Common use of Whenever a compromise or arrangement Clause in Contracts

Whenever a compromise or arrangement. is proposed between this Corporation and its creditors or any class of them and/or between this Corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this Corporation or any of creditor or stockholders thereof or on the application of any receiver or receivers appointed for this Corporation under the provisions of Section 279 of Title 8 of the Delaware Code or on the application of trustees in order a meeting of the creditors or class of creditors and/or of the stockholders or class of stockholders of this Corporation as this case may be, to be summoned in such manner as the said court directs. If a majority in number representing three-fourths in value of the creditors or class of creditors, and/or the stockholders or class of stockholders of this Corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this Corporation as a consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders, of this Corporation, as the case may be, and also on this Corporation.

Whenever a compromise or arrangement. is proposed between this Corporation and its creditors or any class of them and/or between this Corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this Corporation or of any of creditor or stockholders stockholder thereof or on the application of any receiver or receivers appointed for this Corporation under Section 291 of Title 8 of the provisions DGCL or on the application of trustees in dissolution or of any receiver or receivers appointed for this Corporation under Section 279 of Title 8 of the Delaware Code or on the application of trustees in DGCL order a meeting of the creditors or class of creditors creditors, and/or of the stockholders or class of stockholders of this Corporation Corporation, as this the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three-three fourths in value of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this Corporation as a consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders, of this Corporation, as the case may be, and also on this Corporation.

Whenever a compromise or arrangement. is proposed between this Corporation corporation and its creditors or any class of them and/or between this Corporation corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this Corporation corporation or of any of creditor or stockholders stockholder thereof or on the application of any receiver or receivers appointed for this Corporation corporation under the provisions of Section 279 291 of Title 8 of the Delaware Code or on the application of trustees in dissolution or of any receiver or receivers appointed for this corporation under Section 279 of Title 8 of the Delaware Code, order a meeting of the creditors or class of creditors and/or of the stockholders or class of stockholders of this Corporation corporation, as this the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three-fourths in value of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporationcorporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this Corporation corporation as a consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders, of this Corporationcorporation, as the case may be, and also on this Corporationcorporation.