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

Termination by Either Party for Insolvency. Either Party may terminate this Agreement immediately upon written notice: (i) in the event of any evidence of the potential, imminent or actual insolvency of the other Party or that Party’s insolvency, dissolution or cessation of business operations; (ii) to the extent permitted by law if the other Party files a petition in bankruptcy or if a petition in bankruptcy is filed against it; or (iv) if the other Party makes an assignment for the benefit of any of its creditors or similar arrangement pursuant to any bankruptcy law or similar law of an applicable jurisdiction.