Termination in the Event of Insolvency. Either Party may terminate this Agreement if the other Party becomes insolvent, voluntarily files a petition for relief under bankruptcy or any similar or other insolvency laws (or has a petition filed against it and the same remains undischarged or unstayed for sixty (60) days) or voluntarily or involuntarily enters receivership or any similar or other insolvency proceeding.
Termination in the Event of Insolvency. This Agreement may be terminated immediately by either party by giving written notice of such termination to the other party if such other party shall be adjudicated bankrupt, become insolvent, have a supervisor, conservator, or receiver of its assets or property appointed or make a general assignment for the benefit of creditors, or institute or cause to be instituted any proceeding in a bankruptcy or reorganization or rearrangement of its affairs.
Termination in the Event of Insolvency. Either Party may terminate this Agreement Xxxxx immediate effect if the other Party files in any court or agency pursuant to any statute or regulation pertaining to bankruptcy, solvency, or payment of debts, of any state or country, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of the Party or of its assets, or if the other Party proposes a written agreement of composition or extension of its debts, or if the other Party shall be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within sixty (60) days after the filing thereof, or if the other Party shall propose or be a Party to any dissolution or liquidation, or if the other Party shall make an assignment for the benefit of creditors.
Termination in the Event of Insolvency. The non-offending Party or Parties will have the right to immediately terminate (upon written notice to the other party) this Agreement upon any affirmative act of insolvency by PFPC or Phoenix, or upon the filing of any action by or against PFPC or Phoenix under any reorganization, insolvency, or moratorium law, or upon the filing of any petition in bankruptcy by or against PFPC or Phoenix, or upon the appointment of any receiver, trustee, or conservator to take possession of the properties of PFPC or Phoenix. Once a Party has the right to terminate this Agreement pursuant to this sub-section, such right shall continue indefinitely until rescinded by such party in writing.
Termination in the Event of Insolvency. In the event of the petition or the institution of insolvency proceedings against the Customer as well as the termination of insolvency proceedings due to insufficient assets we are entitled optionally to rescind or terminate the contract without prior notice.
Termination in the Event of Insolvency. Without limiting the generality of Section 5.3 in the event of bankruptcy of Vendor, a bulk sale of Vendor’s assets, an order being made for winding up Vendor, Vendor taking any step or making any filing seeking protection from its creditors, a receiver being appointed over any of the property, assets, or undertaking of Vendor, or if any execution, sequestration or other process of any court becomes enforceable against all or substantially all of the assets of Vendor, this Contract may be terminated by MTCC in whole or in part immediately, upon notice to Vendor, and MTCC shall thereupon be relieved from all its liability under this Contract.
