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EASTERN - Recital 1. EFFECTIVE DATE - introductory paragraph. ENCUMBER, ENCUMBERING, OR ENCUMBRANCE - the creation of a security interest, lien, pledge, mortgage or other encumbrance, whether such encumbrance be voluntary, involuntary or by operation of Law; provided, however, that the pledge or assignment to any creditor of the Company or NE Genco, or any collateral agent for such creditor, of any Membership Interest as security for the indebtedness to such creditor shall not be deemed to be an Encumbrance thereof.", "samples": [{"hash": "kjuCD5LKb66", "uri": "/contracts/kjuCD5LKb66#dissolution-event", "label": "Limited Liability Company Agreement (Somerset Power LLC)", "score": 16.0, "published": true}, {"hash": "gbPQ21GOefF", "uri": "/contracts/gbPQ21GOefF#dissolution-event", "label": "Limited Liability Company Agreement (Somerset Power LLC)", "score": 16.0, "published": true}, {"hash": "dbVYq0gx9VY", "uri": "/contracts/dbVYq0gx9VY#dissolution-event", "label": "Limited Liability Company Agreement (Somerset Power LLC)", "score": 16.0, "published": true}], "snippet_links": [{"key": "effective-date", "type": "definition", "offset": [39, 53]}, {"key": "introductory-paragraph", "type": "definition", "offset": [56, 78]}, {"key": "creation-of-a-security-interest", "type": "clause", "offset": [124, 155]}, {"key": "by-operation-of-law", "type": "definition", "offset": [256, 275]}, {"key": "assignment-to", "type": "clause", "offset": [315, 328]}, {"key": "of-the-company", "type": "clause", "offset": [342, 356]}, {"key": "collateral-agent", "type": "clause", "offset": [377, 393]}, {"key": "membership-interest", "type": "definition", "offset": [420, 439]}, {"key": "security-for-the-indebtedness", "type": "clause", "offset": [443, 472]}], "hash": "023675373696789d86225834957d6cae", "id": 10}, {"size": 71, "snippet": "If there is a Dissolution Event before this instrument expires or terminates, the Company will pay an amount equal to the Purchase Amount, due and payable to the Investor immediately prior to, or concurrent with, the consummation of the Dissolution Event. The Purchase Amount will be paid prior and in preference to any Distribution of any of the assets of the Company to holders of outstanding Capital Stock by reason of their ownership thereof. If immediately prior to the consummation of the Dissolution Event, the assets of the Company legally available for distribution to the Investor and all holders of all other Safes (the \u201cDissolving Investors\u201d), as determined in good faith by the Company\u2019s board of directors, are insufficient to permit the payment to the Dissolving Investors of their respective Purchase Amounts, then the entire assets of the Company legally available for distribution will be distributed with equal priority and pro rata among the Dissolving Investors in proportion to the Purchase Amounts they would otherwise be entitled to receive pursuant to this Section 1(c).", "samples": [{"hash": "kb2eNGSqDO4", "uri": "/contracts/kb2eNGSqDO4#dissolution-event", "label": "Safe (Simple Agreement for Future Equity)", "score": 35.3038444519, "published": true}, {"hash": "apTlq1pO5Uy", "uri": "/contracts/apTlq1pO5Uy#dissolution-event", "label": "Safe (Simple Agreement for Future Equity)", "score": 34.3420181274, "published": true}, {"hash": "kcaHOjjH7Tk", "uri": "/contracts/kcaHOjjH7Tk#dissolution-event", "label": "Safe (Simple Agreement for Future Equity)", "score": 34.1324615479, "published": true}], "snippet_links": [{"key": "the-company-will", "type": "clause", "offset": [78, 94]}, {"key": "equal-to", "type": "definition", "offset": [109, 117]}, {"key": "the-purchase", "type": "clause", "offset": [118, 130]}, {"key": "payable-to", "type": "definition", "offset": [147, 157]}, {"key": "the-investor", "type": "definition", "offset": [158, 170]}, {"key": "consummation-of-the", "type": "clause", "offset": [217, 236]}, {"key": "distribution-of", "type": "clause", "offset": [320, 335]}, {"key": "assets-of-the-company", "type": "clause", "offset": [347, 368]}, {"key": "holders-of", "type": "clause", "offset": [372, 382]}, {"key": "outstanding-capital-stock", "type": "definition", "offset": [383, 408]}, {"key": "prior-to-the", "type": "clause", "offset": [462, 