CCAA Proceedings Sample Clauses
The 'CCAA Proceedings' clause defines the procedures and rights of parties if one of them becomes subject to insolvency proceedings under the Companies' Creditors Arrangement Act (CCAA). Typically, this clause outlines the steps to be taken if a party files for protection under the CCAA, such as notification requirements, the impact on contractual obligations, and the rights of the non-insolvent party, which may include suspending or terminating the agreement. Its core function is to provide a clear framework for managing the contract during insolvency, thereby reducing uncertainty and protecting the interests of the non-insolvent party.
CCAA Proceedings. Each Loan Party agrees that the Lender shall be an unaffected creditor for the purpose of any proceedings under the Companies’ Creditors Arrangement Act or any plan of arrangement, or similar insolvency regime, which may be commenced by any Loan Party. Each Loan Party agrees that it shall not, directly or indirectly, seek to secure any other financing, including in connection with any insolvency proceedings which would be secured by a lien senior to or pari passu with the Lender’s Security or the priority of its Security hereunder, without the express written consent of the Lender.
CCAA Proceedings. Notwithstanding anything to the contrary in Section 6.1, without the prior written consent of the Purchaser, acting reasonably, the Vendor and the Corporation will not take any action in connection with the CCAA Proceedings or the Pre-Closing Reorganization (other than an action taken in the Ordinary Course or in accordance with the Bidding Procedures Order or the Approval Order) that gives rise, or might reasonably be expected to give rise, to a material Tax liability of the Corporation or a material reduction in the Tax attributes of the Corporation or any of its Assets, excluding, for greater certainty, any capital losses which expire in accordance with applicable law upon the consummation of the transactions contemplated by this Agreement.
CCAA Proceedings. Upon Closing, the CCAA Proceedings will have been terminated in respect of Maricann, its business and property, as set out in the Approval and Vesting Order.
CCAA Proceedings. (a) The Parties acknowledge and agree that the Seller shall apply to the Court by no later than March 10, 2023, for the Initial Order, substantially in the form of Schedule D hereto, and all Parties will use commercially reasonable efforts to have the Initial Order issued.
(b) The Parties acknowledge and agree that the Seller shall apply to the Court by no later than March 20, 2023, for the A&R Initial Order, substantially in the form of Schedule E, and all Parties will use commercially reasonable efforts to have the A&R Initial Order issued.
(c) The Parties acknowledge and agree that the Seller shall apply to the Court by no later than March 20, 2023, for the SISP Order, substantially in the form of Schedule F hereto, and all Parties will use commercially reasonable efforts to have the SISP Order issued. The Buyer acknowledges and agrees that the SISP is in contemplation of determining whether a superior bid can be obtained for the Purchased Assets or some alternative form of sale, investment or restructuring transaction in respect of the Seller, the Purchased Assets and/or the Business.
(d) The Seller shall provide the Buyer for review, reasonably in advance of filing, drafts of such material motions, pleadings or other filing related to the process of consummating the Transaction to be filed with the Court, including the motions for issuance of the Initial Order, A&R Initial Order, the SISP Order, an order pursuant to section 11.3 of the CCAA, and the Approval and Vesting Order, and shall promptly inform the Buyer of any notice, correspondence or court materials it receives from another Person with respect to any objections, concerns, or positions purportedly intended to be raised with the Court.
(e) In the event an appeal is taken or a stay pending appeal is requested from the SISP Order, an order pursuant to section 11.3 of the CCAA, or the Approval and Vesting Order, the Seller shall promptly notify the Buyer of such appeal or stay request and shall promptly provide the Buyer a copy of the related notice of appeal or order of stay. The Seller shall also provide the Buyer with written notice of any motion or application filed in connection with any appeal from such orders. The Seller agrees to take all action as may be reasonable and appropriate to defend against such appeal or stay request and the Seller and the resolution of such appeal or stay request, provided that nothing herein shall preclude the Parties hereto from consummating the Transact...
CCAA Proceedings. The Company will reasonably cooperate with and provide assistance to, and will cause its Subsidiaries and its and their respective officers and employees, to cooperate with and provide assistance to, Ernst & Young Inc. in its capacities as court-appointed monitor (the “Monitor”) and interim land restructuring officer (“LRO”) in the CCAA Proceedings to enable the Monitor and LRO to be discharged from their duties and the CCAA Proceedings to be terminated, in each case as soon as practicable.