Common use of Termination by Either Party for Insolvency or Bankruptcy Clause in Contracts

Termination by Either Party for Insolvency or Bankruptcy. Either party may terminate this Agreement by written notice to the other party if the other party becomes insolvent; applies for or consents to the appointment of a trustee, receiver or other custodian; makes a general assignment for the benefit of its creditors; initiates any bankruptcy, debt arrangements, or other case or proceeding under any bankruptcy or insolvency law; or becomes subject to any dissolution or liquidation proceedings acquiesced to by such party or not dismissed after sixty (60) days.

Termination by Either Party for Insolvency or Bankruptcy. Either party may terminate this Agreement by written notice to the other party if the other party (i) becomes insolvent; (ii) applies for or consents to the appointment of a trustee, receiver or other custodian; (iii) makes a general assignment for the benefit of its creditors; (iv) initiates any bankruptcy, debt arrangements, or other case or proceeding under any bankruptcy or insolvency law; or (v) becomes subject to any dissolution or liquidation proceedings acquiesced to by such party or not dismissed after sixty thirty (6030) days.