Common use of Termination of the Right of Assignment in Connection with Insolvency etc Clause in Contracts

Termination of the Right of Assignment in Connection with Insolvency etc. If the Music Publisher becomes insolvent, suspends its payments, commences any reconstruction or composition procedure or is declared bankrupt, the Music Publisher’s right to assign as stipulated in 2.3 shall immediately terminate. The right shall revert to the Music Publisher if the aforementioned situation should cease.

Termination of the Right of Assignment in Connection with Insolvency etc. If the Music Publisher becomes insolvent, suspends its payments, payments or commences any reconstruction or composition procedure or is declared bankruptprocedure, the Music Publisher’s right to assign as stipulated rights in 2.3 the Work to third parties shall immediately terminate. The right shall revert to cease with immediate effect until the Music Publisher if the aforementioned situation should ceasecircumstance has been normalized.