Common use of Termination on Change of Control and Insolvency Clause in Contracts

Termination on Change of Control and Insolvency. 34.1 The Authority may terminate the Framework Agreement by written notice having immediate effect if: a) the Contractor undergoes a change of control, within the meaning of section 416 of the Income and Corporation Taxes Xxx 0000, impacting adversely and materially on the performance of the Framework Agreement; or b) where the Contractor is an individual or a firm, the Contractor or any partner in the firm becomes bankrupt or has a receiving order or administration order made against him; or makes any compromise or arrangement with or for the benefit of his creditors; or appears unable to pay a debt within the meaning of section 268 of the Insolvency Xxx 0000; or any similar event occurs under the law of any other jurisdiction within the United Kingdom; or c) where the Contractor is a company, the Contractor passes a resolution or the Court make an order that the Contractor be wound up otherwise than for the purpose of solvent reconstruction or amalgamation; or a receiver, manager or administrator is appointed on behalf of the Contractor’s business or any part of it; or the Contractor is unable to pay its debts within the meaning of section 123 of the Insolvency Xxx 0000; or any similar law of any other jurisdiction within the United Kingdom. d) The Authority may only exercise its right under Clause 36.1 within six (6) Months after a change of control occurs and shall not be permitted to do so where it has agreed in advance to the particular change of control that occurs. The Contractor shall notify the Authority immediately when any change of control occurs.

Termination on Change of Control and Insolvency. 34.1 32.1 The Authority may terminate the Framework Agreement Contract by written notice having immediate effect if: a) 32.1.1 the Contractor undergoes a change of control, within the meaning of section 416 sections 450 and 451 of the Income and Corporation Taxes Xxx 0000Tax Act 2010, impacting adversely and materially on the performance of the Framework AgreementContract; or b) 32.1.2 where the Contractor is an individual or a firm, the Contractor or any partner in the firm becomes bankrupt or has a receiving order or administration order made against him; or makes any compromise or arrangement with or for the benefit of his creditors; or appears unable to pay a debt within the meaning of section 268 of the Insolvency Xxx 0000Act 1986; or any similar event occurs under the law of any other jurisdiction within the United Kingdom; or c) 32.1.3 where the Contractor is a company, the Contractor passes a resolution or the Court make makes an order that the Contractor be wound up otherwise than for the purpose of solvent reconstruction or amalgamation; or a receiver, manager or administrator is appointed on behalf of a creditor in respect of the Contractor’s 's business or any part of it; or the Contractor is unable to pay its debts within the meaning of section 123 of the Insolvency Xxx 0000Act 1986; or any similar event occurs under the law of any other jurisdiction within the United Kingdom. d) 32.2 The Authority may only exercise its right under Clause 36.1 clause 32.1.1 within six (6) 6 Months after a change of control occurs and shall not be permitted to do so where it has agreed in advance in writing to the particular change of control that occurs. The Contractor shall notify the Authority immediately when any change of control occurs.

Termination on Change of Control and Insolvency. 34.1 The Authority 17.1 BMG may terminate the Framework Loan Agreement by written notice having immediate effect if: a) the Contractor 17.1.1 The Borrower undergoes a change of control, within the meaning of section 416 of the Income and Corporation Taxes Taxed Xxx 0000, impacting adversely and materially on the performance of the Framework AgreementBorrower; or b) 17.1.2 where the Contractor Borrower is an individual or a firm, the Contractor Borrower or any other partner in the firm becomes bankrupt or has a receiving order or administration order made against him/her; or makes any compromise or arrangement with or for the benefit of his his/her creditors; or appears unable to pay a debt within the meaning of section 268 123 of the Insolvency Xxx 0000; or similar event occurs under the law of any other jurisdiction within the United Kingdom; or 17.1.3 where the Borrower is a company, the Borrower passes a resolution or the Court makes an order that the Borrower be wound up otherwise than for the purpose of solvent reconstruction or amalgamation; or a receiver, manager, administrator is appointed on behalf of a creditor in respect of the Borrower’s business or any part of it; or the Borrower is unable to pay its debts within the meaning of section 123 of the Insolvency Xxx 0000; or any similar event occurs under the law of any other jurisdiction within the United Kingdom; or c) where the Contractor is a company, the Contractor passes a resolution or the Court make an order that the Contractor be wound up otherwise than for the purpose of solvent reconstruction or amalgamation; or a receiver, manager or administrator is appointed on behalf of the Contractor’s business or any part of it; or the Contractor is unable to pay its debts within the meaning of section 123 of the Insolvency Xxx 0000; or any similar law of any other jurisdiction within the United Kingdom. d) The Authority 17.2 BMG may only exercise its right rights under Clause 36.1 17.1.1 within six (6) Months 6 months after a change of control occurs and shall not be permitted to do so where it has agreed in advance to the particular change of in control that occurs. The Contractor , the Borrower shall notify the Authority BMG immediately when any change of control occurs.

