Common use of Termination for Bankruptcy or Insolvency Clause in Contracts

Termination for Bankruptcy or Insolvency. If permitted by Applicable Law, either Party may terminate this Agreement immediately upon written notice to the other Party if the other Party becomes insolvent, makes a general assignment for the benefit of creditors, or files a voluntary petition in bankruptcy or for reorganization or arrangement under the bankruptcy laws, or if a petition in bankruptcy is filed against such other Party and is not dismissed within sixty (60) days after the filing, or if a receiver or trustee is appointed for all or any part of the property or assets of the other Party.

Termination for Bankruptcy or Insolvency. If permitted by Applicable Law, either Either Party may terminate this Agreement immediately upon written notice to the other Party if the other Party becomes insolventinsolvent or bankrupt, makes assigns all or a general assignment substantial part of its business or assets for the benefit of creditors, or files a voluntary petition in bankruptcy or for reorganization or arrangement under permits the bankruptcy laws, or if a petition in bankruptcy is filed against such other Party and is not dismissed within sixty (60) days after the filing, or if appointment of a receiver for its business assets, becomes subject to any legal proceeding relating to insolvency or trustee is appointed for all the protection of creditor’s rights or any part of otherwise ceases to conduct business in the property or assets of the other Party.normal course

Termination for Bankruptcy or Insolvency. If permitted by Applicable Law, either Each Party may terminate this Agreement immediately upon AGREEMENT with immediate effect by means of a written notice to the other Party if in the event that: (a) a creditor or other Party becomes insolvent, makes a general assignment for the benefit of creditorsclaimant takes possession of, or files a voluntary petition in bankruptcy receiver, administrator or for reorganization or arrangement under the bankruptcy laws, or if a petition in bankruptcy is filed against such other Party and is not dismissed within sixty (60) days after the filing, or if a receiver or trustee similar officer is appointed for all or over any part of the property or assets of the other PartyParty or (b) the other Party makes any voluntary arrangement with its creditors or becomes subject to any court or administration order pursuant to any bankruptcy or insolvency law.

Termination for Bankruptcy or Insolvency. If permitted by Applicable Law, either Either Party may terminate this the Agreement immediately upon by written notice to the other Party and may regard the other Party as being in default of the Agreement, if the other Party becomes insolventceases to conduct business in the ordinary course, makes a general an assignment for the benefit of creditors, or files a voluntary petition in bankruptcy or for reorganization or arrangement under the bankruptcy laws, or if a petition in bankruptcy is filed against such other Party and is not dismissed within sixty (60) days after the filing, or if has appointed a receiver or trustee is appointed for all in bankruptcy, or makes a filing under any part of the property federal, provincial or assets of the other Partystate bankruptcy or insolvency law.

Termination for Bankruptcy or Insolvency. If permitted by Applicable Law, either Party may terminate this Agreement immediately upon written notice to the other Party if the other Party becomes insolvent, party files a petition in a bankruptcy or makes a general an assignment for the benefit of creditors, creditors or files a voluntary if any involuntary petition in bankruptcy or petition for reorganization an arrangement of debts is entered in a court or arrangement under consented to by either of the bankruptcy lawsparties or a receiver be appointed for the business of either party, or if at any part thereof, and the said involuntary petition for an arrangement or appointment of a petition in bankruptcy is filed against such other Party and receiver is not dismissed vacated or discharged within sixty (60) days after the filing, or if a receiver or trustee is appointed either party discontinues its operations for all or any part of the property or assets of reason whatsoever, the other Partyparty may immediately terminate this Agreement.