Termination of Receivership Sample Clauses
The 'Termination of Receivership' clause defines the conditions and procedures under which a receivership—where a receiver is appointed to manage assets or operations—comes to an end. This clause typically outlines the events that trigger termination, such as the fulfillment of obligations, resolution of insolvency, or court order, and may specify the steps for returning control to the original parties. Its core function is to provide a clear and orderly process for concluding the receivership, ensuring all parties understand when and how normal management resumes and reducing uncertainty or disputes about the receivership's conclusion.
Termination of Receivership. The Scheme Owner may by notice to a Receiver at the time of a Receiver’s appointment or any subsequent times as the Scheme Owner thinks fit give to, or remove from, a Receiver all or any of the rights referred to in clause 22.3. 23 Protection of Scheme Owner, Receiver and Attorney
(a) To the extent permitted by Law, no Scheme Owner, Receiver or Attorney will be liable:
(i) for any conduct or delay in the exercise or non-exercise of any power;
(ii) for any loss (including consequential loss) which results; or
(iii) for negligence of the attorney, where the sale has been made after a public process (eg auction, tender, public notification of sale), except where the liability arises from the fraud or wilful misconduct of the Scheme Owner, Receiver or Attorney.
Termination of Receivership. The Scheme Owner may by notice to a Receiver at the time of a Receiver’s appointment or any subsequent times as the Scheme Owner thinks fit give to, or remove from, a Receiver all or any of the rights referred to in clause 21.3.