Common use of Acts of Insolvency Clause in Contracts

Acts of Insolvency. Either Elite or Xxxxxx may terminate this Agreement for default by written notice 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 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. A Party hereto shall immediately notify the other Party upon an occurrence of any such event.

Acts of Insolvency. Either Elite or Xxxxxx [ * ] may terminate this Agreement for default by written notice 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 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. A Party hereto shall immediately notify the other Party upon an occurrence of any such event.

Acts of Insolvency. Either Elite or Xxxxxx party to this Agreement may terminate this Agreement for default by written notice if the other Party 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 the receiver for its business 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. A Party party hereto shall immediately notify the other Party party upon an occurrence of any such event.