Common use of Termination Upon Insolvency Clause in Contracts

Termination Upon Insolvency. If either Party shall apply for or consent to the appointment of a receiver, trustee or liquidation of itself, or if all or a substantial part of its assets, file a voluntary petition in bankruptcy or admit in writing its inability to pay its debts as they become due, make a general assignment for the benefit of creditors, file a petition or an answer seeking reorganization or arrangement with creditors, or take advantage of any insolvency law, or if an order, judgment, or decree shall be entered by a court of competent jurisdiction or an application of a creditor, adjudicating such party to be bankrupt or insolvent, or approving a petition seeking reorganization of such Party or appointing a receiver, trustee or liquidator of such Party or of all or a substantial part of its assets, and such order, judgment, or decree shall continue in effect and unstayed for a period of thirty (30) consecutive days, then the other Party may terminate this Agreement upon ten (10) days prior written notice to such Party.

Termination Upon Insolvency. If either Party shall apply Administrator applies for or consent consents to the appointment of a receiver, trustee or liquidation of itselftrustee, or if liquidator of itself or of all or a substantial part of its assets, file a voluntary petition in bankruptcy bankruptcy, or admit in writing its inability to pay its debts as they become due, make a general assignment for the benefit of creditors, file a petition or an answer seeking reorganization or arrangement with creditors, or take advantage of any insolvency law, or if an order, judgment, or decree shall be entered by a court of competent jurisdiction or an application of a creditor, adjudicating such party to be bankrupt or insolvent, or approving a petition seeking reorganization of such Party Administrator or appointing a receiver, trustee trustee, or liquidator of such Party party or of all or a substantial part of its assets, and such order, judgment, or decree shall continue in effect and unstayed for a period of thirty (30) consecutive days, then the other Party Plan may terminate this Services Agreement upon ten (10) days prior written notice to such PartyAdministrator.