Financial Instability. Any party: (i) files for bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation or any similar proceeding, (ii) has a proceeding instituted against it and such proceeding is not dismissed within 60 days, (iii) makes an assignment for the benefit of its creditors or an offer of settlement, extension or composition to its creditors generally; or (iv) a trustee, conservator, receiver or similar fiduciary is appointed for that party or substantially all of that party ss.s assets; or (v) any significant or material negative change in the financial condition of a party that the other party reasonably deems itself insecure.
Appears in 2 contracts
Sources: Independent Sales Organization Agreement, Independent Sales Organization Agreement (Orbis Development Inc)