Common use of Termination Upon Bankruptcy or Insolvency Clause in Contracts

Termination Upon Bankruptcy or Insolvency. Either party may, at its option, terminate this Agreement immediately upon written notice to the other, in the event (a) that the other party becomes insolvent or unable to pay its debts when due; (b) the other party files a petition in bankruptcy, reorganization or similar proceeding, or, if filed against, such petition is not removed within ninety (90) days after such filing; (c) the other party discontinues its business; or

Termination Upon Bankruptcy or Insolvency. Either party may, at its option, shall have the immediate right to terminate this Agreement immediately upon Agreement, by providing written notice to the otherother party, in the event that (ai) that the other party becomes insolvent insolvent, enters into receivership, is the subject of a voluntary or unable to pay its debts when dueinvoluntary bankruptcy proceeding, or makes an assignment for the benefit of creditors; or (bii) a substantial part of the other party files a petition in bankruptcyparty’s property becomes subject to any levy, reorganization seizure, assignment, or similar proceeding, or, if filed against, such petition is not removed within ninety (90) days after such filing; (c) the other party discontinues its business; orsale for or by any creditor or government agency.

Termination Upon Bankruptcy or Insolvency. Either party may, at its option, Party may also have the right to terminate this Agreement immediately upon written notice to the other, in the event (a) that the other party Party (i) becomes insolvent or unable insolvent, (ii) becomes subject to pay its debts when due; (b) the other party files a petition in bankruptcy, reorganization bankruptcy filed by or similar proceeding, or, if filed against, such petition against it that is not removed dismissed within ninety thirty days of the filing of such petition, (90iii) days after such filing; is placed under the control of a receiver, liquidator or committee of creditors, or (civ) dissolves, ceases to function as a going concern or to conduct its business in the other party discontinues its business; ornormal course.

Termination Upon Bankruptcy or Insolvency. Either party may, at its option, terminate this Agreement immediately upon written notice to the otherother party, in the event event: (ai) that the other party becomes insolvent or unable to pay its debts when due; (bii) the other party files a petition in bankruptcy, reorganization or similar proceeding, or, if filed against, such petition is not removed within ninety (90) days after such filing; (c) the other party discontinues its business; or;