Insolvency or Dissolution Sample Clauses
The "Insolvency or Dissolution" clause defines the rights and obligations of parties if one party becomes insolvent or is dissolved. Typically, this clause allows the other party to terminate the agreement or take protective actions if insolvency proceedings are initiated, a receiver is appointed, or the company is wound up. Its core function is to protect parties from being bound to contracts with entities that are no longer financially viable, thereby minimizing risk and ensuring business continuity.
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Insolvency or Dissolution. Tenant shall become insolvent or unable to pay its debts, or shall fail generally to pay its debts as they become due; or any court shall enter a decree or order directing the winding up or liquidation of Tenant or of substantially all of its assets; or Tenant shall take any action toward the dissolution or winding up of its affairs or the cessation or suspension of its use of the Premises; and
Insolvency or Dissolution. Owner, at its sole discretion, may terminate this Agreement if:
a) Licensee becomes insolvent, declares bankruptcy, or fails to make any payment required by this Agreement within thirty (30) days of its due date; or
b) Licensee dissolves or attempts to dissolve either voluntarily or involuntarily.
Insolvency or Dissolution. Lessee shall become insolvent or unable to pay its debts, or shall fail generally to pay its debts as they become due; or any court shall enter a decree or order directing the winding up or liquidation of Lessee or of substantially all of its assets; or Lessee shall take any action toward the dissolution or winding up of its affairs or the cessation or suspension of its use of the Premises; and,
Insolvency or Dissolution. Owner, at its sole discretion, may terminate this Agreement if:
a. Licensee becomes insolvent, declares bankruptcy, has a petition in bankruptcy filed for or against it, or fails to make any payment required by this Agreement within thirty (30) days of its due date;
b. Licensee dissolves or attempts to dissolve either voluntarily or involuntarily;
c. Licensee becomes a wholly owned subsidiary of another business entity and Owner’s written consent is not first obtained;
d. Licensee has a corporate merger with another business entity and Owner’s written consent is not first obtained; or
e. There is a liquidation, dissolution, or winding up of Licensee. A reorganization or other consolidation, or merger of Licensee with or into another Corporation or entity shall be deemed to be a liquidation, dissolution or winding up of Licensee and this license Agreement will terminate if the prior written consent of Owner has not been obtained.
Insolvency or Dissolution. Proceedings under any bankruptcy law or insolvency act or for the dissolution of a party shall be instituted by or against a party, or a receiver or trustee shall be appointed for all or substantially all of the property of a party, and such proceeding shall not be dismissed or such receivership or trusteeship vacated within sixty (60) days after such institution or appointment; provided, however, that if a party seeks to dissolve pursuant to C.R.S. § 32-1-701, et seq., as amended and (i) it notifies the other party in writing concurrently with filing the application for dissolution, and (ii) the plan for dissolution shall include provisions for continuation of this Agreement with a responsible party acceptable to the other party being substituted as a party to this Agreement, and such substituted party assumes all obligations and rights of the dissolving party hereunder, then such dissolution shall not be a default.