Common use of Termination for Bankruptcy or Insolvency Clause in Contracts

Termination for Bankruptcy or Insolvency. This Agreement may be terminated immediately in the event that either party is declared insolvent, is adjudged bankrupt or files a petition for bankruptcy or re-organization under any bankruptcy law, is expropriated or sequestrated or submits or has to submit to any other administrative or judicial measures of control. Insolvency is defined to mean the inability to pay debts, as they become due and the excess of liabilities over assets.

Termination for Bankruptcy or Insolvency. This Agreement may be terminated immediately in the event that either party Party is declared insolvent, is adjudged bankrupt or files a petition for bankruptcy or re-organization under any bankruptcy law, is expropriated or sequestrated or submits or has to submit to any other administrative or judicial measures of control. Insolvency is defined to mean the inability to pay debts, as they become due and the excess of liabilities over assets.

Termination for Bankruptcy or Insolvency. This Agreement may be terminated immediately in the event that either party is declared insolvent, is adjudged bankrupt or files a petition for bankruptcy or re-organization reorganization under any bankruptcy law, is expropriated or sequestrated or submits or has to submit to any other administrative or judicial measures of control. Insolvency is defined to mean the inability to pay debts, as they become due and the excess of liabilities over assets.

Termination for Bankruptcy or Insolvency. This Agreement may be terminated immediately in the event that either will terminate automatically and without notice if a party is declared becomes insolvent, is adjudged bankrupt unable to pay its debts when due, or files a petition the subject of any voluntary or involuntary insolvency, cession, liquidation, winding up, bankruptcy, reorganization, rearrangement, receivership, assignment for bankruptcy the benefit of creditors, or re-organization similar proceedings under any bankruptcy applicable law, is expropriated including without limitation the U.S. Bankruptcy Code or sequestrated or submits or has to submit to any other administrative or judicial measures of control. Insolvency is defined to mean the inability to pay debts, as they become due and the excess of liabilities over assetsforeign equivalent.