Common use of Corporation’s Right to Terminate Clause in Contracts

Corporation’s Right to Terminate. In the event that the Contractor, at any time during the term of this Contract, becomes insolvent under any of the provisions of any applicable statute or makes a voluntary assignment of its assets for the benefit of creditors, is adjudged bankrupt, either upon the Contractor’s voluntary petition in bankruptcy or upon the petition of the Contractor’s creditors, or any of them, or should a judgement be executed on any of the goods or equipment of the Contractor, or should any lien or other right inconsistent with the Contractor’s title to such goods or equipment be enforced, or if the Contractor shall have a receiver, administrator, administrative receiver and/or manager appointed in respect of all or any of its assets, an application or order is made or a resolution is passed to wind up the Contractor or if the Contractor shall go into liquidation (whether voluntarily or otherwise) or if the Contractor becomes subject, under the applicable laws of any jurisdiction, to any event having an analogous effect to any of the foregoing, the Corporation may terminate this Contract with immediate effect by notice in writing to the Contractor or to the receiver or liquidator or to any person in whom the Contract may become vested, as provided in Clause 24.3 (Termination due to Default).

Corporation’s Right to Terminate. In the event that the Contractor, at any time during the term of this Contract, becomes insolvent under any of the provisions of any applicable statute or makes a voluntary assignment of its assets for the benefit of creditors, is adjudged bankrupt, either upon the Contractor’s Contractor‟s voluntary petition in bankruptcy or upon the petition of the Contractor’s Contractor‟s creditors, or any of them, or should a judgement be executed on any of the goods or equipment of the Contractor, or should any lien or other right inconsistent with the Contractor’s Contractor‟s title to such goods or equipment be enforced, or if the Contractor shall have a receiver, administrator, administrative receiver and/or manager appointed in respect of all or any of its assets, an application or order is made or a resolution is passed to wind up the Contractor or if the Contractor shall go into liquidation (whether voluntarily or otherwise) or if the Contractor becomes subject, under the applicable laws of any jurisdiction, to any event having an analogous effect to any of the foregoing, the Corporation may terminate this Contract with immediate effect by notice in writing to the Contractor or to the receiver or liquidator or to any person in whom the Contract may become vested, as provided in Clause 24.3 (Termination due to Default).