Common use of Termination Due to Bankruptcy Clause in Contracts

Termination Due to Bankruptcy. Receivership The Consulting Period shall terminate and the Company's obligations hereunder (including the obligation to pay Consultant compensation under Section 3(a)) shall cease upon the occurrence of. (i) the appointment of a receiver, liquidator, or trustee for the Company by decree of competent authority in connection with any adjudication or determination by such authority that the Company is bankrupt or insolvent; (ii) the filing by the Company of a petition in voluntary bankruptcy, the making of an assignment for the benefit of its creditors, or the entering into of a composition with its creditors; or (iii) any formal action of the Board to terminate the Company's existence or otherwise to wind up the Company's affairs.

Termination Due to Bankruptcy. Receivership The Consulting Period shall terminate and the Company's obligations hereunder (including the obligation to pay Consultant compensation under Section 3(a3 (a)) shall cease upon the occurrence of. (i) the appointment of a receiver, liquidator, or trustee for the Company by decree of competent authority in connection with any adjudication or determination by such authority that the Company is bankrupt or insolvent; (ii) the filing by the Company of a petition in voluntary bankruptcy, the making of an assignment for the benefit of its creditors, or the entering into of a composition with its creditors; or (iii) any formal action of the Board to terminate the Company's existence or otherwise to wind up the Company's affairs.