Common use of Termination for Bankruptcy Clause in Contracts

Termination for Bankruptcy. In the event that one party becomes insolvent or bankrupt, permanently ceases doing business, makes an assignment for the benefit of its creditors, commits an act of bankruptcy, commences any bankruptcy proceedings or other proceedings in the nature of bankruptcy proceedings, or has commenced against it any bankruptcy proceedings or other proceedings in the nature of bankruptcy proceedings that are not dismissed within sixty (60) days, then the other party shall have the right to terminate this Agreement immediately upon its notice.

Termination for Bankruptcy. In the event that one This Agreement will terminate immediately, upon written notice, where (a) either party becomes is declared insolvent or bankrupt, permanently ceases doing business, makes adjudged bankrupt by a court of competent jurisdiction; or (b) a petition for bankruptcy or reorganization or an assignment for the benefit of its creditors, commits an act of bankruptcy, commences any bankruptcy proceedings arrangement with creditors is filed by or other proceedings in the nature of bankruptcy proceedings, or has commenced against it any bankruptcy proceedings or other proceedings in the nature of bankruptcy proceedings that are party and is not dismissed within sixty (60) 60 days, then the other party shall have the right to terminate this Agreement immediately upon its notice.

Termination for Bankruptcy. In the event that one party becomes insolvent or bankrupt, permanently ceases doing business, makes an assignment for the benefit of its creditors, commits an act of bankruptcy, commences any bankruptcy proceedings or other proceedings in the nature of bankruptcy proceedings, or has commenced against it any bankruptcy proceedings or other proceedings in the nature of bankruptcy proceedings that are not dismissed within sixty (60) days, then the other party shall have the right to terminate this Agreement immediately upon its notice.

Termination for Bankruptcy. In the event that one party Party becomes insolvent or bankrupt, permanently ceases doing business, makes an assignment for the benefit of its creditors, commits an act of bankruptcy, commences any bankruptcy proceedings or other proceedings in the nature of bankruptcy proceedings, or has commenced against it any bankruptcy proceedings or other proceedings in the nature of bankruptcy proceedings that are not dismissed within sixty (60) days, then the other party Party shall have the right to terminate this Agreement immediately upon its notice.