NO ADMINISTRATION Clause Samples
The "No Administration" clause serves to prevent the appointment of an administrator or similar insolvency official over a party to the agreement. In practice, this means that if one party enters into financial distress, the other party is not required to recognize or deal with an administrator, liquidator, or receiver who might otherwise take control of the insolvent party's assets or obligations under the contract. This clause is commonly used in financial and commercial agreements to ensure that contractual rights and obligations remain clear and enforceable, even in the event of insolvency, thereby reducing uncertainty and protecting the interests of the non-defaulting party.
NO ADMINISTRATION. The parties hereto understand and agree that this Agreement shall not be subject to a separate ongoing administrative scheme to administer the benefits of this Agreement, as the parties agree that the benefits provided hereunder that are not subject to the terms of a separate plan are capable of simple or mechanical determination upon the happening or a required event or events.
NO ADMINISTRATION. So far as EARNZ is aware, no petition has been presented or other proceedings have been commenced for an administration order to be made (or any other order to be made by which during the period it is in force, the affairs, business and assets of EARNZ concerned are managed by a person appointed for the purpose by a court, governmental agency or similar body) in relation to any EARNZ Group Company, nor has any such order been made.
NO ADMINISTRATION. No receivership