Termination for Financial Incapability Sample Clauses

Termination for Financial Incapability. Either party may terminate this Agreement and/or any Ordering Document, immediately, upon written notice to the other Party if the other Party: (a) admit in writing its inability to pay its debts generally as they become due or the winding up of its business; (ii) makes a general assignment for the benefit of its creditors; (iii) institute proceedings to be adjudicated in a voluntary arrangement or consent to the filing of a petition of bankruptcy against it; (iv) be adjudicated by a court of competent j urisdiction as being bankrupt or insolvent; (v) seek reorganization under any bankruptcy legislation, or consent to the filing of a petition seeking such reorganization; or (vi) have a decree entered against it by a court of compete nt jurisdiction appointing a receiver, liquidator, trustee or assignee in bankruptcy or insolvency covering all or substanti ally all of such Party’s property or providing for the liquidation of such Party’s property or business affai rs.
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