Common use of Termination Due to Bankruptcy Clause in Contracts

Termination Due to Bankruptcy. This Agreement also may be terminated by either party if the other party becomes insolvent, makes or seeks to make an arrangement with or an assignment for the benefit of creditors, or if proceedings in voluntary or involuntary bankruptcy are instituted by, on behalf of or against such other party, or if a receiver or trustee of the other party’s property is appointed.

Termination Due to Bankruptcy. This Agreement also may be immediately terminated by either party Party upon notice if the other party Party becomes insolvent, makes or seeks to make an arrangement with or an assignment for the benefit of creditors, or if proceedings in voluntary or involuntary bankruptcy are instituted by, on behalf of or against such other partyParty, or if a receiver or trustee of the other partyParty’s property is appointed.

Termination Due to Bankruptcy. This Either party hereto has the right to terminate this Agreement also may be terminated by either party if written notice to the other party becomes insolvent, makes in the event that the other party is; declared insolvent or seeks to make an arrangement with bankrupt or an assignment is under jurisdiction of a court for the benefit of its creditors, b.acquired by any competitive company of the party of all or if proceedings a substantial portion of its capital stock or assets, c.dissolved or liquidated except in voluntary or involuntary bankruptcy are instituted byconsequence of a merger, on behalf of or against such other partyconsolidation, or if a receiver or trustee of the other party’s property is appointedcorporate reorganization.

Termination Due to Bankruptcy. This Agreement also may be terminated immediately by either party if Part upon written notice should the other party becomes insolventparty: (i) be declared bankrupt, makes become insolvent or seeks to enter into liquidation; (ii) make an arrangement with or an assignment for the benefit of creditors, or creditors if proceedings in for voluntary or involuntary bankruptcy are instituted by, on behalf of the affected Party; or against (iii) take such other party, or if a receiver or trustee of the other party’s property is appointedaction that may indicate impending financial difficulty.