Common use of Termination in Insolvency Clause in Contracts

Termination in Insolvency. Either Party shall have the right to terminate this Agreement effective upon written notice to the other Party in the event the non-notifying Party becomes insolvent, or makes an assignment for the benefit of creditors, or has a receiver or trustee appointed for substantially all of its property or in the event that voluntary or involuntary bankruptcy proceedings are instituted against the non-notifying Party or on the non-notifying Party's behalf.

Termination in Insolvency. Either Party shall have the right to terminate this License Agreement effective upon written notice to the other Party in the event the non-notifying Party becomes insolvent, insolvent or makes an assignment for the benefit of creditors, or has a receiver or trustee appointed for substantially all of its property property, or in the event that voluntary or involuntary bankruptcy proceedings are instituted against the non-notifying Party or on the non-notifying Party's behalf.