Common use of Notification of Events Clause in Contracts

Notification of Events. Each party must notify the other party immediately if: (a) that party disposes of the whole or part of its assets, operations or business other than in the ordinary course of business; (b) that party ceases to carry on business; (c) that party ceases to be able to pay its debts as they become due; (d) any step is taken by a mortgagee to take possession or dispose of the whole or part of that party's assets, operations or business; or (e) any step is taken to enter into any arrangement between that party and its creditors; (f) any step is taken to appoint a receiver, a receiver and manager, a trustee in bankruptcy, a provisional liquidator, a liquidator, an administrator or other like person of the whole or part of that party's assets, operations or business; or (g) where that party is a partnership, any step is taken to dissolve that partnership.