Common use of Immediate Termination Events Clause in Contracts

Immediate Termination Events. Either party may terminate or suspend this Agreement immediately and without liability upon written notice to the other party if any one of the following events occurs: (a) the other party files a voluntary petition in bankruptcy or otherwise seeks protection under any law for the protection of debtors; (b) a proceeding is instituted against the other party under any provision of any bankruptcy law which is not dismissed within ninety (90) days; (c) the other party is adjudged bankrupt; (d) a court assumes jurisdiction of all or a substantial portion of the assets of the other party under a reorganization law; (e) a trustee or receiver is appointed by a court for all or a substantial portion of the assets of the other party; (f) the other party becomes insolvent or ceases or suspends all or substantially all of its business; or (g) the other party makes an assignment of the majority of its assets for the benefit of creditors.

Immediate Termination Events. Either party Party may terminate or suspend this Agreement immediately and without liability upon written notice to the other party Party, if any one of the following events occurs: (a) the The other party Party files a voluntary petition in bankruptcy or otherwise seeks protection under any law for the protection of debtors; (b) a A proceeding is instituted against the other party Party under any provision of any bankruptcy law law, which is not dismissed within ninety (90) days; (c) the The other party Party is adjudged bankrupt; (d) a A court assumes jurisdiction of all or a substantial portion of the assets of the other party Party under a reorganization law; (e) a A trustee or receiver is appointed by a court for all or a substantial portion of the assets of the other partyParty; (f) the The other party Party becomes insolvent or ceases or suspends all or substantially all of its business; or (g) the The other party Party makes an assignment of the majority of its assets for the benefit of creditors.