Common use of Termination Due to Insolvency Clause in Contracts

Termination Due to Insolvency. If Contractor becomes a debtor in a bankruptcy proceeding, or a reorganization, dissolution or liquidation proceeding, or if a trustee or receiver is appointed over all or a substantial portion of the property of Contractor under federal bankruptcy law or any state insolvency law, Contractor shall immediately provide the City with a written notice thereof. The City may terminate this Contract, and Contractor is deemed in default, at any time if the Contractor becomes insolvent, or is a party to any voluntary bankruptcy or receivership proceeding, makes an assignment for a creditor, or there is any similar action that affects Contractor’s ability to perform under the Contract.

Termination Due to Insolvency. If Contractor Consultant becomes a debtor in a bankruptcy proceeding, or a reorganization, dissolution or liquidation proceeding, or if a trustee or receiver is appointed over all or a substantial portion of the property of Contractor Consultant under federal bankruptcy law or any state insolvency law, Contractor Consultant shall immediately provide the City with a written notice thereof. The City may terminate this Contract, and Contractor Consultant is deemed in default, at any time if the Contractor Consultant becomes insolvent, or is a party to any voluntary bankruptcy or receivership proceeding, makes an assignment for a creditor, or there is any similar action that affects ContractorConsultant’s ability to perform under the Contract.