Administration Order Sample Clauses
An Administration Order clause outlines the procedures and consequences if a party to the contract becomes subject to an administration order, typically due to insolvency or financial distress. This clause usually specifies the rights of the non-affected party, such as the ability to terminate the contract or suspend obligations, and may require prompt notification if an administration order is made. Its core function is to protect the interests of the unaffected party by providing clear steps to manage the risk and uncertainty associated with a counterparty's insolvency.
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Administration Order. No administration order, Chapter 11 order, or any process by which the affairs, business and assets of a company are managed by a person appointed for the purpose by a court, governmental agency or similar body has been made in respect of any of the MGT/IST Group Companies, and no petition has been presented or other proceedings commenced for such an order to be made in any jurisdiction.
Administration Order. If an administrator appointed in respect of Sublessee obtains an order of the court (the “order”) pursuant to any insolvency Law authorizing the sale or other disposal of the Aircraft, then in addition to (and without prejudice to Sublessee’s obligation to pay) other amounts under the Sublease, Sublessee will, immediately upon such order being made, to the extent permitted by applicable Law, pay to Sublessor or its designee the net proceeds of sale of the Aircraft, together with such additional amounts as may be required to pay to Sublessor or its designee an amount equal to the Agreed Value of the Aircraft, plus any sum which the court determines may be required to make good the deficiency referred to in such insolvency Law.
Administration Order. The Borrower declares that he / she is presently not under administration, has no intention of being placed under administration and agrees that he / she will not attempt to be placed under administration prior to discussing his / her financial situation with the Lender. The Borrower consents that in the event of being placed under administration on a date after the approval of this loan, that all payments still due to the Lender after granting of the administration order ["Future Payments"] shall fall within the Ambit Section 74A (2) (e) (ii) of the Magistrates Court Act and therefore excluded in terms of Section 74C (2) of the said Act and the Lender shall therefore be entitled to recover all moneys still outstanding of this loan by means of legal action.
Administration Order if a petition is presented for the -------------------- granting of an administration order in respect of any Material Company unless the Agent is of the opinion (acting -------------------------------------------------------------------------------- 72
Administration Order. If an administrator appointed for Lessee obtains an order of the court (the “order”) pursuant to any insolvency Law authorizing the sale or other disposal of the Aircraft, then in addition to (and without prejudice to Lessee’s obligation to pay) other amounts hereunder, Lessee will, immediately upon such order being made, pay to Lessor the net proceeds of sale of the Aircraft, together with such additional amounts as may be required to pay to Lessor an amount equal to the Agreed Value of the Aircraft, plus any sum which the court determines may be required to make good the deficiency referred to in such insolvency Law.