A court order clause in a contract specifies that the parties involved must adhere to any legal directives issued by a court of competent jurisdiction. It ensures that the contractual obligations and terms will be subject to enforcement or modification based on the court's rulings.
Assignment Type - Court Order: For each Sample Settlement Contract with an assignment type indicated as court order (or labeled “G-SS”) on the applicable Data File, observed that a court order referencing the claimant and the corresponding Sample Settlement Contract was included in the Settlement Documents. Observed that the court order references the transaction is between the Company and the claimant. Compare the state indicated in the court order to the court order state as set forth in WAIDE.
Notice of Direction of Payment: Observed that the Settlement Documents contain a court order, notice of assignment or letter from the Company (or an affiliate of the Company) to the annuity issuer, as applicable, directing that payments to the claimant be forwarded to one of the following addresses:
Settlement Agreement: Observed that the Settlement Documents contains either a photocopy of a document whose title includes the word or phrase “settlement,” “agreement,” “stipulation,” “release,” “affidavit” or “court order” referencing the claimant, or a document from the annuity provider listing the claimant as a beneficiary to a defendant listed in the Settlement Agreement.
Management Response: The judge required an increase and added the purchase price to the order it was a manual entry error. JGW will release $4 to the annuitant to comply with the court order.
If (a) the PO Resolution is that the Class D Member has validly exercised or has the right to validly exercise the Purchase Option in full or in part, but (b) either (x) Escrow Agent does not receive the PO Court Order verifying that the Class D Member has validly exercised the Purchase Option in full or in part within 5 Business Days of the PO Court Order or (y) Escrow Agent does not receive written instructions from the Class D Member to release the PO Dispute Escrowed Consideration pursuant to Section 3(b)(1) or Section 3(b)(3), as applicable, within 5 Business Days of the PO Court Order, then upon receipt of joint written instructions from the Unitholder Representatives and the Class D Member to release the PO Dispute Escrowed Consideration and the Escrowed Class A Shares pursuant to this Section 3(b)(2), the PO Dispute Escrowed Consideration and the Escrowed Class A Shares shall be released as described on Schedule E.
The foregoing description of the Court Order is intended to be a summary and is qualified in its entirety by reference to such Court Order, which is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The Purchase Agreement provides that the closing of the Transaction will occur within thirty days after October 18, 2019, subject to (i) RES’s receipt of the necessary consents from its limited liability company members (the “Member Consent”) or (ii) RES’s option, and subsequent success, to seek a court order or other valid determination of a court of competent jurisdiction approving the Transaction (the “Court Order”). If neither the Member Consent nor the Court Order has been obtained within thirty days after October 18, 2019, closing of the Transaction will be extended to not later than five business days after receipt by RES of a Court Order, but not later than December 31, 2019. If neither the Member Consent nor the Court Order has been obtained by December 31, 2019, the Purchase Agreement will terminate.
As a consequence of the Court Order, the Company resolved to divest itself of certain equipment and other assets (the “Equipment Assets”) used in connection with the Company’s human tissue banking business, but consistent however with the requirements of the Court Order, and to adjust the business plan and operations to accommodate this potential divesture. To facilitate the above, the Company entered into the following agreements, which are not yet effective, as discussed below:
Member Consent or Court Order - Seller will use reasonable business efforts to obtain the Member Consent prior to the Closing Date. Seller may, but is not obligated to, elect to seek a Court Order, in its sole and absolute discretion.
Viavi acknowledges that any outstanding Awards granted under the EIP that were granted prior to 1 January 2024 and that have not vested or become exercisable in the ordinary course prior to the date of Court Order will vest in full and become exercisable on the date of Court Order because of the Scheme in accordance with the rules of the EIP and will remain exercisable for six months from the date of Court Order and lapse thereafter (unless they lapse earlier in accordance with the rules of the EIP).
Viavi acknowledges that any outstanding Awards granted under the DBP that have not vested in the ordinary course prior to the date of Court Order will vest in full on the date of Court Order because of the Scheme in accordance with the rules of the DBP.
Viavi acknowledges that, because of the Scheme and the rules of the LTIP, any outstanding Awards granted under the LTIP that have not vested or been released from applicable holding periods in the ordinary course prior to the date of Court Order will vest and be released from any applicable holding period on the date of Court Order.
A court order is an official statement from a judge or a legal authority that requires a person to do or refrain from doing something. Court orders can be issued for a range of legal matters, including family law, civil disputes, and criminal cases. They are legally binding and must be complied with; failure to do so may result in legal consequences.
You should seek a court order when you need legal intervention to resolve a dispute or enforce an obligation. Common scenarios include:
To write a court order, it often requires legal expertise given its complexity. However, a basic understanding includes:
It’s highly recommended to consult with or hire a lawyer to draft a court order to ensure correctness and legality.
While a court order is not typically a component within a contract, certain contracts or legal documents may lead to the requirement of obtaining a court order if disputes arise. For example:
Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
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A "Covenant Not to Sue" is a legal agreement in which one party agrees not to file a lawsuit against the other party over a specific issue or event. This clause aims to prevent litigation by settling disputes or waiving certain legal rights in advance.
A CPI adjustment clause is a provision in a contract that allows for the modification of agreed-upon prices based on changes in the Consumer Price Index (CPI). This ensures that payments remain fair and reflect the current economic conditions, shielding parties from inflationary impacts.
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