Common use of Bankruptcy, changes in control, etc Clause in Contracts

Bankruptcy, changes in control, etc. Either party hereto shall give the other party prompt written notice in the event that such party (i) liquidates or is dissolved; (ii) makes an assignment for the benefit of creditors, becomes insolvent or is unable to pay its debts as they mature, files a voluntary petition for bankruptcy or a petition, answer or consent seeking reorganization or readjustment of its indebtedness under applicable bankruptcy or insolvency laws, consents to the appointment of a receiver, sequestrator or trustee for all or a substantial part of its property or takes corporate or other action for the purpose of effecting any of the foregoing; (iii) has filed against it a petition for proceeding in bankruptcy or for its reorganization or for the readjustment of its indebtedness under applicable bankruptcy or insolvency laws or has a receiver, sequestrator or trustee appointed for it or for .all or a substantial part of its property; or (iv) merges, consolidates or reorganizes in a transaction in which such defaulting party is not the surviving entity, sells, its assets or experiences a transfer to any person or group of 25% or more of its outstanding equity interest. The party receiving such notice shall have the right to terminate this Agreement upon the happening of any such event.

Bankruptcy, changes in control, etc. Either Any party hereto (the "defaulting party") shall give the other party hereto prompt written notice in the event that such defaulting party (i) liquidates or is dissolveddissolves; (ii) makes an assignment for the benefit of creditors, becomes insolvent or is unable to pay its debts as they mature, files a voluntary petition for in bankruptcy or a petition, answer or consent seeking reorganization or readjustment of its indebtedness under applicable bankruptcy or insolvency laws, consents to the appointment of a receiver, sequestrator receiver or trustee for all or a substantial part of its property or takes corporate or other action for the purpose of effecting any of the foregoing; (iii) has filed against it a petition for proceeding proceedings in bankruptcy or for its reorganization or for the readjustment of its indebtedness under applicable bankruptcy or insolvency laws or has a receiver, sequestrator receiver or trustee appointed for it or for .all all or a substantial part of its property; or (iv) mergesexperiences a change in control through merger, consolidates consolidation or reorganizes reorganization in a transaction in which such defaulting party is not the surviving entity, sells, a sale of substantially all of its assets or experiences a transfer or, to the extent known by such defaulting party, the acquisition by any person or related group of 25% or more of its outstanding equity interest. The non defaulting party receiving such notice shall have the right to terminate this Agreement upon the happening of any such event.

Bankruptcy, changes in control, etc. Either Any party hereto (the "defaulting party") shall give the other party hereto prompt written notice in the event that such defaulting party (i) liquidates or is dissolveddissolves; (ii) makes an assignment for the benefit of creditors, becomes insolvent or is unable to pay its debts as they mature, files a voluntary petition for in bankruptcy or a petition, answer or consent seeking reorganization or readjustment of its indebtedness under applicable bankruptcy or insolvency laws, consents to the appointment of a receiver, sequestrator receiver or trustee for all or a substantial part of its property or takes corporate or other action for the purpose of effecting any of the foregoing; (iii) has filed against it a petition for proceeding proceedings in bankruptcy or for its reorganization or for the readjustment of its indebtedness under applicable bankruptcy or insolvency laws or has a receiver, sequestrator receiver or trustee appointed for it or for .all all or a substantial part of its property; or (iv) mergesexperiences a change in control through merger, consolidates consolidation or reorganizes reorganization in a transaction in which such defaulting party is not the surviving entity, sells, a sale of substantially all of its assets or experiences a transfer or, to the extent known by such defaulting party, the acquisition by any person or related group of 25% or more of its outstanding equity interest. The non-defaulting party receiving such notice shall have the right to terminate this Agreement upon the happening of any such event.