Common use of Financial Instability Clause in Contracts

Financial Instability. Any party: (i) files for bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation or any similar proceeding, (ii) has such a proceeding instituted against it and such proceeding is not dismissed within 60 days, (iii) makes an assignment for the benefit of its creditors or an offer of settlement, extension or composition to its creditors generally; or (iv) a trustee, conservator, receiver or similar fiduciary is appointed for that party or substantially all of that party's assets.

Financial Instability. Any Either party: (i) files for bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation or any similar proceeding, ; (ii) has such a proceeding instituted against it and such proceeding is not dismissed within 60 sixty (60) days, ; (iii) makes an assignment for the benefit of its creditors or an offer of settlement, extension or composition to its creditors generally; or (iv) a trustee, conservator, receiver or similar fiduciary is appointed for that party or substantially all of that such party's assets.

Financial Instability. Any Either party: (i) files for bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation dissolution or any similar proceeding, (ii) has such a proceeding instituted against it and such the proceeding is not dismissed within 60 days, or (iii) makes an assignment for the benefit of its creditors or an offer of settlement, extension or composition to its creditors generally; or (iv) a trustee, conservator, receiver or similar fiduciary is appointed for that party or substantially all of that party's assets.