Common use of Termination for Insolvency Clause in Contracts

Termination for Insolvency. Either party may terminate this Agreement immediately upon written notice to the other party if the other party has a receiver appointed, or an assignee for the benefit of creditors or in the event of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy laws.

Termination for Insolvency. Either Each party may has the right to terminate this Agreement immediately upon written notice to the other party at any time with immediate effect if the other party has a receiver appointedshould become the subject of proceedings under any bankruptcy or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or is, or an assignee for the benefit of creditors or in the event of any insolvency or inability can reasonably be deemed to pay debts as they become due by the other partybe, except as may be prohibited by applicable bankruptcy lawsinsolvent.

Termination for Insolvency. Either party may terminate this Agreement immediately upon written notice to in the event that the other party if ceases to conduct its operations in the other party has normal course of business, files for or becomes the subject of a receiver appointedbankruptcy petition, is placed in receivership, or an assignee for the benefit of attempts to assign this Agreement to creditors or in the event otherwise without prior written consent of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy laws.

Termination for Insolvency. Either party may A Party shall have the right to terminate this Agreement immediately Agreement, upon written notice thereof to the other party Party, if the other party has a receiver appointed, or Party suffers an assignee for the benefit of creditors or in the event of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy lawsInsolvency Event.

Termination for Insolvency. Either party may shall have the right to terminate this Agreement in writing immediately upon written notice to the other party if the other party has (i) voluntarily or involuntarily becomes the subject of a receiver appointedpetition in bankruptcy or of any proceeding relating to insolvency, receivership, liquidation, or an assignee composition for the benefit of creditors creditors; or (ii) admits in the event of any insolvency or writing its inability to pay its debts as they become due by the other party, except as may be prohibited by applicable bankruptcy lawsdue.

Termination for Insolvency. Either each party may shall be entitled to terminate this the Agreement immediately upon written notice in writing and with immediate effect if another party finds itself unable to the other party if the other party pay its debts, or has a receiver appointedtemporary or legal administrator or a liquidator appointed to it (or, according to each case, their equivalent in another jurisdiction) or an assignee for the benefit calls a meeting of its creditors or stops for any reason whatsoever pursuing its activities or if, in the event reasonable opinion of any insolvency or inability the party wishing to pay debts as they become due by terminate the other partyAgreement, except as may be prohibited by applicable bankruptcy lawsit is probable that one of these events will take place.

Termination for Insolvency. Either party may terminate this Agreement immediately upon written notice to the other party if the other party is insolvent or has a receiver appointed, made any assignment by operation of law or an assignee otherwise of this Agreement or any of its rights hereunder for the benefit of creditors or in the event of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy lawscreditors.

Termination for Insolvency. Either party may terminate this Agreement and/or any Schedule, in whole or in part, immediately upon written notice to the other party if the such other party has (1) is liquidated, dissolved or adjudged to be in a receiver appointedstate of bankruptcy or receivership, or an assignee for the benefit of creditors or in the event of any insolvency or inability (2) is insolvent, unable to pay its debts as they become due by or makes an assignment to or for the other party, except as may be prohibited by applicable bankruptcy lawsbenefit of its creditors or (3) ceases to conduct business for any reason on an on-going basis leaving no qualified successor to perform its obligations hereunder.

Termination for Insolvency. Either party may terminate this Agreement immediately upon agreement at any time, on written notice to the other party party, if the other party has a receiver appointed, or ceases to conduct business in its normal course; makes an assignee assignment for the benefit of creditors creditors; is liquidated or otherwise dissolved; becomes insolvent; files a petition in the event of any insolvency bankruptcy; or inability to pay debts as they become due a receiver, trustee, or custodian is appointed for it. Termination by Mutual Agreement: This agreement my be terminated by the other party, except as may be prohibited by applicable bankruptcy lawsmutual agreement of the parties.

Termination for Insolvency. Either party Party may terminate this the Agreement immediately upon written without notice to the other party if the other party Party becomes insolvent, makes or has a receiver appointed, or made an assignee assignment for the benefit of creditors creditors, is the subject of proceedings in voluntary or in the event involuntary bankruptcy instituted on behalf of any insolvency or inability to pay debts as they become due by the other partyagainst such Party, except as may be prohibited by applicable bankruptcy lawsor has a receiver or trustee appointed for substantially all of its property.

Termination for Insolvency. Either party To the extent permitted by applicable law, either Party may terminate this Agreement immediately upon written notice of termination to the other party Party if the other party has a receiver appointedParty goes into bankruptcy or voluntary or involuntary dissolution, or is declared insolvent, fails to pay its debts as they come due, makes an assignee assignment for the benefit of creditors creditors, becomes subject to proceedings under any bankruptcy or in insolvency law, or suffers the event appointment of any insolvency a receiver or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy lawstrustee over all or substantially all of its assets or properties.

