Termination for Contractor's Inability to Perform. If any proceeding is instituted against Contractor seeking to adjudicate Contractor as a bankrupt or insolvent, or if Contractor makes a general assignment for the benefit of its creditors, or if a receiver is appointed on account of the insolvency of Contractor, or if Contractor files a petition seeking to take advantage of any other Law relating to bankruptcy, insolvency, reorganization, winding up or composition or readjustment of debts and, in the case of any such proceeding instituted against Contractor (but not by Contractor), if such proceeding is not dismissed within sixty (60) days of such filing, Company may without prejudice to any other right or remedy Company may have, terminate this Agreement as to any or all of the Facilities by written notice to Contractor. 12.2
Termination for Contractor's Inability to Perform. If Contractor or any entity controlling Contractor sells or transfers all or substantially all of its assets or if Contractor or any entity controlling Contractor merges with or into any other entity or if any proceedings are instituted by or against Contractor seeking to adjudicate Contractor as a bankrupt or insolvent, or if Contractor makes a general assignment for the benefit of its creditors, or if a receiver is appointed on account of the insolvency of Contractor, or if Contractor files a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding up or composition or readjustment of debts and, in the case of any such proceeding instituted against Contractor (but not by Contractor) such proceeding is not dismissed within thirty (30) Days of such filing, Owner may without prejudice to any other right or remedy Owner may have, terminate this Agreement effective seven (7) Days after giving written notice of such termination to Contractor.
Termination for Contractor's Inability to Perform. If (i) Contractor consents to the appointment of or taking possession by, a receiver, a trustee, custodian, or liquidator of itself or of a substantial part of its property, or fails or admits in writing its inability to pay its debts generally as they become due, or makes a general assignment for the benefit of creditors; (ii) Contractor files a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization in a proceeding under any applicable bankruptcy or insolvency laws (as now or hereafter in effect) or an answer admitting the material allegations of a petition filed against it in any such proceeding or seeks relief by voluntary petition, answer or consent, under the provisions of any now existing or future bankruptcy, insolvency or other similar law providing for the liquidation, reorganization, or winding up of corporations, or providing for an agreement, composition, extension, or adjustment with its creditors; (iii) a substantial part of Contractor's property is subject to the appointment of a receiver, trustee, liquidator, or custodian by court order and such order shall remain in effect for more than thirty (30) Days; or (iv) Contractor is adjudged bankrupt or insolvent, has any property sequestered by court order and such order shall remain in effect for more than thirty (30) Days, or has filed against it a petition under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, or liquidation law of any jurisdiction, whether now or hereafter in effect, and such petition shall not be dismissed within thirty (30) Days of such filing; then Owner may request assurances satisfactory to Owner of Contractor's future performance in accordance with the terms and conditions of this Contract, including strict compliance with the Construction Schedule. If Contractor fails to provide such assurances within ten (10) Days of a request therefor, Owner may without prejudice to any other of its rights or remedies under this Contract, terminate Contractor's employment and his Contract.
