Insolvency; Bankruptcy. Either party may terminate this Agreement if the other party hereto shall become insolvent or voluntarily commences any proceedings or files any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consents to the institution of, or fails to contest in a timely and appropriate manner, any involuntary proceeding or petition above, (iii) applies for or consents to the appointment or a receiver, trustee, custodian, sequestrator, conservator or similar official for itself or for a substantial part of its assets, (iv) files an answer admitting the material allegations of a petition filed against it in any proceeding, (v) makes a general assignment for the benefit of creditors, or (vi) takes any action for the purpose of effecting any of the foregoing.
Appears in 12 contracts
Samples: Goods Purchase Agreement, Professional Services Agreement, Professional Services Agreement
