Common use of Termination for Specific Events Clause in Contracts

Termination for Specific Events. Either party may immediately terminate this Agreement upon written notice to the other party upon the other party’s: (i) filing an application for or consenting to appointment of a trustee, receiver or custodian of its assets; (ii) having an order for relief entered in Bankruptcy Code proceedings; (iii) making a general assignment for the benefit of creditors; (iv) having a trustee, receiver, or custodian of its assets appointed unless proceedings and the person appointed are dismissed within 30 days; (v) insolvency within the meaning of Uniform Commercial Code Section 1-201 or failing generally to pay its debts as they become due within the meaning of Bankruptcy Code Section 303(h)(1), as amended; or (vi) certification in writing of its inability to pay its debts as they become due (and either party may periodically require the other to certify its ability to pay its debts as they become due) (each, a “Bankruptcy Event”). Each party will provide immediate notice to the other party upon a Bankruptcy Event.

Termination for Specific Events. Either party may immediately terminate this Agreement upon written notice to the other party upon the other party’s: (ia) filing an application for or consenting to appointment of a trustee, receiver or custodian of its assets; (iib) having an order for relief entered in Bankruptcy Code proceedings; (iiic) making a general assignment for the benefit of creditors; (ivd) having a trustee, receiver, or custodian of its assets appointed unless proceedings and the person appointed are dismissed within 30 days; (ve) insolvency within the meaning of Uniform Commercial Code Section 1-201 or failing generally to pay its debts as they become due within the meaning of Bankruptcy Code Section 303(h)(1), as amended; or or, (vif) certification in writing of its inability to pay its debts as they become due due, (and either party may periodically require the other to periodically certify its ability to pay its debts debt as they become due) (each, a collectively “Bankruptcy EventBankruptcy”). Each party will agrees to provide immediate notice to the other party upon a Bankruptcy Eventevent.