German Insolvency Code definition
Examples of German Insolvency Code in a sentence
If a party becomes insolvent pursuant to § 94 of the German Insolvency Code (Insolvenzordnung, "InsO"), it is agreed that the accrued claims of the other party shall fall due upon the commencement of insolvency proceedings.
As of the date of this Agreement and as of Closing Date the Company and the Subsidiaries are not over-indebted (überschuldet) or unable to pay their debts (zahlungsunfähig) within the meaning of the German Insolvency Code (lnsolvenzordnung – “InsO”) or subject to any insolvency proceeding; no circumstances exist that would require or justify the opening of such proceedings in respect of the assets of the Company or a Subsidiary.
This subordination also applies to the final distribution of liquidation proceeds pursuant to § 199 German Insolvency Code in the event of an insolvency proceeding (Insolvenzverfahren).
German Insolvency Code (InsO) or any other comparable applicable insolvency Laws of other applicable jurisdictions.
No insolvency proceedings against the Companies are pending (i.e., a court has formally commenced insolvency proceedings (Insolvenzverfahren eroffnet) in accordance with the German Insolvency Code (Insolvenzordung) or the corresponding procedure under applicable law or have been applied for by the Companies, or, to Sellers' Knowledge, have been applied for by any third party.
No German Opco has taken any corporate action nor have any legal proceedings or other procedure or step been taken, started or threatened in relation to: (i) a petition for insolvency proceedings in respect of its assets (Antrag auf Eröffnung eines Insolvenzverfahrens); or (ii) any other actions set out in section 21 of the German Insolvency Code.
It is the mutual understanding of the Parties to this Agreement that the Custodial Allowances, or in case of a Loss of Custodial Allowances, the Replacement Allowances shall be treated as rights in rem which can be separated, especially within the meaning of section 47 of the German Insolvency Code.
The LBB InsAdmin obtained the Initial Bankhaus Creditors’ Approval for the execution, delivery and performance of his obligations under this Agreement and the Ancillary Documents pursuant to the German Insolvency Code (Insolvenzordnung) on or about October 20, 2009.
The Management Board of the Seller Parent has obtained external legal and business advice regarding relevant insolvency considerations and has determined that the Seller Parent is neither “illiquid” (zahlungsunfähig) nor “over-indebted” (überschuldet) within the meaning of the relevant sections of the German Insolvency Code (Insolvenzordnung), and no third party has applied for the opening of insolvency proceedings (Insolvenzverfahren) with respect to the Seller Parent.
On the Closing Date, (a) the Parent and its Subsidiaries are Solvent on a consolidated basis and (b) the Borrower is not subject to any proceeding under any Debtor Relief Laws, including without limitation, the German Insolvency Code.