TERMINATION FOR SUBCONTRACTOR'S INABILITY TO PERFORM Sample Clauses

TERMINATION FOR SUBCONTRACTOR'S INABILITY TO PERFORM. If any proceeding is instituted against Subcontractor seeking to adjudicate Subcontractor as a bankrupt or insolvent, or if Subcontractor makes a general assignment for the benefit of its creditors, or if a receiver is appointed on account of the insolvency of Subcontractor, or if Subcontractor files a petition seeking to take advantage of any other Law relating to bankruptcy, insolvency, reorganization, winding up or composition or readjustment of debts and, in the case of any such proceeding instituted against Subcontractor (but not by Subcontractor) such proceeding is not dismissed within ninety (90) days of such filing or if there is a material adverse change in the financial condition or operations or the business or prospects of Subcontractor which substantially affects Subcontractor's ability to perform the Work in accordance with the Subsystem Schedule, Contractor may, without prejudice to any other right or remedy Contractor may have, terminate this Agreement effective seven (7) days after giving written notice of such termination to Subcontractor.