Common use of Acts of Insolvency Clause in Contracts

Acts of Insolvency. Either party may immediately terminate this Agreement by written notice to the other and may regard the other party as in default of this Agreement, if the other party becomes insolvent, makes a general assignment for the benefit of creditors, files a voluntary petition of bankruptcy, suffers or permits the appointment of a receiver for its business or assets, or becomes subject to any proceeding under any bankruptcy or insolvency law, whether domestic or foreign, or has wound up or liquidated, voluntarily or otherwise. In the event that any of the above events occurs, the affected party shall immediately notify the other party of its occurrence.

Acts of Insolvency. Either party may immediately terminate this Agreement by written notice to the other and may regard the other party as in default of this Agreement, if the other party becomes insolvent, makes a general assignment for the benefit of creditors, files a voluntary petition of bankruptcy, suffers or permits the appointment of a receiver for its business or assets, or becomes subject to any proceeding proceedings under any bankruptcy or insolvency law, whether domestic or foreign, or has wound up or liquidated, voluntarily or otherwise. In the event that any of the above events occurs, the affected that party shall immediately notify the other party of its occurrence.

Acts of Insolvency. Either party Party may immediately terminate this Agreement by prior written notice to the other and may regard the other party Party as in default of this Agreement, if the other party Party becomes insolvent, makes a general assignment for the benefit of creditors, files a voluntary petition of for bankruptcy, suffers or permits the appointment of a receiver for its business or assets, assets or becomes subject to any proceeding proceedings under any domestic or foreign bankruptcy or insolvency law, whether domestic or foreign, law or has wound up or liquidated, voluntarily or otherwise. In the event that any of the above events occurs, the affected party that Party shall immediately notify the other party Party of its occurrence.