Common use of Termination for Bankruptcy, Insolvency or Financial Insecurity Clause in Contracts

Termination for Bankruptcy, Insolvency or Financial Insecurity. Either party may terminate this Agreement immediately at its option upon written notice if the other party: (a) becomes or is declared insolvent or bankrupt; (b) is the subject of a voluntary or involuntary bankruptcy or other proceeding related to its liquidation or solvency, which proceeding is not dismissed within ninety (90) calendar days after its filing; (c) ceases to do business in the normal course; or (d) makes an assignment for the benefit of creditors. This Agreement shall terminate immediately and automatically upon any determination by a court of competent jurisdiction that either party is excused or prohibited from performing in full all obligations hereunder.

Termination for Bankruptcy, Insolvency or Financial Insecurity. Either party Party may terminate this Agreement immediately at its option upon written notice if the other partyParty: (ai) becomes or is declared insolvent or bankrupt; (bii) is the subject of a voluntary or involuntary bankruptcy or other proceeding related to its liquidation or solvency, which proceeding is not dismissed within ninety (90) calendar days after its filing; (ciii) ceases to do business in the normal course; or (div) makes an assignment for the benefit of creditors. This Agreement shall terminate immediately and automatically upon any determination by a court of competent jurisdiction that either party Party is excused or prohibited from performing in full all obligations hereunder, including, without limitation, rejection of this Agreement pursuant to 11 U.S.C. § 365.

Termination for Bankruptcy, Insolvency or Financial Insecurity. Either party Party may terminate this Agreement immediately at its option upon written notice if the other partyParty: (ai) becomes or is declared insolvent or bankrupt; (bii) is the subject of a voluntary or involuntary bankruptcy or other proceeding related to its liquidation or solvency, which proceeding is not dismissed within ninety (90) 90 calendar days after its filing; (ciii) ceases to do business in the normal course; (iv) Customer does not receive reasonably adequate funding from the state to meet its basic expenditures; or (div) makes an assignment for the benefit of creditors. This Agreement shall terminate immediately and automatically upon any determination by a court of competent jurisdiction that either party Party is excused or prohibited from performing in full all obligations hereunder, including, without limitation, rejection of this Agreement pursuant to 11 U.S.C. §365).

Termination for Bankruptcy, Insolvency or Financial Insecurity. Either party Party may terminate this Agreement immediately at its option upon written notice if the other partyParty: (ai) becomes or is declared insolvent or bankrupt; (bii) is the subject of a voluntary or involuntary bankruptcy or other proceeding related to its liquidation or solvency, which proceeding is not dismissed within ninety (90) calendar days after its filing; (ciii) ceases to do business in the normal course; or (div) makes an assignment for the benefit of creditors. This Agreement shall terminate immediately and automatically upon any determination by a court of competent jurisdiction that either party Party is excused or prohibited from performing in full all obligations hereunder, including, without limitation, rejection of this Agreement pursuant to 11 U.S.C. §365.

Termination for Bankruptcy, Insolvency or Financial Insecurity. Either party Party may terminate this Agreement immediately at its option upon written notice if the other partyParty: (ai) becomes or is declared insolvent or bankrupt; (bii) is the subject of a voluntary or involuntary bankruptcy or other proceeding related to its liquidation or solvency, which proceeding is not dismissed within ninety (90) calendar 90 days after its filing; (ciii) ceases to do business in the normal course; or (div) makes an assignment for the benefit of creditors. This Agreement shall terminate immediately and automatically upon any determination by a court of competent jurisdiction that either party Party is excused or prohibited from performing in full all obligations hereunder, including rejection of this Agreement pursuant to 11 U.S.C. § 365.

Termination for Bankruptcy, Insolvency or Financial Insecurity. Either party Party may terminate this Agreement immediately at its option upon written notice if the other partyParty: (a) becomes or is declared insolvent or bankrupt; (b) is the subject of a voluntary or involuntary bankruptcy or other proceeding related to its liquidation or solvency, which proceeding is not dismissed within ninety (90) calendar days after its filing; or (c) ceases to do business in the normal course; or (d) makes an assignment for the benefit of creditors. This Agreement shall terminate immediately and automatically upon any determination by a court of competent jurisdiction that either party Party is excused or prohibited from performing in full all obligations hereunder, including, without limitation, rejection of this Agreement pursuant to 11 U.S.C. §365.