Common use of For Insolvency Clause in Contracts

For Insolvency. Either party may terminate this Agreement immediately in the event of the insolvency of the other party if such insolvent party fails to pay any amounts due pursuant to the terms of this Agreement within [*] following the date on which such amount is due and payable, provided that the terminating party first serves written notice of the failure to pay on the insolvent party and such default is not cured within [*] after receipt of such notice.

For Insolvency. Either party may terminate this Agreement effective immediately in the event of the insolvency of by written notice if the other party if such insolvent party fails (A) becomes insolvent, admits in writing its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors; or (B) becomes subject to control of a trustee, receiver or similar authority, or to any amounts due pursuant to the terms of bankruptcy or insolvency proceeding. Termination under this Agreement within [*] following the date on which such amount is due and payable, provided that the terminating party first serves written notice of the failure to pay on the insolvent party and such default is not cured within [*] after receipt of such noticesection will also terminate any Orders then in effect.