Common use of Termination Upon Bankruptcy or Insolvency Clause in Contracts

Termination Upon Bankruptcy or Insolvency. This Agreement may be terminated by either Party giving written notice of termination to the other Party upon the filing of bankruptcy of the other Party or the appointment of a receiver of any of the other Party's assets, or the making by the other Party of any assignment for the benefit of creditors, or the institution of any proceedings against the other Party under any bankruptcy law. Termination shall be effective upon the date specified in such notice.

Termination Upon Bankruptcy or Insolvency. This Agreement may be terminated by either a Party giving written notice of termination to the other Party upon the filing of bankruptcy or bankruptcy of the other Party or the appointment of a receiver of any of the other Party's assets, or the making by the other Party of any assignment for the benefit of creditors, or the institution of any proceedings against the other Party under any bankruptcy law. Termination shall be effective upon the date specified in such notice.

Termination Upon Bankruptcy or Insolvency. This Either Party may, at its option, terminate this Agreement may be terminated by either Party giving immediately upon written notice of termination to the other Party upon Party, in the filing of bankruptcy of event (a) that the other Party becomes insolvent or the appointment of a receiver of any of the other Party's assets, or the making by the other Party of any assignment for the benefit of creditors, or the institution of any proceedings against the other Party under any bankruptcy law. Termination shall be effective upon the date specified in such notice.unable to pay its debts when due;