Winding Up of the Issuer Sample Clauses
The 'Winding Up of the Issuer' clause defines the procedures and rights that apply if the company (issuer) is dissolved or liquidated. It typically outlines how the company's assets will be distributed among shareholders, creditors, and other stakeholders, and may specify the order of priority for these distributions. This clause ensures that all parties understand their entitlements and the process to be followed in the event the company ceases operations, thereby providing clarity and reducing disputes during the winding-up process.
Winding Up of the Issuer. Upon dissolution of the Issuer, the Owner Trustee shall, at the written direction of the Administrator, wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Statute. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Owner Trustee, in the absence of actual knowledge of any other claim against the Issuer and at the written direction of the Certificateholders, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Statute and shall cause the Certificate of Trust to be cancelled by filing, at the expense of the Depositor, a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute, at which time the Issuer shall terminate and this Agreement (other than Article VIII) shall be of no further force or effect.
Winding Up of the Issuer. If, prior to the end of the Warrant Period, an order is made or an effective resolution is passed for winding up the Issuer, each Warrantholder who pays the Exercise Price, will (at its election, in lieu of payments which would otherwise have been due to it in respect of its Warrant Shares) be treated as if, immediately before the date of such order or resolution, all the Warrants had been exercised in full and shall be entitled to receive out of the assets which would otherwise be available in the liquidation such sum (if any) as it would have received had it been the holder of the Shares to which it would have become entitled by virtue of such exercise. For the purposes of this clause 8.1, the Warrantholders will be regarded as creditors within the meaning of section 23b of Book 2 of the Netherlands Civil Code.