Bankruptcy and Dissolution Sample Clauses

Bankruptcy and Dissolution. If either party is voluntarily or involuntarily dissolved or declared bankrupt, insolvent, or commits an act of bankruptcy, or if a company enters into liquidation whether compulsory or voluntary otherwise than for the purpose of amalgamation or reconstruction, or compounds with its creditors, or has a receiver appointed over all or any part of its assets, or passes title in lieu of foreclosure, the other party may terminate this Agreement immediately upon serving notice to the other party, without liability on the part of the terminating party.
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Bankruptcy and Dissolution. Upon the bankruptcy of the Debtor, or where the Debtor is a corporation, upon the dissolution, winding up or other distribution of assets of the Debtor or of any surety or guarantor for any of the indebtedness or any part thereof, the Creditor's rights shall not be affected or impaired by any omission by the Creditor to prove its claim or to prove its full claim and the Creditor may prove or not prove such claim as it sees fit and may refrain from valuing any security held by the Creditor without in any way releasing, reducing, or otherwise affecting the liability to the Creditor of the Guarantor and until all of the indebtedness has been fully paid, the Creditor shall have the right to include in its claim the amount of all sums paid by the Guarantor under this Guarantee and to prove and rank for and receive dividends in respect of such claim, any and all right of the Guarantor to prove and rank for such sums paid by the Guarantor and to receive the full amount of all dividends in respect thereof being hereby assigned and transferred to the Creditor. All dividends, compositions, and money received by the Creditor from the Debtor, the Guarantor or any other person or estate that is capable of being applied by the Creditor in reduction of the indebtedness shall be regarded for all purposes as payments in gross, and the Creditor shall be entitled to prove in respect of the whole of the indebtedness against the Debtor or the estate of the Debtor, as the case may be, upon the bankruptcy, dissolution, winding up or other distribution of assets of the Debtor.
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Bankruptcy and Dissolution. The bankruptcy or dissolution of the -------------------------- Corporation;
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Related to Bankruptcy and Dissolution

  • Liquidation and Dissolution If the Company is liquidated, the assets of the Company shall be distributed to the Member or to a Successor or Successors.

  • Term and Dissolution (a) The term of the Partnership shall continue in full force and effect until December 31, 2039, except that the Partnership shall be dissolved upon the first to occur of any of the following events:

  • Procedure for Winding Up and Dissolution If the Company is dissolved, the affairs of the Company shall be wound up. On winding up of the Company, the assets of the Company shall be distributed, first, to creditors of the Company in satisfaction of the liabilities of the Company, and then to the person(s) who is/are the Member(s) of the Company in proportion to the Member’s(s’) Interests.

  • Termination and Dissolution of the contract

  • Duration and Dissolution The Partnership shall be dissolved and its affairs shall be wound up upon the first to occur of the following:

  • Corporate Dissolution or Bankruptcy The Employer may terminate and liquidate this Agreement within twelve (12) months of a corporate dissolution taxed under Code Section 331, or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that all benefits paid under the Agreement are included in the Executive’s gross income in the latest of: (i) the calendar year which the termination occurs; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practicable.

  • Mergers and Dissolutions (a) Enter into a transaction of merger or consolidation, except that:

  • Liquidation; Dissolution; Bankruptcy Upon any payment or distribution of the assets of the Company to creditors upon a total or partial liquidation or a total or partial dissolution of the Company or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property:

  • No Action for Dissolution The Members acknowledge that irreparable damage would be done to the goodwill and reputation of the Company if any Member should bring an action in court to dissolve the Company under circumstances where dissolution is not required by Section 10.1. Accordingly, except where the Board has failed to cause the liquidation of the Company as required by Section 10.1 and except as specifically provided in Section 18-802, each Member hereby to the fullest extent permitted by law waives and renounces his right to initiate legal action to seek dissolution of the Company or to seek the appointment of a receiver or trustee to wind up the affairs of the Company, except in the cases of fraud, violation of law, bad faith, gross negligence, willful misconduct or willful violation of this Agreement.

  • No Dissolution Except as required by the Act, the Partnership shall not be dissolved by the admission of additional Partners or withdrawal of Partners in accordance with the terms of this Agreement. The Partnership may be dissolved, liquidated wound up and terminated only pursuant to the provisions of this Article IX, and the Partners hereby irrevocably waive any and all other rights they may have to cause a dissolution of the Partnership or a sale or partition of any or all of the Partnership assets.

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