Common use of Termination in the Event of Insolvency Clause in Contracts

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. This Either party may terminate this Agreement may be terminated immediately by either party by giving immediately, upon written notice of such termination thereof to the other party party, if such other party shall be adjudicated bankrupthas entered into or committed any act of liquidation, become insolventbankruptcy, have a supervisorinsolvency, conservator, receivership 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 affairsthe extent such act is permitted by law.