination H5 Disruption H6 Recovery upon Termination H7 Force Majeure

  • Termination for Insolvency The Procuring Entity may at any time terminate the Contract by giving notice to the Supplier if the Supplier becomes bankrupt or otherwise insolvent. In such event, termination will be without compensation to the Supplier, provided that such termination will not prejudice or affect any right of action or remedy that has accrued or will accrue thereafter to the Procuring Entity

  • Termination on Insolvency The Authority may terminate this Framework Agreement by issuing a Termination Notice to the Supplier where an Insolvency Event affecting the Supplier occurs.

  • Certification of Funds; Budget and Fiscal Provisions; Termination in the Event of Non-Appropriation This Agreement is subject to the budget and fiscal provisions of the City’s Charter. Charges will accrue only after prior written authorization certified by the Controller, and the amount of City’s obligation hereunder shall not at any time exceed the amount certified for the purpose and period stated in such advance authorization. This Agreement will terminate without penalty, liability or expense of any kind to City at the end of any fiscal year if funds are not appropriated for the next succeeding fiscal year. If funds are appropriated for a portion of the fiscal year, this Agreement will terminate, without penalty, liability or expense of any kind at the end of the term for which funds are appropriated. City has no obligation to make appropriations for this Agreement in lieu of appropriations for new or other agreements. City budget decisions are subject to the discretion of the Mayor and the Board of Supervisors. Contractor’s assumption of risk of possible non-appropriation is part of the consideration for this Agreement. THIS SECTION CONTROLS AGAINST ANY AND ALL OTHER PROVISIONS OF THIS AGREEMENT.

  • Insolvency; Voluntary Proceedings The Borrower or any Material Subsidiary (i) ceases or fails to be solvent, or generally fails to pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any, whether at stated maturity or otherwise; (ii) voluntarily ceases to conduct its business in the ordinary course; (iii) commences any Insolvency Proceeding with respect to itself; or (iv) takes any action to effectuate or authorize any of the foregoing; or

Most Referenced Clauses

Most Referenced Definitions