Termination for Insolvency. Either party may This Agreement shall terminate this Agreement immediately upon written notice to the other party if the other party has a receiver appointed, or an assignee for the benefit of creditors or in the event of any insolvency or inability Party is unable to pay its debts as they become due by due, or a petition is presented, or meeting convened for the other partypurpose of winding up any Party, except as may be prohibited by applicable bankruptcy lawsor any Party enters into liquidation whether compulsorily or voluntarily, or compounds with its creditors generally, or has a receiver appointed of all or any part of its assets, or if any event analogous to any of the foregoing shall occur in any jurisdiction in which any Party is incorporated, resident or carrying on business.

Termination for Insolvency. Either To the extent permitted by applicable law, either party may terminate this Agreement immediately upon written notice of termination to the other party if the other party has a receiver appointedgoes into bankruptcy or voluntary or involuntary dissolution, or is declared insolvent, fails to pay its debts as they come due, makes an assignee assignment for the benefit of creditors creditors, becomes subject to proceedings under any bankruptcy or in insolvency law, or suffers the event appointment of any insolvency a receiver or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy lawstrustee over all or substantially all of its assets or properties.

Termination for Insolvency. Either party may Each Party shall have the right to terminate this Agreement in its entirety immediately upon written notice to the other party Party if the (i) such other party has a receiver appointed, Party files in any court or an assignee for the benefit of creditors agency pursuant to any statute or in the event regulation of any jurisdiction a petition in bankruptcy or insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy laws.for reorganization or similar arrangement

Termination for Insolvency. Either party may terminate this Agreement immediately upon written notice to the other party if the other party has ceases conducting business in the normal course, becomes insolvent, makes a receiver appointed, or an assignee general assignment for the benefit of creditors creditors, suffers or in permits the event appointment of a receiver for its business or assets, avails itself of or becomes subject to any petition or proceeding under any statute of any state or country relating to insolvency or inability to pay debts as they become due by the protection of the rights of creditors, or any other insolvency or bankruptcy proceeding or other similar proceeding for the settlement of the other party, except as may be prohibited by applicable bankruptcy laws’s debt is instituted.

Termination for Insolvency. Either party Party may terminate this Agreement immediately upon written notice to the other party if the other party has a receiver appointedat any time, or an assignee for the benefit of creditors or effective immediately, in the event that the other Party shall be unable to fulfill its duties and responsibilities under this Agreement due to the fact that the Party applied for, or consented to, appointment of a receiver, trustee or liquidator of the Party to a substantial part of its assets, is the subject of a voluntary or involuntary proceeding in bankruptcy, or shall admit in writing its inability to pay its debts, file a petition or answer seeking reorganization or arrangements with creditors or to take advantage of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy laws.

Termination for Insolvency. Either party may terminate this Agreement immediately upon written notice to the other party if the other party has a receiver appointedbecomes insolvent, or dissolves, makes an assignee assignment for the benefit of, or enters into any composition or arrangement with, creditors, or if there is an appointment of creditors a receiver or in trustee or a liquidation of the event business of any insolvency or inability to pay debts as they become due by the such other party, except as may be prohibited or if bankruptcy, reorganization, insolvency or arrangement proceedings or proceedings under any other laws relating to the relief of debtors are commenced by applicable bankruptcy lawsor against such other party.

Termination for Insolvency. Either Each party may will have the right to terminate this Agreement immediately upon written notice to in the event that the other party if becomes insolvent, files for any form of bankruptcy or becomes the other party has a receiver appointed, or an assignee for the benefit of creditors or in the event subject of any insolvency or inability involuntary proceeding relating to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy laws.insolvency,

Termination for Insolvency. Either party may terminate this Agreement immediately upon agreement at any time, on written notice to the other party party, if the other party has a receiver appointed, or ceases to conduct business in its normal course; makes an assignee assignment for the benefit of creditors creditors; is liquidated or otherwise dissolved; becomes insolvent; files a petition in the event of any insolvency bankruptcy; or inability to pay debts as they become due by the other partya receiver, except as may be prohibited by applicable bankruptcy lawstrustee, or custodian is appointed for it.

Termination for Insolvency. Either party Party may terminate this Agreement immediately upon written notice to in the event the other party if Party seeks the other party has a receiver appointedprotection of any Chapter 7 bankruptcy court, becomes insolvent, or makes an assignee assignment for the benefit of creditors or in the event of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy lawscreditors.

