Common use of Bankruptcy or Insolvency Clause in Contracts

Bankruptcy or Insolvency. Either Party may terminate this Agreement immediately upon written notice to the other Party, if such other Party makes an assignment for the benefit of creditors, files a petition in bankruptcy, is adjudicated insolvent or bankrupt, a receiver or trustee is appointed with respect to a substantial part of such other Party’s property, or a proceeding is commenced against it which will substantially impair its ability to perform hereunder.

Bankruptcy or Insolvency. Either Party may terminate this Agreement immediately upon written by notice to the other Party if the other Party, if such other Party : (i) becomes insolvent; (ii) fails to pay its debts or perform its obligations in the ordinary course of business as they mature; (iii) admits in writing its insolvency or inability to pay its debts or perform its obligations as they mature; or (iv) makes an assignment for the benefit of creditors, files a petition in bankruptcy, is adjudicated insolvent or bankrupt, a receiver or trustee is appointed with respect to a substantial part of such other Party’s property, or a proceeding is commenced against it which will substantially impair its ability to perform hereunder.

Bankruptcy or Insolvency. 26.2.1 Either Party may shall have the right to terminate this Agreement immediately upon written notice to the other Party, if such other Party or any of its Affiliates (i) files a petition under any bankruptcy act or has any such petition filed against it that is not discharged within [***] of the filing thereof, (ii) makes an assignment for the benefit of creditors, files a petition in bankruptcy, is adjudicated insolvent or bankrupt, (iii) appoints or suffers appointment of a receiver or trustee over substantially all of its property that is appointed with respect to a substantial part of not discharged within [***] after such other Party’s property, or a proceeding is commenced against it which will substantially impair its ability to perform hereunderfiling.

Bankruptcy or Insolvency. Either Party may shall have the right to terminate this Agreement immediately upon written notice to in the event that a court of competent jurisdiction declares the other PartyParty insolvent or bankrupt, if such or a bankruptcy proceeding is commenced against the other Party makes an or the other Party files a proposal, assignment for the benefit of creditors, files a petition arrangement, composition or seeks similar relief under any applicable bankruptcy law or the other Party is in bankruptcyreceivership, is adjudicated insolvent or bankrupt, a receiver or trustee is appointed with respect in which case termination shall be effective upon written notice to a substantial part of such other Party’s property, or a proceeding is commenced against it which will substantially impair its ability to perform hereunderthat effect.

Bankruptcy or Insolvency. 26.2.1 Either Party may shall have the right to terminate this Agreement immediately upon written notice to the other Party, if such other Party or any of its Affiliates (i) files a petition under any bankruptcy act or has any such petition filed against it that is not discharged within [**] of the filing thereof, (ii) makes an assignment for the benefit of creditors, files a petition in bankruptcy, is adjudicated insolvent or bankrupt, (iii) appoints or suffers appointment of a receiver or trustee over substantially all of its property that is appointed with respect to a substantial part of not discharged within [**] after such other Party’s property, or a proceeding is commenced against it which will substantially impair its ability to perform hereunderfiling.

Bankruptcy or Insolvency. Either Each Party may terminate this Agreement immediately upon forthwith by means of a written notice to the other Party in the event that a creditor or other claimant takes possession of, or a receiver, administrator or similar officer is appointed over any of the assets of such other Party, if or in the event that such other Party makes an assignment for the benefit of creditors, files a petition in bankruptcy, is adjudicated insolvent any voluntary arrangement with its creditors or bankrupt, a receiver CONFIDENTIAL becomes subject to any court or trustee is appointed with respect administration order pursuant to a substantial part of such other Party’s property, any bankruptcy or a proceeding is commenced against it which will substantially impair its ability to perform hereunderinsolvency law.

Bankruptcy or Insolvency. Either Each Party may terminate this Agreement immediately upon forthwith by means of a written notice to the other Party in the event that a creditor or other claimant takes possession of, or a receiver, administrator or similar officer is appointed over any of the assets of such other Party, if or in the event that such other Party makes an assignment for the benefit of creditors, files a petition in bankruptcy, is adjudicated insolvent any voluntary arrangement with its creditors or bankrupt, a receiver becomes subject to any court or trustee is appointed with respect administration order pursuant to a substantial part of such other Party’s property, any bankruptcy or a proceeding is commenced against it which will substantially impair its ability to perform hereunderinsolvency law.