Common use of Insolvency; Bankruptcy Clause in Contracts

Insolvency; Bankruptcy. Either Party may terminate this Agreement immediately upon written notice to the other: (i) if the other Party ceases to do business, or otherwise terminates its business operations or (ii) if the other Party 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 may terminate this Agreement immediately upon written notice to the other: (i) if the other Party ceases to do businessmakes an assignment for the benefit of creditors, or otherwise terminates its business operations a trustee, receiver or (ii) if similar officer of any court is appointed for the other Party becomes insolvent or seeks protection under any for a substantial part of its property, whether with or without its consent, or an action for bankruptcy, receivershipcomposition, trust deedreorganization, creditors arrangement, composition insolvency or comparable proceeding, or if any such proceeding liquidation proceedings is instituted by or against the other Party and Party, if such proceedings are not dismissed within ninety (90) days30 days from the date of institution thereof.

Insolvency; Bankruptcy. Either Party party may terminate this Agreement immediately upon written notice to the otherif: (i) if the other Party 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 otherwise terminates its business operations ; or (ii) if any court of competent jurisdiction assumes custody or control of the other Party 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) daysparty's assets.