Termination for Insolvency. Either party A Party may terminate this Agreement immediately upon written notice to if it reasonably determines that the other party if the other party Party is insolvent, has a receiver appointed, or an assignee for the benefit of creditors or in the event of any insolvency or inability failed generally to pay its debts as they become due by the other party(unless such debts are subject to a good-faith dispute as to liability or amount), except as may be prohibited by applicable or is unable to meet its obligations under this Agreement due to financial distress, whether or not a petition for bankruptcy lawsis filed or a receiver is appointed.

Termination for Insolvency. Either Each party may will have the right to terminate this Agreement immediately upon written notice to in the event that the other party if becomes insolvent, files for any form of bankruptcy or becomes the other party has a receiver appointedsubject of any involuntary proceeding relating to insolvency, liquidation, receivership or an assignee composition for the benefit of creditors or in the event of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy laws.if such proceeding is not dismissed within sixty

Termination for Insolvency. Either party Any Party may terminate this Agreement immediately upon written notice without prior Notice if another Party institutes or consents to the other party if the other party has a receiver appointedinstitution against it of any bankruptcy, insolvency or similar proceedings, or an assignee if another Party makes a general assignment for the benefit of creditors its creditors, or a liquidator, trustee in bankruptcy, receiver or receiver manager is appointed over a substantial or material part of the event assets of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy lawsanother Party.

Termination for Insolvency. Either party may has the right to terminate this Agreement immediately upon written notice to agreement where the other party if the other party has a receiver appointedbecomes insolvent, or fails to pay its bills when due, makes an assignee assignment for the benefit of creditors creditors, goes out of business, or in the event of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy lawsceases production.

Termination for Insolvency. Either party may at its discretion terminate this Agreement immediately upon written notice to the other party agreement if the other non-terminating party has a receiver appointedis subject to any action or proceedings, whether administrative or an assignee for the benefit judicial, in respect of creditors insolvency, winding up, dissolution or in the event of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy lawsbankruptcy.

Termination for Insolvency. Either party may Each of the Parties shall have an immediate right to terminate this Agreement immediately agreement (i) upon written notice to the other institution by or against either party if the other party has a receiver appointedof insolvency, receivership or bankruptcy proceedings, or any other proceedings for the settlement of debt, (ii) following either party's making an assignee assignment for the benefit of creditors creditors, or in the event of any insolvency or inability to pay debts as they become due by the other (iii) following either party, except as may be prohibited by applicable bankruptcy laws's dissolution.

Termination for Insolvency. Either party Party may terminate this Agreement immediately upon written notice to the other party with immediate effect if the other party has Party is unable to pay its debts when they fall due, ceases to or threatens to cease business, enters into voluntarily or involuntarily becomes the subject of a receiver appointedpetition in bankruptcy or of any proceeding relating to insolvency, receivership, liquidation, or an assignee composition for the benefit of creditors or is subject to any procedure equivalent to any of the preceding matters in the event of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy lawsjurisdiction.

Termination for Insolvency. Either party may Each Party shall have the right to immediately terminate this Agreement immediately upon by written notice to the other party if Party in the event the other party has Party becomes insolvent, files a receiver appointedpetition in bankruptcy, is adjudicated bankrupt, or makes an assignee assignment for the benefit of its creditors or in the event of an arrangement pursuant to any insolvency or inability to pay debts as they become due by the other partybankruptcy law. Exclusive License Agreement National Jewish Health and Aeolus Pharmaceuticals, except as may be prohibited by applicable bankruptcy laws.Inc.

Termination for Insolvency. Either party may terminate this Agreement immediately upon written notice to Agreement, in the event of any proceedings in bankruptcy, insolvency or winding up by or against the other party if or for the other party has a receiver appointed, or appointment of an assignee or equivalent for the benefit of creditors or in the event of a receiver or of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy lawssimilar proceedings.

Termination for Insolvency. Either party may terminate this Agreement immediately upon written notice to in the event that the other party if ceases to conduct its operations in the other party has a receiver appointednormal course of business, or an assignee files for or becomes the benefit subject of a Bankruptcy petition, or is placed in receivership, or attempts to assign this Agreement to creditors or in the event otherwise without prior written consent of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy laws.

Termination for Insolvency. Either party Party may terminate this Agreement immediately upon written and without notice to the other party if the other party has a receiver appointed, or Party makes an assignee assignment for the benefit of creditors its creditors, files or in has filed against it a petition under any bankruptcy, insolvency, reorganization or similar law, has a trustee or receiver appointed over any of its property or commences (by resolution or otherwise) the event liquidation or winding-up of any insolvency or inability to pay debts as they become due by the other party, except as may be prohibited by applicable bankruptcy lawsits affairs.