Common use of Termination in the Event of Financial Difficulties Clause in Contracts

Termination in the Event of Financial Difficulties. If the HSP makes an assignment,proposal,compromise,orarrangementforthebenefitofcreditors, or is petitioned into bankruptcy, or files for the appointment of a receiver the LHIN will consult with the Directorbeforedetermining whether this Agreement willbeterminated.IftheLHINterminatesthisAgreement becauseapersonhas exercised a security interest as contemplated by section 107 of the Act, the LHIN would expect to enter into a service accountability agreement with the person exercising the security interest or the receiver or other agent acting on behalf of that person where the person has obtained the Director’s approval under section 110 of the Act and has met all other relevant requirements of Applicable Law.

Termination in the Event of Financial Difficulties. If the HSP makes an assignment,, proposal,, compromise,orarrangementforthebenefitofcreditors, or arrangementforthebenefit of creditors, or is petitioned into bankruptcy, or files for the appointment of a receiver the LHIN will consult with the Directorbeforedetermining Director before determining whether this Agreement willbeterminated.IftheLHINterminatesthisAgreement becauseapersonhas will be terminated. If the LHINterminatesthis Agreementbecauseapersonhas exercised a security interest as contemplated by section 107 of the Act, the LHIN would expect to enter into a service accountability agreement with the person exercising the security interest or the receiver or other agent acting on behalf of that person where the person has obtained the Director’s approval under section 110 of the Act and has met all other relevant requirements of Applicable Law.