Common use of Termination in consequence of insolvency Clause in Contracts

Termination in consequence of insolvency. In addition to the aforesaid, ISOC-IL may terminate this agreement immediately if an application is filed by or against the Registrar for liquidation and/or a moratorium on proceedings and/or for the drawing up of an arrangement with creditors and/or an application is filed against the Registrar for provisional and/or permanent receivership and/or for the appointment of a special manager, and such application is not set aside within 90 days of being filed, or if a provisional or permanent liquidator or pre-liquidator or special manager or provisional or permanent receiver is appointed for the Registrar, or a moratorium of proceedings against the Registrar or arrangement with creditors or members of the Registrar is declared, if an attachment is imposed over all or some of the Registrar’s assets because of a debt of the Registrar, or an execution act is commenced against the Registrar’s property, and the aforesaid are not set aside by the Registrar within 90 days of their commencement. The Registrar undertakes to give ISOC-IL immediate notice of any such change in its legal position.

Termination in consequence of insolvency. In addition to the aforesaid, ISOC-IL may terminate this agreement immediately if an application is filed by or against the Registrar for liquidation and/or a moratorium on proceedings and/or for the drawing up of an arrangement with creditors and/or an application is filed against the Registrar for provisional and/or permanent receivership and/or for the appointment of a special manager, and such application is not set aside within 90 days of being filed, or if a provisional or permanent liquidator or pre-pre- liquidator or special manager or provisional or permanent receiver is appointed for the Registrar, or a moratorium of proceedings against the Registrar or arrangement with creditors or members of the Registrar is declared, if an attachment is imposed over all or some of the Registrar’s assets because of a debt of the Registrar, or an execution act is commenced against the Registrar’s property, and the aforesaid are not set aside by the Registrar within 90 days of their commencement. The Registrar undertakes to give ISOC-IL immediate notice of any such change in its legal position.