Common use of Termination for Financial Incapability Clause in Contracts

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.

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 jurisdiction 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 competent jurisdiction appointing a receiver, liquidator, trustee or assignee in bankruptcy or insolvency covering all or substanti ally substantially all of such Party’s property or providing for the liquidation of such Party’s property or business affai rsaffairs.

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 ju risdiction as being bankrupt or insolvent; (v) seek reorganization under unde r 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 insolven cy covering all or substanti ally substantially all of such Party’s property or providing for the liquidation of such Party’s property or business affai rs.

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 competen t jurisdiction 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 substa ntially all of such Party’s property or providing for the liquidation of such Party’s property or business affai rs.