Common use of Termination Upon Insolvency Clause in Contracts

Termination Upon Insolvency. Either Party may terminate this Agreement immediately in the event the other Party (a) becomes insolvent, (b) is generally unable to pay, or fails to pay, its debts as they become due, (c) files, or has filed against it, a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency Law, (d) makes or seeks to make a general assignment for the benefit of its creditors, or (e) applies for, or consents to, the appointment of a trustee, receiver or custodian for a substantial part of its property or business.

Termination Upon Insolvency. Either Party may terminate this Agreement immediately in the event the other Party (ai) becomes insolvent, (bii) is generally unable to pay, or fails to pay, its debts as they become due, (ciii) files, or has filed against it, a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency Law, (div) makes or seeks to make a general assignment for the benefit of its creditors, or (ev) applies for, or consents to, the appointment of a trustee, receiver or custodian for a substantial part of its property or business.