Common use of INSOLVENCY OF SELLER Clause in Contracts

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. In any of the following or any similar events (each, an “Insolvency Event”), Buyer may immediately terminate this Agreement Contract without any liability to Buyer Seller or obligation to purchase raw materials, work-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 SellerXxxxxx, or (f) any accommodation by BuyerXxxxx, financial or otherwise, not contemplated by this AgreementContract, that is necessary for Seller to meet its obligations under this AgreementContract. Seller will reimburse Buyer for all costs Buyer incurs in connection with any Insolvency Event whether or not this Agreement Contract is terminated, including all attorney or other professional fees.