INSOLVENCY AND/OR DISSOLUTION Sample Clauses

The INSOLVENCY AND/OR DISSOLUTION clause defines the rights and obligations of the parties if one party becomes insolvent or is dissolved. Typically, this clause allows the non-insolvent party to terminate the agreement or take specific actions, such as demanding immediate payment or reclaiming goods or services provided. Its core function is to protect parties from the risks associated with continuing a contractual relationship when one party is no longer financially viable, ensuring that losses are minimized and legal clarity is maintained in such situations.
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INSOLVENCY AND/OR DISSOLUTION. In the event that a Party becomes insolvent, makes an assignment for the benefit of creditors, files for bankruptcy, or ceases or threatens to cease to carry on the whole or any relevant part of its business or trade, the other Party may terminate this Agreement effective upon delivery of a written notice.
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INSOLVENCY AND/OR DISSOLUTION. In the event that the other Party becomes insolvent or makes an assignment for the benefit of the creditors or bankruptcy proceedings are instituted against the other Party, any of which event shall be treated as default by the Party given the notice. If the other Party ceases or threatens to cease to carry on the whole or any relevant part of its business or trade.
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Related to INSOLVENCY AND/OR DISSOLUTION

  • Liquidation or Dissolution In the event the Company is liquidated or dissolved, the assets of the Company shall be distributed to the Members in accordance with the provisions of Section 11.

  • No Dissolution Except as required by the Act, the Partnership shall not be dissolved by the admission of additional Partners or withdrawal of Partners in accordance with the terms of this Agreement. The Partnership may be dissolved, liquidated wound up and terminated only pursuant to the provisions of this Article IX, and the Partners hereby irrevocably waive any and all other rights they may have to cause a dissolution of the Partnership or a sale or partition of any or all of the Partnership assets.

  • Early Dissolution 33 Section 9.03. Termination..................................................................................33 Section 9.04. Liquidation..................................................................................33 Section 9.05. Mergers, Consolidations, Amalgamations or Replacements of the Trust..........................35 ARTICLE X

  • Dissolution The Company shall dissolve, and its affairs shall be wound up, upon the first to occur of the following: (a) the written consent of the Member or (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act.

  • NO DISSOLUTION, NO NULLIFICATION To the extent permitted by law, the parties hereby waive their rights pursuant to Articles 6:265 to 6:272 inclusive of the Dutch Civil Code to dissolve (ontbinden), or demand in legal proceedings the dissolution (ontbinding) of, this Agreement. Furthermore, to the extent permitted by law, the parties hereby waive their rights under Article 6:228 of the Dutch Civil Code to nullify, or demand in legal proceedings the nullification of, this Agreement on the ground of error (dwaling).