Term Termination and Liquidation Sample Clauses

Term Termination and Liquidation. The term of the joint venture shall be twenty (20) years, which shall be calculated from the date of issue of the business license of the joint venture company. With the consent of both parties and the unanimous consent of the board of directors, the joint venture company may submit an application for the extension of its term to the original approving authorities six (6) months prior to the expiry of its term.

Term Termination and Liquidation. 19.1 This Agreement shall remain in full force and effect with respect to each Party until such time as: (a) the Company becomes wholly owned by one Shareholder or all of the Shares are sold and transferred to a third party; (b) the Shipbuilding Contracts and/or the Time Charterparties is terminated in accordance with their terms; (c) this Agreement is terminated in accordance with its terms; or (d) the Company is dissolved or liquidated, whichever occurs earlier. 19.2 The termination of this Agreement/or the winding-up of the Company shall not prejudice or affect any rights or liabilities of any of the Shareholders arising prior to such termination. 19.3 This Clause and Clauses 1, 17.4, 17.7, 22, 23, and 24 of this Agreement shall survive termination until five (5) years (and ten (10) years in respect of Clause 17.4) elapsed from the termination of this Agreement. 19.4 Clause 21 of this Agreement shall survive termination without limit of time. 19.5 In addition to Clauses 16.4 and 18.8, any Shareholder may, without prejudice to its other rights and remedies under this Agreement, call for the winding-up of the Company upon sale of the Vessels for distribution of proceeds. 19.6 In the case of winding-up of the Company, the Shareholders shall and procure that the Company shall ensure that: (a) the Company does not enter into any new contractual obligations; (b) the Company is dissolved and its assets upon realisation (including sale of the Vessels) are distributed to the Shareholders in the Relevant Proportion as soon as practical; and (c) any proprietary information or intellectual property rights (if any) belonging to or originating from a Shareholder must be returned to it by the other Shareholders or the Company and all such proprietary information or intellectual property rights must be erased from the computer systems (to the extent possible) of the Company and the Shareholders who are returning it.

Term Termination and Liquidation. 45. The operation term of the Company shall be 10 years, commencing from issuance of the Business License. 46. If the Parties agree to extend the term, the Board shall make a resolution. A written application shall be submitted to the Approval Authority for approval no less than six (6) months prior to the expiration of the term. The term can be extended with the approval and modification procedures shall be handled with the Approval Authority. 47. If the Parties believe that the termination of the contract conforms to best interest of the Parties, they can terminate the contract in advance. In the event that the Company terminates the contract in advance, the termination shall be determined by the general meeting of the directors and reported to the original Approval Authority for approval. 48. Any Party is entitled to terminate this contract in event of occurrence of following. 49. If term expires or the contrat is terminated in advance, the Board of Directors shall submit the procedures, principles of liquidation and candidates of an liquidation committee so as to establish the liquidation committee to conduct liquidation over the Company’s assets. 50. The duties of liquidation committee shall be conducting a thorough investigation agaisnt the Company’s assets, debts and credits, providing a balance sheet and list of Company assets and drafting a liquidation plan. The liquidation committee shall present the same to the Board of Directors for approval. 51. During the period of liquidation, the liquidation committee shall represent the Company in initiating and responding to legal actions. 52. The liquidation fee and the salary for the liquidation committee members shall be reserved from existing assets of the Company and shall enjoy priority in terms of payment. 53. After the liquidation committee pay all outstanding debts of the Company, the remaining properties shall belong to Party A. 54. After the liquidation is completed, the Company shall report to the Approval Authority and handle the cancellation registration with the original registration authority, returning the Business License as well as making a public annoucement. 55. After the Company is terminated, all the account books shall be preserved by Party A.

Term Termination and Liquidation