Bankruptcy of a Stockholder Sample Clauses

Bankruptcy of a Stockholder. (a) Upon the bankruptcy (as hereinafter defined in Section 2.4(d) below) of a Stockholder (a "BANKRUPT STOCKHOLDER"), the TPG Holders may, by written notice given to the Bankrupt Stockholder, the other Stockholders and the Company within 30 days following the occurrence of the event specified in Section 2.4(d) which gives rise to such bankruptcy, elect to purchase for cash part or all of such Bankrupt Stockholder's shares (the "BANKRUPT SHARES") at a price equal to the fair market value of such shares at the time of purchase, as determined by an independent appraiser to be selected by the Company and reasonably satisfactory to the Bankrupt Stockholder. Fees and expenses of any independent appraiser selected pursuant to this subsection shall be shared equally by the Bankrupt Stockholder and the TPG Holders.
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Bankruptcy of a Stockholder. If any Stockholder becomes a Bankrupt Stockholder, the Company shall have the option, but not the obligation, exercisable by notice from the Board to the Bankrupt Member (or its representative) at any time prior to the one hundred eightieth (180th) day after receipt of notice of the occurrence of the event causing it to become a Bankrupt Stockholder, to purchase all or any portion of the Bankrupt Stockholder's Shares at Fair Market Value (determined as of the date that notice of the exercise of such option is given by the Board). In the event that notice of the exercise of such option is given by the Board to the Bankrupt Stockholder (or its representative), the Bankrupt Stockholder shall sell its Shares to the Company as provided by this Section 3.08.
Sample 1
Bankruptcy of a Stockholder. (a) Upon the bankruptcy (as hereinafter defined in Subsection 2.4(d) below) of a Stockholder (the "Bankrupt Stockholder"), each Stockholder (other than the Bankrupt Stockholder) may, by written notice given to the Bankrupt Stockholder, the other Stockholders and the Company within 30 days following the occurrence of the event specified in Subsection 2.4(d) which gives rise to such bankruptcy, elect to purchase for cash part or all of such Bankrupt Stockholder's shares (the "Bankrupt Shares") at a price equal to the fair market value of such shares at the time of purchase, as determined either by agreement among the Stockholders or by an independent appraiser to be selected by the Company. Fees and expenses of any independent appraiser selected pursuant to this subsection shall be shared equally by (i) the Bankrupt Stockholder and (ii) the Stockholders electing to acquire any or all of the Bankrupt Shares (for purposes of this Section 2.4, the "Electing Stockholders"). The share of the fees and expenses to be shared by the Electing Stockholders shall be in proportion to the shares to be purchased by them. If the Electing Stockholders collectively elect to acquire an aggregate number of shares greater than the total number of the Bankrupt Shares, each Electing Stockholder will be allocated a number of the Bankrupt Shares, up to the number of shares specified in such Electing Stockholder's notice to the Company, equal to such Electing Stockholder's Aggregate Pro Rata Portion (as hereinafter defined) of the Bankrupt Shares. If one or more Electing Stockholder does not purchase all of its or their Aggregate Pro Rata Portion of the Offered Shares, then the remaining Electing Stockholders (for purposes of this Subsection 2.4(a), the "Remaining Electing Stockholders"), who based on their notice to the Company still desire to purchase the remaining Bankrupt Shares (the "Remaining Bankrupt Shares"), shall have the right to purchase an Aggregate Pro Rata Portion of such Remaining Bankrupt Shares until all the Bankrupt Shares are purchased.
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Bankruptcy of a Stockholder 
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Related to Bankruptcy of a Stockholder

  • Bankruptcy of a Member The bankruptcy (including within the meaning of Sections 18-101 and 18-304 of the Act) of a Member shall cause such Member to cease to be a Member, but notwithstanding the occurrence of such event, the Company shall continue without dissolution. The receivership or dissolution of a Member shall not in and of itself cause the dissolution of the Company, and notwithstanding the occurrence of such event, the Company shall continue without dissolution under the management and control of the remaining Members, unless there are no remaining Members of the Company.

  • Rights of a Stockholder Prior to the time a Restricted Share is fully vested hereunder, the Employee shall have no right to transfer, pledge, hypothecate or otherwise encumber such Restricted Share. During such period, the Employee shall have all other rights of a stockholder, including, but not limited to, the right to vote and to receive dividends (subject to Section 2(a) hereof) at the time paid on such Restricted Shares.

  • Rights of a Shareholder Employee shall have no rights as a shareholder with respect to any shares covered by this Agreement until the date of issuance of a stock certificate to him for such shares. Except as otherwise provided herein, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.

  • Warrantholder not a Shareholder Except as may be specifically provided herein, nothing in this Indenture or in the holding of a Warrant Certificate, entitlement to a Warrant or otherwise, shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder, including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings of Shareholders or any other proceedings of the Corporation, or the right to Dividends and other allocations.

  • No Rights of a Stockholder The Participant shall not have any of the rights of a stockholder with respect to the Shares subject to the Restricted Stock Units until such Shares have been issued.

  • Rights of Shareholder Except as otherwise provided in this Agreement or the Plan, Participant shall have, with respect to the shares of Restricted Stock awarded hereunder, all of the rights of a shareholder of the Company, including the right to vote the shares and the right to receive any dividends as declared by the Company’s Board of Directors.

  • Involuntary Bankruptcy Proceeding A case or other proceeding shall be commenced against the Borrower or any Subsidiary thereof in any court of competent jurisdiction seeking (i) relief under the federal bankruptcy laws (as now or hereafter in effect) or under any other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts, or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like for the Borrower or any Subsidiary thereof or for all or any substantial part of their respective assets, domestic or foreign, and such case or proceeding shall continue without dismissal or stay for a period of sixty (60) consecutive days, or an order granting the relief requested in such case or proceeding (including, but not limited to, an order for relief under such federal bankruptcy laws) shall be entered.

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