Common use of Mutual Termination Rights Clause in Contracts

Mutual Termination Rights. Each Party may terminate this Agreement, without penalty or liability to such Party, immediately upon written notice thereof (i) in the event of the commencement of any liquidation, dissolution, voluntary or involuntary bankruptcy, insolvency, receivership or similar proceeding of the other Party; (ii) if the other Party is unable to pay its debts as they become due, has explicitly or implicitly suspended payment of its debts as they become due (except debts contested in good faith) or if the creditors of the other Party have taken over its management or a substantial part of its assets.

Mutual Termination Rights. Each Party may terminate this Agreement, without penalty or liability to such Party, immediately upon written notice thereof notice (i) in the event of the commencement of any liquidation, dissolution, voluntary or involuntary bankruptcy, insolvency, receivership or similar proceeding of the other Party; (ii) if the other Party is unable to pay its debts as they become due, has explicitly or implicitly suspended payment of its debts as they become due (except debts contested in good faith) or if the creditors of the other Party have taken over its management or a substantial part of its assets.