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Common use of Transfer upon Bankruptcy Clause in Contracts

Transfer upon Bankruptcy. In the event of bankruptcy of a Security Holder, the Securities of the Security Holder may be transferred within escrow to the trustee in bankruptcy or other person legally entitled to such Securities, provided that: (a) the Security Holder provides written notice to the Exchange of the intent to transfer as at a specified date, such notice being provided at least 10 business days and not more than 30 business days prior to the proposed transfer and the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date; and (b) the Escrow Agent first receives: (i) a certified copy of either: (A) the assignment in bankruptcy of the Security Holder filed with the Superintendent of Bankruptcy; or (B) the receiving order adjudging the Security Holder bankrupt; (ii) a certified copy of a certificate of appointment of the trustee in bankruptcy; (iii) a transfer power of attorney, duly executed by the transferor; and (iv) an Acknowledgement signed by the trustee in bankruptcy or other person legally entitled to the Securities or an amended Agreement reflecting the transfer.

Appears in 5 contracts

Samples: Escrow Agreement, Arrangement Agreement (Sonic Environmental Solutions Inc/Can), Escrow Agreement (Jenex CORP)

Transfer upon Bankruptcy. In Notwithstanding subsection 8.1, in the event of bankruptcy of a Security Holder, the Securities of the Security Holder may be transferred within escrow to the trustee in bankruptcy or other person legally entitled to such Securities, provided that: (a) the Security Holder provides written notice to the Exchange of the intent to transfer as at a specified date, such notice being provided at least 10 business days and not more than 30 business days prior to the proposed transfer and the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date; and (b) the Escrow Agent first receives: (i) a certified copy of either: (A) the assignment in bankruptcy of the Security Holder filed with the Superintendent of Bankruptcy; or (B) the receiving order adjudging the Security Holder bankrupt; (ii) a certified copy of a certificate of appointment of the trustee in bankruptcy; (iii) a transfer power of attorney, duly executed by the transferor; and (iv) an Acknowledgement signed by the trustee in bankruptcy or other person legally entitled to the Securities or an amended Agreement reflecting the transfer.

Appears in 3 contracts

Samples: Escrow Agreement (Jenex CORP), CPC Escrow Agreement (Eveolution Ventures Inc), Escrow Agreement (Jenex CORP)

Transfer upon Bankruptcy. In the event of bankruptcy of a Security Holder, the Securities of the Security Holder may be transferred within escrow to the trustee in bankruptcy or other person legally entitled to such Securities, provided that: (a) the Security Holder provides written notice to the Exchange of the intent to transfer as at a specified date, such notice being provided at least 10 business days and not more than 30 business days prior to the proposed transfer and the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date; and (b) the Escrow Agent first receives: (i) a certified copy of either: (A) the assignment in bankruptcy of the Security Holder filed with the Superintendent of Bankruptcy; or (B) the receiving order adjudging the Security Holder bankrupt; (ii) a certified copy of a certificate of appointment of the trustee in bankruptcy; (iii) a transfer power of attorney, duly executed by the transferor; , and (iv) an Acknowledgement signed by the trustee in bankruptcy or other person legally entitled to the Securities or an amended Agreement reflecting the transfer.

Appears in 2 contracts

Samples: Escrow Agreement (Ams Homecare Inc), Escrow Agreement (Ams Homecare Inc)