Liquidation Clause Clause Samples
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Liquidation Clause. The Parties acknowledge that this Agreement is a “Forward Contract” as defined in the Bankruptcy Code [(11 U.S.C. Sec. 101(25)]. If one Party (the “Defaulting Party”) (i) shall voluntarily file a petition in bankruptcy, reorganization, or receivership or shall be forced by its creditors into bankruptcy, reorganization or receivership, (ii) becomes insolvent or incapable of paying its debts as they become due, or (iii) makes a general assignment for the benefit of creditors, the other Party (the “Liquidating Party”) shall have the immediate right, exercisable in its sole discretion, to liquidate this Agreement and all other forward contracts as defined in the Bankruptcy Code then outstanding between the Parties (whether the Liquidating Party is PBF or Sunoco thereunder) by closing out all such contracts at the then current market prices so that each contract being liquidated is terminated except for the settlement payment referred to below. The Liquidating Party shall calculate the difference, if any, between the price specified in each contract so liquidated, and the market price for the relevant commodity as of the date of liquidation (as determined by the Liquidating Party in any commercially reasonable manner), and aggregate or net such settlement payments, as appropriate, to a single liquidated amount. Payment of said settlement payment will be due and payable within one (1) Banking Day after reasonable notice of liquidation. The liquidation and close-out of this Agreement and all other forward contracts is in addition to any other rights and remedies which the other Party may have.
Liquidation Clause. Applicants are admitted only on the express condition that they remain enrolled in the Academy until the end of the written agreement unless suspended or allowed to withdraw because of sustained illness. If the student is suspended or expelled from the Academy, parents shall immediately make transportation arrangements. Upon failure of the parent or guardian to make such arrangements, the student will be placed on a bus destined for his own area at the expense of the parent or guardian. The parent or guardian agrees that in the event that the student leaves the Ministry because of voluntary withdrawal on parent’s or guardian’s part during the written above term or any subsequent academic session, no part of the fee for the school year shall be refunded or remitted and any unpaid balance on account of such fee for the school year shall become due and payable to the Academy as liquidated damage. The parent or guardian also agree that in the event the student should run from the premises no tuition and/or entrance fees shall be refunded, nor will the remaining tuition for the contractual 12 month period become due. As a parent I agree to abide by all of the rules of New Beginnings, including the rules concerning corporal discipline and agree to support New Beginnings with my prayers. (Parent/Guardian) (Date) (Parent/Guardian) (Date) (NB Representative) (Date) (NB Representative) (Date) STATE OF , COUNTY OF On this day of , 20 , before me, the undersigned notary public, personally appeared , known to me to be the person(s) whose name(s) is/are subscribed to the above instrument and acknowledged to me that he/she/they executed the same for the purposes therein stated.
Liquidation Clause. Should a licensed employee desire to resign at a date later than the state of Kansas Statute date, a written letter of resignation shall be submitted to the Board of Education through the building administrator. Liquidated damages shall be assessed according to the following schedule: Day Following Statutory Date – June 30th $1,500 July 1st – July 15st $2,000 July 16th – July 31st $2,500 August 1st to Balance of the Year $3,500 The letter of resignation and liquidation payment will be submitted to the Board of Education for their approval.
Liquidation Clause. Without limiting any other rights that may be available to the liquidating party, in the event that a party hereto (the defaulting party) shall (A) become bankrupt or insolvent, however evidenced, or (B) file a petition or otherwise commence a proceeding under any bankruptcy, insolvency or similar law, or have any such petition filed or proceeding commenced against it, or (C) have a liquidator, administrator, receiver or trustee appointed with respect to it or any substantial portion of its property or assets, or (D) fail to give adequate security for, or assurances of its ability to perform, its obligations - then in any such event the performing party shall have the right to liquidate any or all forward contracts when outstanding at anytime or from time to time thereafter by declaring any and all such contracts terminated (whereupon they shall automatically be declaring any and all such contracts terminated (whereupon they shall automatically be terminated, except for the payment obligation referred to below), calculating the difference, if any, between the price specified therein and the market price for relevant commodity (as determined by the liquidating party in a commercially reasonable manner at a time or times reasonably determined by the liquidating party), and aggregating or netting such market damages to a single liquidated settlement payment that will be due and payable upon demand thereof. The non-performing party shall indemnify and hold the performing party harmless from all costs and expenses of collection, including reasonable attorneys fees, incurred in the exercise of any remedies hereunder. The parties hereto acknowledge that this contract constitutes a forward contract for purposes of Section 556 of the USA Bankruptcy Code.
Liquidation Clause. You the “client” In the event of our client’s foreclosure, liquidation, bankruptcy voluntary or involuntary closure regardless of what you are or were trading as will unconditionally make Your Recruitment statutorily preferred in the order of payment. All total wages and entitlements owed to Your Recruitment will not be seen as invoices but as wages and will be paid in full including and in accordance with all taxes superannuation and mandatory charges.