474]}, {"key": "available-for-distribution", "type": "definition", "offset": [548, 574]}, {"key": "good-faith-by-the-company", "type": "definition", "offset": [673, 698]}, {"key": "board-of-directors", "type": "clause", "offset": [701, 719]}, {"key": "payment-to-the", "type": "clause", "offset": [752, 766]}, {"key": "purchase-amounts", "type": "clause", "offset": [808, 824]}, {"key": "equal-priority", "type": "clause", "offset": [924, 938]}, {"key": "pro-rata", "type": "clause", "offset": [943, 951]}, {"key": "to-receive", "type": "definition", "offset": [1054, 1064]}, {"key": "pursuant-to", "type": "definition", "offset": [1065, 1076]}], "hash": "de519c00fb5c56ccae86a66942e19975", "id": 2}, {"size": 24, "snippet": "If there is a Dissolution Event before this instrument expires or terminates, the Company will pay (i) first to the Senior Preferred Holders any amounts due and payable to them in connection with a Dissolution Event under the Company\u2019s certificate of incor- poration (the \u201cSenior Preferred Holders\u2019 Payment\u201d) and (ii) second an amount equal to the Purchase Amount, due and payable to the Investor immediately prior to, or concurrent with, the consummation of the Dissolution Event. The Purchase Amount will be paid prior and in prefer- ence to any Distribution of any of the assets of the Company to holders of outstanding Common Stock by reason of their ownership thereof. If immediately prior to the consummation of the Dis- solution Event and after payment of the Senior Preferred Holders\u2019 Payment, the assets of the Company legally available for distribution to the Cash-Out Investors, as determined in good faith by the Company\u2019s board of directors, are insufficient to permit the payment to the Cash-Out In- vestors of their respective Purchase Amounts, then the entire assets of the Company legally avail- able for distribution will be distributed after the Senior Preferred Holders\u2019 Payment with equal priority and pro rata among the Cash-Out Investors in proportion to the Purchase Amounts they would otherwise be entitled to receive pursuant to this Section 1(c).", "samples": [{"hash": "lv9sM2womne", "uri": "/contracts/lv9sM2womne#dissolution-event", "label": "Safe (Simple Agreement for Future Equity)", "score": 34.5449447632, "published": true}, {"hash": "fPYlijwrv6U", "uri": "/contracts/fPYlijwrv6U#dissolution-event", "label": "Simple 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The Purchase Amount will be paid prior and in preference to any Distribution of any of the assets of the Company to holders of outstanding Common Units by reason of their ownership thereof. If immediately prior to the consummation of the Dissolution Event and after payment of the Senior Preferred Holders\u2019 Payment, the assets of the Company legally available for distribution to the Cash-Out Investors, as determined in good faith by the Board, are insufficient to permit the payment to the Cash-Out Investors of their respective Purchase Amounts, then the entire assets of the Company legally available for distribution will be distributed with equal priority and pro rata among the Cash-Out Investors in proportion to the Purchase Amounts they would otherwise be entitled to receive pursuant to this Section 1(c).", "samples": [{"hash": "2a1CPpo8z4S", "uri": "/contracts/2a1CPpo8z4S#dissolution-event", "label": "Safe (Simple Agreement for Future Equity)", "score": 28.7675914764, "published": true}, {"hash": "jjCbI2wczpR", "uri": "/contracts/jjCbI2wczpR#dissolution-event", "label": "Safe (Simple Agreement for Future Equity)", "score": 26.9965782166, "published": true}, {"hash": 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and facilitate orderly winding up.", "explanation": "A Dissolution Event clause defines the circumstances under which a company or partnership will be formally dissolved. It typically outlines specific triggers such as bankruptcy, unanimous agreement of the partners, or the occurrence of a particular event, and details the process for winding up affairs, distributing assets, and settling liabilities. This clause ensures that all parties understand the procedures and consequences of dissolution, providing a clear framework to manage the end of the business relationship and minimize disputes."}, "json": true, "cursor": ""}}