For Provider’s Insolvency. A BTC Recipient may terminate (with respect to itself only) a Service Module in its entirety if State Street: (A) becomes insolvent or is unable to meet its debts as they mature; (B) files a voluntary petition in bankruptcy or seeks reorganization or to effect a plan or other arrangement with creditors; (C) files an answer or other pleading admitting, or fails to deny or contest, the material allegations of an involuntary petition filed against it pursuant to any applicable statute relating to bankruptcy, arrangement or reorganization; (D) will be adjudicated a bankrupt or will make an assignment for the benefit of its creditors generally; (E) will apply for, consent to or acquiesce in the appointment of any receiver or trustee for all or a substantial part of its property; (F) any such receiver or trustee will be appointed and will not be discharged within thirty (30) days after the date of such appointment; or (G) State Street’s auditors issue an opinion expressing doubt as to whether State Street can maintain itself as a “going concern.”
For Provider’s Insolvency. BFA may terminate this Agreement in its entirety if (A) Provider or any parent entity thereof: (1) becomes insolvent or is unable to meet its debts as they mature; (2) files a voluntary petition in bankruptcy or seeks reorganization or to effect a plan or other arrangement with creditors; (3) files an answer or other pleading admitting, or fails to deny or contest, the material allegations of an involuntary petition filed against it pursuant to any applicable statute relating to bankruptcy, arrangement or reorganization; (4) will be adjudicated as bankrupt or will make an assignment for the benefit of its creditors generally; (5) will apply for, consent to or acquiesce in the appointment of any receiver, conservator or trustee (including the FDIC) for all or a substantial part of its property; or (6) becomes subject to any receivership or conservatorship (including the FDIC); (B) the auditors of Provider (or any parent entity thereof) issue an opinion expressing doubt as to whether Provider (or the parent entity) can maintain itself as a “going concern”; or (C) there is, in BFA’s reasonable discretion, a significant risk of any of the foregoing. In order to facilitate such determination, Provider shall provide BFA with mutually agreed periodic statements as to the state of Provider’s financial condition.