Termination on Change of Control and Insolvency. 34.1 40.1 The Authority may terminate the Framework Agreement Contract by written notice having immediate effect if: a) a. the Contractor undergoes a change of control, within the meaning of section 416 of the Income and Corporation Taxes Xxx 0000, impacting adversely and materially on the performance of the Framework AgreementContract; or b) b. where the Contractor is an individual or a firm, the Contractor or any partner in the firm becomes bankrupt or has a receiving order or administration order made against him; or makes any compromise or arrangement with or for the benefit of his creditors; or appears unable to pay a debt within the meaning of section 268 of or the Insolvency Xxx 0000; or any similar event occurs under the law of any other jurisdiction within the United Kingdom; or c) c. where the Contractor is a company, the Contractor passes a resolution or the Court make makes an order that the Contractor be wound up otherwise than for the purpose of solvent reconstruction or amalgamation; or a receiver, manager or administrator is appointed on behalf of a creditor in respect of the Contractor’s business or any part of it; or the Contractor is unable un able to pay its debts within the meaning of section 123 of the Insolvency Xxx 0000; or any similar event occurs under the law of any other jurisdiction within the United Kingdom. d) 40.2 The Authority may only exercise its right under Clause 36.1 Condition 40.1(a) within six (6) Months 6 months after a change of control occurs and shall not be permitted to do so where it has agreed in advance to the particular change of control that occurs. The Contractor shall notify the Authority immediately when any change of control occurs.

Termination on Change of Control and Insolvency. 34.1 44.1 The Authority may terminate the Framework Agreement Contract by written notice having immediate effect if: a) 44.1.1 the Contractor undergoes a change of control, within the meaning of section 416 of the Income and Corporation Taxes Xxx 0000, impacting adversely and materially on the performance of the Framework AgreementContract; or b) 44.1.2 where the Contractor is an individual or a firm, the Contractor or any partner in the firm becomes bankrupt or has a receiving order or administration order made against him; or makes any compromise or arrangement with or for the benefit of his creditors; or appears unable to pay a debt within the meaning of section 268 of the Insolvency Xxx 0000; or any similar event occurs under the law of any other jurisdiction within the United Kingdom; or c) 44.1.3 where the Contractor is a company, the Contractor passes a resolution or the Court make makes an order that the Contractor be wound up otherwise than for the purpose of solvent reconstruction or amalgamation; or a receiver, manager or administrator is appointed on behalf of a creditor in respect of the Contractor’s 's business or any part of it; or the Contractor is unable to pay its debts within the meaning of section 123 of the Insolvency Xxx 0000; or any similar event occurs under the law of any other jurisdiction within the United Kingdom. d) 44.2 The Authority may only exercise its right under Clause 36.1 Condition 44.1.1 within six (6) 6 Months after a change of control occurs and shall not be permitted to do so where it has agreed in advance to the particular change of control that occurs. The Contractor shall notify the Authority immediately when any change of control occurs.

Termination on Change of Control and Insolvency. 34.1 43.1 The Authority may terminate the Framework Agreement by written notice having immediate effect if: a) 43.1.1 the Contractor undergoes a change of control, within the meaning of section 416 of the Income and Corporation Taxes Xxx 0000, impacting adversely and materially on the performance of the Framework AgreementContract; or b) 43.1.2 where the Contractor is an individual or a firm, the Contractor or any partner in the firm becomes bankrupt or has a receiving order or administration order made against him; or makes any compromise or arrangement with or for the benefit of his creditors; or appears unable to pay a debt within the meaning of section 268 of the Insolvency Xxx 0000; or any similar event occurs under the law of any other jurisdiction within the United Kingdom; or c) 43.1.3 where the Contractor is a company, the Contractor passes a resolution or the Court make makes an order that the Contractor be wound up otherwise than for the purpose of solvent reconstruction or amalgamation; or a receiver, manager or administrator is appointed on behalf of a creditor in respect of the Contractor’s 's business or any part of it; or the Contractor is unable to pay its debts within the meaning of section 123 of the Insolvency Xxx 0000; or any similar event occurs under the law of any other jurisdiction within the United Kingdom. d) 43.2 The Authority may only exercise its right under Clause 36.1 Condition 43.1.1 within six (6) 6 Months after a change of control occurs and shall not be permitted to do so where it has agreed in advance to the particular change of control that occurs. The Contractor shall notify the Authority immediately when any change of control occurs.

Termination on Change of Control and Insolvency. 34.1 53.1 The Authority may terminate the Framework Agreement and any Contracts by written notice having immediate effect if: a) 53.1.1. the Contractor undergoes a change of control, within the meaning of section 416 of the Income and Corporation Taxes Xxx 0000Act 1988, impacting adversely and materially on the performance of the Framework AgreementContract; or b) 53.1.2. where the Contractor is an individual or a firm, the Contractor or any partner in the firm becomes bankrupt or has a receiving order or administration order made against him; or makes any compromise or arrangement with or for the benefit of his creditors; or appears unable to pay a debt within the meaning of section 268 of the Insolvency Xxx 0000Act 1986; or any similar event occurs under the law of any other jurisdiction within the United Kingdom; or c) 53.1.3. where the Contractor is a company, the Contractor passes a resolution or the Court make makes an order that the Contractor be wound up otherwise than for the purpose of solvent reconstruction or amalgamation; or a receiver, manager or administrator is appointed on behalf of a creditor in respect of the Contractor’s 's business or any part of it; or the Contractor is unable to pay its debts within the meaning of section 123 of the Insolvency Xxx 0000Act 1986; or any similar event occurs under the law of any other jurisdiction within the United Kingdom. d) 53.2 The Authority may only exercise its right under Clause 36.1 Condition 53.1.1. within six (6) Months 6 months after a change of control occurs and shall not be permitted to do so where it has agreed in advance to the particular change of control that occurs. The Contractor shall notify the Authority immediately when any change of control occurs.