INSOLVENCY OF SELLER. In any of the following, or any similar events, Xxxxx may immediately terminate this Contract without any liability to Seller or obligation to purchase raw materials, work-in-progress or finished goods: (a) insolvency or financial difficulties of Seller; (b) filing of a voluntary petition in bankruptcy by Seller; (c) filing of any involuntary petition in bankruptcy against Seller; (d) appointment of a receiver or trustee for Seller; (e) execution of an assignment for the benefit of creditors by Seller; or (f) any accommodation by Buyer, financial or otherwise, not contemplated by this Contract, that are necessary for Seller to meet its obligations under this Contract. Seller will reimburse Buyer for all costs Buyer incurs in connection with any of the foregoing whether or not this Contract is terminated, including, but not limited to, all attorney or other professional fees.
INSOLVENCY OF SELLER. RESCISSION BY THE BUYER
INSOLVENCY OF SELLER. In any of the following or any similar events (each, an “Insolvency Event”), Buyer may immediately terminate this Agreement without any liability to Buyer or obligation to purchase raw materials, work-in-process or finished Goods, including under Section 11: (a) insolvency or financial difficulties of Seller, (b) filing of a voluntary petition in bankruptcy by Seller, (c) filing of any involuntary petition in bankruptcy against Seller, (d) appointment of a receiver or trustee for Seller, (e) execution of an assignment for the benefit of creditors by Seller, or (f) any accommodation by Buyer, financial or otherwise, not contemplated by this Agreement, that is necessary for Seller to meet its obligations under this Agreement. Seller will reimburse Buyer for all costs Buyer incurs in connection with any Insolvency Event whether or not this Agreement is terminated, including all attorney or other professional fees.
INSOLVENCY OF SELLER. 21.1 Notwithstanding any other provision of this contract, the Buyer acknowledges that the Seller shall not be in default of this Contract if the Seller has an administrator or liquidator or receiver appointed, or a mortgagee takes possession of the Land or the Seller is otherwise insolvent. The Buyer is not entitled to terminate the Contract as a result of any of the aforementioned events.
INSOLVENCY OF SELLER. In any of the following or any similar events (each, an “Insolvency Event”), Buyer may immediately terminate this Contract without any liability to Seller or obligation to purchase raw materials, work-in- process or finished Goods, including under Section 11: (a) insolvency or financial difficulties of Seller as determined by Xxxxx, (b) filing of a voluntary petition in bankruptcy by Seller, (c) filing of any involuntary petition in bankruptcy against Seller, (d) appointment of a receiver or trustee for Seller, (e) execution of an assignment for the benefit of creditors by Seller, or (f) Seller requests, requires, or Buyer otherwise provides, any accommodation, financial or otherwise, not contemplated by this Contract, that is necessary for Seller to meet its obligations under this Contract. Seller will reimburse Buyer for all costs Buyer incurs in connection with any Insolvency Event whether or not this Contract is terminated, including all attorney or other professional fees.
INSOLVENCY OF SELLER. Seller and its Affiliates have not (i) commenced a voluntary case or had entered against them a petition for relief under any Applicable Law relative to bankruptcy, insolvency, or other relief for debtors, (ii) caused, suffered or consented to the appointment of a receiver, trustee, administrator, conservator, liquidator, or similar official in any federal, state or foreign judicial or nonjudicial proceeding to hold, administer, and/or liquidate all or substantially all of their respective assets, (iii) had filed against them any involuntary petition seeking relief under any Applicable Law relative to bankruptcy, insolvency, or other relief to debtors which involuntary petition is not dismissed within sixty (60) days, or (iv) made a general assignment for the benefit of creditors.
INSOLVENCY OF SELLER. The Buyer shall not purchase Receivables hereunder if (i) the Seller shall admit in writing its inability to pay its debts as they are due, (ii) the Seller shall commence a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any present or future federal or state bankruptcy, insolvency, or similar law, (iii) the Seller shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Seller or of any substantial part of its property, (iv) the Seller shall make an assignment for the benefit of creditors, (v) the Seller shall fail generally to pay its debts as such debts become due, or (vi) the Seller shall take corporate action in furtherance of any of the foregoing.
INSOLVENCY OF SELLER. If Seller ceases to conduct its operations in the normal course of business (excluding inability to meet its obligations as they mature), or if any proceeding under the bankruptcy or insolvency laws is brought by or against Seller, or a receiver for Seller is appointed or applied for, or if an assignment for the benefit of creditors is made by Seller, Buyer may terminate the order without liability except for deliveries previously made or for goods covered by the order then completed and subsequently delivered in accordance with the terms of the order.
INSOLVENCY OF SELLER. Upon written notice to Seller, Buyer may immediately terminate this Contract, without any liability to Seller, in the event of the happening of any of the following or any other comparable event: (a) the insolvency of Seller; (b) the filing of a voluntary petition in bankruptcy by Seller; (c) the filing of an involuntary petition in bankruptcy against Seller; (d) the appointment of a receiver or trustee for Seller; or (e) the execution of an assignment for the benefit of creditors of Seller.
