Causal Event definition
Causal Event. , in relation to a policy, means one of the following events:
Causal Event means – a compromise, scheme of arrangement or composition by the Service Provider with any or all of its creditors; or LIQUIDATION OF THE SERVICE PROVIDER OR PLACEMENT OF THE SERVICE PROVIDER UNDER JUDICIAL MANAGEMENT, WHETHER PROVISIONALLY OR FINALLY; OR THE PLACEMENT OF THE SERVICE PROVIDER UNDER BUSINESS RESCUE PROCEEDINGS OR ANY SIMILAR ADMINISTRATION, WHETHER VOLUNTARILY OR UPON APPLICATION BY A THIRD PARTY; OR A CESSATION, OR A REASONABLE PROSPECT OF CESSATION (AS THE CASE MAY BE), OF THE CARRYING ON OF THE SERVICE PROVIDER'S NORMAL LINE OF BUSINESS; OR THE COMMISSION OF ANY ACT OR ANY OMISSION WHICH IF IT HAD BEEN DONE OR OMITTED TO BE DONE BY A NATURAL PERSON WOULD BE AN ACT OF INSOLVENCY IN TERMS OF THE INSOLVENCY ACT, 1936, WHETHER OR NOT THE SERVICE PROVIDER IS SUBJECT TO THE LAWS OF THE REPUBLIC OF SOUTH AFRICA; THE EXISTENCE OF CIRCUMSTANCES WHICH WOULD ALLOW FOR THE SERVICE PROVIDER TO BE SUBJECT TO ANY WINDING UP (WHETHER PROVISIONAL OR FINAL), JUDICIAL MANAGEMENT, dissolution, or business rescue proceedings (whether voluntary or upon application by a third party) (or, in respect of all the foregoing, any analogous arrangements under any law to which the Service Provider is subject) of the Service Provider under any law to which the Service Provider is subject regulating the bankruptcy, insolvency, winding up, judicial management, dissolution or rescue of corporate entities; ANY DISPOSAL BY THE SERVICE PROVIDER OF THE WHOLE OR THE GREATER PART OF ITS UNDERTAKING OR ASSETS (MEASURED BY VALUE), INCLUDING BY WAY OF A MERGER OR AMALGAMATION; OR SUBSEQUENT TO THE SERVICE PROVIDER SIGNING THIS AGREEMENT, ANY PERSON ACQUIRING CONTROL OF THE SERVICE PROVIDER;
Causal Event means –
2.1.5.1 a compromise, scheme of arrangement or composition by the Service Provider with any or all of its creditors; or
2.1.5.2 liquidation of the Service Provider or placement of the Service Provider under judicial management, whether provisionally or finally; or
2.1.5.3 the placement of the Service Provider under business rescue proceedings or any similar administration, whether voluntarily or upon application by a third party; or
2.1.5.4 a cessation, or a reasonable prospect of cessation (as the case may be), of the carrying on of the Service Provider's normal line of business; or
2.1.5.5 the commission of any act or any omission which if it had been done or omitted to be done by a natural person would be an act of insolvency in terms of the ▇▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇, whether or not the Service Provider is subject to the laws of the republic of South Africa;
2.1.5.6 the existence of circumstances which would allow for the Service Provider to be subject to any winding up (whether provisional or final), judicial management, dissolution, or business rescue proceedings (whether voluntary or upon application by a third party) (or, in respect of all the foregoing, any analogous arrangements under any law to which the Service Provider is subject) of the Service Provider under any law to which the Service Provider is subject regulating the bankruptcy, insolvency, winding up, judicial management, dissolution or rescue of corporate entities;
2.1.5.7 any disposal by the Service Provider of the whole or the greater part of its undertaking or assets (measured by value), including by way of a merger or amalgamation; or
2.1.5.8 subsequent to the Service Provider signing this Agreement, any person acquiring Control of the Service Provider;
Examples of Causal Event in a sentence
If a Causal Event occurs, SANBS shall be entitled, but not obliged, to terminate this Agreement on written notice to the Service Provider, in which event such termination shall be without any liability to SANBS and without prejudice to any claims which SANBS may have for damages against the Service Provider.
More Definitions of Causal Event
Causal Event means; (i) a compromise or composition or threatened compromise or composition by the Supplier with its creditors; (ii) provisional or final liquidation of the Supplier or placement of the Supplier in judicial management, whether provisionally or finally; (iii) in circumstances where there is a default or cessation or a reasonable prospect of default or cessation (as the case may be) of the Supplier's normal line of business; (iv) commitment of any act or omission which would, in the case of an individual, be an act of insolvency in terms of the Insolvency Act, 1936 (as amended); (v) disposal by the Supplier of a material portion of its undertaking or assets; or (vi) any change in the control or material change in the shareholding of the Supplier. The Causal Events set forth in sub clauses (iv), (v) and (vi) are subject to the further qualification that they shall only be considered Causal Events where PetroSA, acting in good faith, considers such events to be detrimental to it for sound business reasons.
