Common use of Insolvency; Bankruptcy Clause in Contracts

Insolvency; Bankruptcy. Either party may terminate this Agreement immediately if: (i) the other party files a petition in voluntary bankruptcy or corporate reorganization, makes an assignment for the benefit of creditors, admits in writing to its insolvency or inability to pay debts as they come due, consents to or has appointed on its behalf a trustee or receiver, or otherwise ceases to do business; or (ii) any court of competent jurisdiction assumes custody or control of the other party's assets.

Insolvency; Bankruptcy. Either party Party may terminate this Agreement immediately ifupon written notice to the other: (i) if the other party files a petition in voluntary bankruptcy or corporate reorganization, makes an assignment for the benefit of creditors, admits in writing to its insolvency or inability to pay debts as they come due, consents to or has appointed on its behalf a trustee or receiver, or otherwise Party ceases to do business; , or otherwise terminates its business operations or (ii) any court of competent jurisdiction assumes custody or control of if the other party's assetsParty becomes insolvent or seeks protection under any bankruptcy, receivership, trust deed, creditors arrangement, composition or comparable proceeding, or if any such proceeding is instituted against the other Party and not dismissed within ninety (90) days.

Insolvency; Bankruptcy. Either party Party may terminate this Agreement immediately if: (i) if the other party files a petition in voluntary bankruptcy or corporate reorganization, Party makes an assignment for the benefit of creditors, admits in writing to or a trustee, receiver or similar officer of any court is appointed for the other Party or for a substantial part of its property, whether with or without its consent, or an action for bankruptcy, composition, reorganization, insolvency or inability to pay debts as they come due, consents to liquidation proceedings is instituted by or has appointed on its behalf a trustee or receiver, or otherwise ceases to do business; or (ii) any court of competent jurisdiction assumes custody or control of against the other party's assetsParty, if such proceedings are not dismissed within 30 days from the date of institution thereof.