Common use of Termination for Insolvency or Bankruptcy Clause in Contracts

Termination for Insolvency or Bankruptcy. Subject to Section 9.4 below, Buyer and/or Seller (collectively “the Parties”) shall have the right to terminate the rights of the other Party under their applicable Agreements (and any other agreement concerning Products) by giving written notice of termination to that other Party at any time upon or after: 9.2.1 the filing by the other Party of a petition in bankruptcy or insolvency; 9.2.2 any adjudication that the other Party is bankrupt or insolvent; 9.2.3 the filing by the other Party of any petition or answer seeking reorganization, readjustment or arrangement of its business under any law relating to bankruptcy or insolvency; 9.2.4 the appointment of a receiver for all or substantially all of the property of the other Party; 9.2.5 the making by the other Party of any assignment for the benefit of creditors; or, 9.2.6 the institution of any proceeding for the liquidation or winding up of the other Party’s business or for the termination of its corporate charter. Notwithstanding anything to the contrary, no termination under Section 9.2 as to such other Party shall affect the rights of the Party giving the notice of termination with respect to Products delivered and/or as to which production had begun prior to the effective date of termination. Termination pursuant to this Section 9.2 shall be effective immediately upon personal delivery of the written notice, or in the case of airmail notice, five days after dispatch.

Termination for Insolvency or Bankruptcy. Subject to Section 9.4 below, ---------------------------------------- Buyer and/or Seller (collectively “"the Parties”") shall have the right to terminate the rights of the other Party under their applicable Agreements (and any other agreement concerning Products) by giving written notice of termination to that other Party at any time upon or after: 9.2.1 the filing by the other Party of a petition in bankruptcy or insolvency; 9.2.2 any adjudication that the other Party is bankrupt or insolvent; 9.2.3 the filing by the other Party of any petition or answer seeking reorganization, readjustment or arrangement of its business under any law relating to bankruptcy or insolvency; 9.2.4 the appointment of a receiver for all or substantially all of the property of the other Party; 9.2.5 the making by the other Party of any assignment for the benefit of creditors; or, 9.2.6 the institution of any proceeding for the liquidation or winding up of the other Party’s 's business or for the termination of its corporate charter. Notwithstanding anything to the contrary, no termination under Section 9.2 as to such other Party shall affect the rights of the Party giving the notice of termination with respect to Products delivered and/or as to which production had begun prior to the effective date of termination. Termination pursuant to this Section 9.2 shall be effective immediately upon personal delivery delivery, of the written notice, or in the case of airmail notice, five days after dispatch.

Termination for Insolvency or Bankruptcy. Subject to Section 9.4 below, Buyer Conexant and/or Seller UMC (collectively “"the Parties”") shall have the right to terminate the rights of the other Party under their applicable Agreements (and any other agreement concerning Products) by giving written notice of termination to that other Party at any time upon or after: 9.2.1 the filing by the other Party of a petition in bankruptcy or insolvency; 9.2.2 any adjudication that the other Party is bankrupt or insolvent; 9.2.3 the filing by the other Party of any petition or answer seeking reorganization, readjustment or arrangement of its business under any law relating to bankruptcy or insolvency; 9.2.4 the appointment of a receiver for all or substantially all of the property of the other Party; 9.2.5 the making by the other Party of any assignment for the benefit of creditors; or, 9.2.6 the institution of any proceeding for the liquidation or winding up of the other Party’s 's business or for the termination of its corporate charter. Notwithstanding anything to the contrary, no termination under Section 9.2 as to such other Party shall affect the rights of the Party giving the notice of termination with respect to Products delivered and/or as to which production had begun prior to the effective date of termination. Termination pursuant to this Section 9.2 shall be effective immediately upon personal delivery of the written notice, or in the case of airmail notice, five days after dispatch.