Common use of Termination for Bankruptcy or Insolvency Clause in Contracts

Termination for Bankruptcy or Insolvency. In addition, this Agreement may be terminated by either party if the other party becomes the subject of a voluntary or involuntary petition in bankruptcy or any proceeding relating to insolvency, receivership, liquidation, or composition for the benefit of creditors if such petition or proceeding is not dismissed with prejudice within sixty (60) days after filing.

Termination for Bankruptcy or Insolvency. In addition, Either party may terminate this Agreement may be terminated by either party if the other party becomes ceases to do business in the subject of a voluntary ordinary course or involuntary petition is insolvent (i.e., unable to pay its debts in bankruptcy or the ordinary course as they come due), makes any proceeding relating to insolvency, receivership, liquidation, or composition assignment for the benefit of creditors if such petition creditors, is declared bankrupt, or is the subject of any liquidation or insolvency proceeding which is not dismissed with prejudice within sixty (60) days after filing120 days.

Termination for Bankruptcy or Insolvency. In addition, this This Agreement may be terminated by either party if Party upon the other party becomes the subject filing or institution of bankruptcy, reorganization, liquidation or receivership proceedings, or upon an assignment of a voluntary or involuntary petition in bankruptcy or any proceeding relating to insolvency, receivership, liquidation, or composition substantial portion of the assets for the benefit of creditors by the other Party; provided, however, that in the event of any involuntary bankruptcy or receivership proceeding, such right to terminate will only become effective if the Party consents to the involuntary bankruptcy or receivership or such petition or proceeding is not dismissed with prejudice within sixty ninety (6090) days after filingthe filing of such bankruptcy or receivership.