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

Termination for CONTRACTOR Financial Inviability, Insolvency, or Bankruptcy. If HCA reasonably determines that the CONTRACTOR’s financial condition is not sufficient to allow the CONTRACTOR to provide the services under this Agreement in the manner required by HCA. HCA may terminate this Agreement in whole or in part immediately or in stages. Said termination shall not be deemed a Breach by either Party. The CONTRACTOR’s financial condition shall be presumed not sufficient to allow the CONTRACTOR to provide the services described in this Agreement in the manner required by HCA if the CONTRACTOR cannot demonstrate to HCA’s satisfaction that the CONTRACTOR has risk reserves and a net worth to meet the applicable net worth requirement specified in Section 4.19.1 of this Agreement. CONTRACTOR insolvency or the filing of a petition in bankruptcy by or against the CONTRACTOR shall constitute grounds for termination for cause. In the event of the filing of a petition in bankruptcy by or against a Subcontractor, Major Subcontractor or Provider or the insolvency of said Subcontractor, Major Subcontractor or Provider, the CONTRACTOR shall immediately advise HCA.

Termination for CONTRACTOR Financial Inviability, Insolvency, or Bankruptcy. If HCA HSD reasonably determines that the CONTRACTOR’s financial condition is not sufficient to allow the CONTRACTOR to provide the services under this Agreement in the manner required by HCA. HCA HSD, HSD may terminate this Agreement in whole or in part immediately or in stages. Said termination shall not be deemed a Breach by either Party. The CONTRACTOR’s financial condition shall be presumed not sufficient to allow the CONTRACTOR to provide the services described in this Agreement in the manner required by HCA HSD if the CONTRACTOR cannot demonstrate to HCAHSD’s satisfaction that the CONTRACTOR has risk reserves and a net worth to meet the applicable net worth requirement specified in Section 4.19.1 of this Agreement. CONTRACTOR insolvency or the filing of a petition in bankruptcy by or against the CONTRACTOR shall constitute grounds for termination for cause. In the event of the filing of a petition in bankruptcy by or against a Subcontractor, Major Subcontractor or Provider or the insolvency of said Subcontractor, Major Subcontractor or Provider, the CONTRACTOR shall immediately advise HCAHSD.