Common use of TERMINATION ON ACCOUNT OF INSOLVENCY Clause in Contracts

TERMINATION ON ACCOUNT OF INSOLVENCY. In the event the Contractor or its collaborator at any time during the term of this Agreement becomes insolvent or makes a voluntary assignment of its assets for the benefit of creditors or is adjudged bankrupt, then the Operator shall, by a notice in Writing have the right to terminate this Agreement and all the Contractor's rights and privileges hereunder, shall stand terminated forthwith.

TERMINATION ON ACCOUNT OF INSOLVENCY. In the event that the Contractor or its collaborator at any time during the term of this Agreement the Contract, becomes insolvent or makes a voluntary assignment of its assets for the benefit of creditors or is adjudged bankrupt, then the Operator Company shall, by a notice in Writing writing have the right to terminate this Agreement the Contract and all the Contractor's ’s rights and privileges hereunder, shall stand terminated forthwith. 61.4.