Common use of Termination; Bankruptcy or Insolvency of Xxxxx Xxxxxxxx Clause in Contracts

Termination; Bankruptcy or Insolvency of Xxxxx Xxxxxxxx. Either Xxxxx Xxxxxxxx or Customer may terminate the Custody Agreement and close the Account upon not less than thirty (30) days written notice to the other. Upon termination, Customer shall be responsible for all fees then due and owing and all expenses associated with the delivery or return of Precious Metals in the Account. Further, in the event: (a) Xxxxx Xxxxxxxx ceases operations; (b) Xxxxx Xxxxxxxx shall file a petition seeking adjudication as bankrupt or for reorganization or consent to or fail to oppose any such petition filed against it or shall make a general assignment for the benefit of creditors or shall institute, consent to or fail to oppose a proceeding against it under any bankruptcy or insolvency law or for the appointment of a trustee or receiver for all or a substantial portion of its property; or (c) Xxxxx Xxxxxxxx shall be adjudicated insolvent or bankrupt or there shall be a trustee or receiver appointed for all or a substantial portion of its property or any substantial portion of its property shall be sequestered or sold under judicial process and such adjudication or appointment or sequestration or sale shall not have been vacated, set aside, satisfied or rescinded as the case may be within ninety (90) days after it shall have been entered, levied or become effective, Xxxxx Xxxxxxxx shall provide notice to the Customer, terminate this Agreement and promptly arrange for the delivery or return of the Precious Metals in the Account to Customer and shall further instruct any trustee or receiver appointed that such Precious Metals are property of the Customer as set forth in Section 2 herein.

Termination; Bankruptcy or Insolvency of Xxxxx Xxxxxxxx. Either Xxxxx Xxxxxxxx or Customer may terminate the Custody Agreement and close the Account or Box upon not less than thirty (30) days written notice to the other. Upon termination, Customer shall be responsible for all fees then due and owing and all expenses associated with the delivery or return of Precious Metals in the Account. Further, in the event: (a) Xxxxx Xxxxxxxx ceases operations; (b) Xxxxx Xxxxxxxx shall file a petition seeking adjudication as bankrupt or for reorganization or consent to or fail to oppose any such petition filed against it or shall make a general assignment for the benefit of creditors or shall institute, consent to or fail to oppose a proceeding against it under any bankruptcy or insolvency law or for the appointment of a trustee or receiver for all or a substantial portion of its property; or (c) Xxxxx Xxxxxxxx shall be adjudicated insolvent or bankrupt or there shall be a trustee or receiver appointed for all or a substantial portion of its property or any substantial portion of its property shall be sequestered or sold under judicial process and such adjudication or appointment or sequestration or sale shall not have been vacated, set aside, satisfied or rescinded as the case may be within ninety (90) days after it shall have been entered, levied or become effective, Xxxxx Xxxxxxxx shall provide notice to the Customer, terminate this Agreement and promptly arrange for the delivery or return of the Precious Metals in the Account to Customer and shall further instruct any trustee or receiver appointed that such Precious Metals are property of the Customer as set forth in Section 2 herein.