Causal Event means – a compromise, scheme of arrangement or composition by the Service Provider with any or all of its creditors; or liquidation of the Service Provider or placement of the Service Provider under judicial management, whether provisionally or finally; or the placement of the Service Provider under business rescue proceedings or any similar administration, whether voluntarily or upon application by a third party; or a cessation, or a reasonable prospect of cessation (as the case may be), of the carrying on of the Service Provider's normal line of business; or the commission of any act or any omission which if it had been done or omitted to be done by a natural person would be an act of insolvency in terms of the ▇▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇, whether or not the Service Provider is subject to the laws of the republic of South Africa; the existence of circumstances which would allow for the Service Provider to be subject to any winding up (whether provisional or final), judicial management, dissolution, or business rescue proceedings (whether voluntary or upon application by a third party) (or, in respect of all the foregoing, any analogous arrangements under any law to which the Service Provider is subject) of the Service Provider under any law to which the Service Provider is subject regulating the bankruptcy, insolvency, winding up, judicial management, dissolution or rescue of corporate entities; ANY DISPOSAL BY THE SERVICE PROVIDER OF THE WHOLE OR THE GREATER PART OF ITS UNDERTAKING OR ASSETS (MEASURED BY VALUE), INCLUDING BY WAY OF A MERGER OR AMALGAMATION; OR SUBSEQUENT TO THE SERVICE PROVIDER SIGNING THIS AGREEMENT, ANY PERSON ACQUIRING CONTROL OF THE SERVICE PROVIDER;
Causal Event means (i) a compromise or composition or threatened compromise or composition by the Service Provider with its creditors; (ii) provisional or final liquidation of the Service Provider or placement of the Service Provider in judicial management, whether provisionally or finally; (iii) in circumstances where there is a default or cessation or a reasonable prospect of default or cessation (as the case may be) of the Service Provider's normal line of business; (iv) commitment of any act or omission which would, in the case of an individual, be an act of insolvency; (v) disposal by the Service Provider of a material portion of its undertaking or assets; or
Causal Event means (i) a compromise or composition or threatened compromise or composition by a Party with its creditors; (ii) provisional or final liquidation of a Party or the placement of a Party under judicial management, whether provisionally or finally; (iii) in circumstances where there is a default or cessation or a reasonable prospect of default or cessation (as the case may be) of a Party’s normal line of business; (iv) commitment of any act or omission which would, had that Party been an individual, be an act of insolvency in terms of the Insolvency Act, 1936 (as amended); (v) disposal by Spike of a material portion of its undertaking or assets which may impact on its ability to render the Services; (vi) The Client becomes aware that that Spike is Financially Distressed; (vii) Spike is contemplating, considering, discusses or agrees to any Business Rescue or proposes to do any of these things or (vii) any person is proposing to take, or taking, any step to apply to court or actually applies to court for the Business Rescue of Spike;
Causal Event means – 10
2.1.5.1 a compromise, scheme of arrangement or composition by the Service Provider with any or all of its creditors; or 10
2.1.5.2 liquidation of the Service Provider or placement of the Service Provider under judicial management, whether provisionally or finally; or 10
2.1.5.3 the placement of the Service Provider under business rescue proceedings or any similar administration, whether voluntarily or upon application by a third party; or 10
2.1.5.4 a cessation, or a reasonable prospect of cessation (as the case may be), of the carrying on of the Service Provider's normal line of business; or 10
2.1.5.5 the commission of any act or any omission which if it had been done or omitted to be done by a natural person would be an act of insolvency in terms of the Insolvency Act, 1936, whether or not the Service Provider is subject to the laws of the republic of South Africa; 10
2.1.5.6 the existence of circumstances which would allow for the Service Provider to be subject to any winding up (whether provisional or final), judicial management, dissolution, or business rescue proceedings (whether voluntary or upon application by a third party) (or, in respect of all the foregoing, any analogous arrangements under any law to which the Service Provider is subject) of the Service Provider under any law to which the Service Provider is subject regulating the bankruptcy, insolvency, winding up, judicial management, dissolution or rescue of corporate entities; 10
2.1.5.7 any disposal by the Service Provider of the whole or the greater part of its undertaking or assets (measured by value), including by way of a merger or amalgamation; or 11
2.1.5.8 subsequent to the Service Provider signing this Agreement, any person acquiring Control of the Service Provider; 11
Causal Event. , in relation to a contract, means one of the following events: