Notice Of Recipient’s Insolvency Sample Clauses
The Notice of Recipient’s Insolvency clause requires the recipient of a contract to promptly inform the other party if it becomes insolvent or is subject to insolvency proceedings. Typically, this means that if the recipient files for bankruptcy, enters liquidation, or faces similar financial distress, they must notify the contracting party within a specified timeframe. This clause ensures that the other party is made aware of potential risks to contract performance, allowing them to take protective measures or exercise rights such as suspension or termination of the agreement.
Notice Of Recipient’s Insolvency. The Recipient will:
(a) Provide the Province with Notice at least ten (10) Business Days prior to making an assignment, proposal, compromise or arrangement for the benefit of its creditors and will not incur any additional costs for the Project under this Agreement without the Province’s prior written consent from the date the Notice is sent to the Province; and
(b) Provide the Province with Notice within ten (10) Business Days of a creditor providing the Recipient with a notice of an intent to enforce security or applying for an order adjudging the Recipient bankrupt or the appointment of a receiver, and will not incur any additional costs under this Agreement without the prior approval of the Province from the date that the Recipient received notice of the creditor’s action.
Notice Of Recipient’s Insolvency. The Recipient will:
(a) provide the Province with Notice at least five (5) Business Days prior to making an assignment, proposal, compromise or arrangement for the benefit of its creditors and will not incur any additional costs for the Project under this Agreement without the Province’s prior written consent from the date the Notice is sent to the Province; and
(b) provide the Province with Notice within five (5) Business Days of a creditor providing the Recipient with a notice of an intent to enforce security or applying for an order adjudging the Recipient bankrupt or the appointment of a receiver, and will not incur any additional costs under this Agreement without the prior approval of the Province from the date that the Recipient received notice of the creditor’s action. The Additional Provisions survive the expiration or early termination of the Agreement for a period of seven (7) years from the Expiration Date or the date of early termination. [THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK – SCHEDULE “C” FOLLOWS] SCHEDULE “C” PROJECT DESCRIPTION SECTION C1 – BACKGROUND The $26 million Main Street Revitalization Initiative, approved under the $40 million Main Street Enhancement Initiative (MSEI), is focused on helping Municipalities to undertake main street revitalization activities that support and benefit small businesses. The project specifically aligns with the Province’s priority of creating a supportive and dynamic business environment, and OMAFRA’s priorities of creating strong rural communities. SECTION C2 – PROJECT OBJECTIVES The Project is being undertaken to provide Municipalities in Ontario, excluding the City of Toronto, with funding to support small businesses in main street areas. This funding will support capital improvements for energy efficiency, accessibility, aesthetics, and marketability in small businesses within main street areas, and encourage strategic public investments in municipal and other public infrastructure within main street areas that will support small businesses. In order to achieve that overall outcome, the Project activities are focused on the primary objective of enabling municipalities to undertake revitalization activities that will support small businesses, through two proposed program streams: • Implementation of priority financial incentives in existing municipal Community Improvement Plans (e.g. grants for physical improvements such as renovations, retrofits, and structural improvements) • Fund...