Common use of Termination for Insolvency Clause in Contracts

Termination for Insolvency. Each party has the right to terminate this Agreement at any time with immediate effect if the other party should become the subject of proceedings under any bankruptcy or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or is, or can reasonably be deemed to be, insolvent.

Termination for Insolvency. Each party has Party shall have the right to terminate this Agreement at any time upon written notice to the other Party with immediate effect no second notice obligation or opportunity to cure; if the other party should Party: (i) shall become insolvent; (ii) shall make assignment for the subject benefit of proceedings under any creditors; or (iii) shall have a petition in bankruptcy filed for or insolvency lawagainst it not dismissed within one hundred twenty (120) days. Such termination shall be effective upon delivery of the first written notice to the other Party, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or is, or can reasonably be deemed to be, insolventunless such notice is in error.

Termination for Insolvency. Each Either party has the right to may terminate this Agreement at any time with immediate effect if immediately in the event that the other party should become ceases to conduct its operations in the normal course of business, files for or becomes the subject of proceedings under any a bankruptcy petition, is placed in receivership, or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments attempts to assign this Agreement to creditors or is, or can reasonably be deemed to be, insolventotherwise without prior written consent of the other party.

Termination for Insolvency. Each Either party has the right to may terminate this Agreement at any time with immediate effect if the other party should become is insolvent or has made any assignment by operation of law or otherwise of this Agreement or any of its rights hereunder for the subject benefit of proceedings under any bankruptcy or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or is, or can reasonably be deemed to be, insolvent.

Termination for Insolvency. Each Either party has shall have the right to terminate this Agreement at any time with immediate effect in writing immediately if the other party should become (i) voluntarily or involuntarily becomes the subject of proceedings under any a petition in bankruptcy or insolvency lawof any proceeding relating to insolvency, enter into composition with its creditorsreceivership, apply for financial re-organization, enter into liquidation, suspend payments or composition for the benefit of creditors; or (ii) admits in writing its inability to creditors or is, or can reasonably be deemed to be, insolventpay its debts as they become due.

Termination for Insolvency. Each Either party has the right to may terminate this Agreement at and/or any time with immediate effect if Schedule, in whole or in part, immediately upon notice to the other party should become the subject if such other party (1) is liquidated, dissolved or adjudged to be in a state of proceedings under any bankruptcy or insolvency lawreceivership, enter into composition with (2) is insolvent, unable to pay its creditors, apply debts as they become due or makes an assignment to or for financial re-organization, enter into liquidation, suspend payments to the benefit of its creditors or is, or can reasonably be deemed (3) ceases to be, insolventconduct business for any reason on an on-going basis leaving no qualified successor to perform its obligations hereunder.

Termination for Insolvency. Each Either party has the right to may terminate this Agreement agreement at any time with immediate effect time, on written notice to the other party, if the other party should become ceases to conduct business in its normal course; makes an assignment for the subject benefit of proceedings under any bankruptcy creditors; is liquidated or insolvency lawotherwise dissolved; becomes insolvent; files a petition in bankruptcy; or a receiver, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or istrustee, or can reasonably custodian is appointed for it. Termination by Mutual Agreement: This agreement my be deemed to be, insolventterminated by the mutual agreement of the parties.

Termination for Insolvency. Each A party has shall have the right to terminate this Agreement at any time with immediate effect if in the event the other party should become is insolvent, adjudged bankrupt, is unable to pay its debts when due, ceases to operate as a going concern, makes an assignment for the benefit of creditors, or is the subject of proceedings under any a bankruptcy proceeding, whether voluntary or insolvency lawinvoluntary, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or is, or can reasonably be deemed to be, insolventwhich is not dismissed within ninety (90) days.

Termination for Insolvency. Each To the extent permitted by applicable law, either party has the right to may terminate this Agreement at any time with immediate effect immediately upon written notice of termination to the other party if the other party should become goes into bankruptcy or voluntary or involuntary dissolution, is declared insolvent, fails to pay its debts as they come due, makes an assignment for the benefit of creditors, becomes subject of to proceedings under any bankruptcy or insolvency law, enter into composition with or suffers the appointment of a receiver or trustee over all or substantially all of its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors assets or is, or can reasonably be deemed to be, insolventproperties.

Termination for Insolvency. Each each party has the right shall be entitled to terminate this the Agreement at any time in writing and with immediate effect if the other another party should become the subject finds itself unable to pay its debts, or has a temporary or legal administrator or a liquidator appointed to it (or, according to each case, their equivalent in another jurisdiction) or calls a meeting of proceedings under any bankruptcy or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or isstops for any reason whatsoever pursuing its activities or if, or can reasonably be deemed in the reasonable opinion of the party wishing to beterminate the Agreement, insolventit is probable that one of these events will take place.

Termination for Insolvency. Each party has This Agreement shall terminate immediately if any Party is unable to pay its debts as they become due, or a petition is presented, or meeting convened for the right to terminate this Agreement at purpose of winding up any time with immediate effect if the other party should become the subject of proceedings under Party, or any bankruptcy Party enters into liquidation whether compulsorily or insolvency lawvoluntarily, enter into composition or compounds with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or isgenerally, or can reasonably be deemed has a receiver appointed of all or any part of its assets, or if any event analogous to beany of the foregoing shall occur in any jurisdiction in which any Party is incorporated, insolventresident or carrying on business.

Termination for Insolvency. (a) Each party has Party will have the right to terminate this Agreement at any time with immediate effect immediately upon written notice if the other party should become Party is the subject of proceedings under any bankruptcy or insolvency lawInsolvency Event, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments provided that such right shall not be available to creditors or is, or can reasonably be deemed either Party if the Party subject to be, insolventthe Insolvency Event is subject to a type of Insolvency Event whereby the business of the other Party is continuing in the ordinary course of business.

Termination for Insolvency. Each Either party has the right to may terminate this Agreement at any time with immediate effect immediately if the other party should become ceases conducting business in the normal course, becomes insolvent, makes a general assignment for the benefit of creditors, suffers or permits the appointment of a receiver for its business or assets, avails itself of or becomes subject of proceedings to any petition or proceeding under any bankruptcy statute of any state or country relating to insolvency law, enter into composition with its or the protection of the rights of creditors, apply or any other insolvency or bankruptcy proceeding or other similar proceeding for financial re-organization, enter into liquidation, suspend payments to creditors or is, or can reasonably be deemed to be, insolventthe settlement of the other party’s debt is instituted.

Termination for Insolvency. Each A party has the right to may terminate this Agreement at any time with immediate effect in its entirety effective immediately upon written notice to the other party if the other party should become if: (a) terminates or suspends its business; (b) becomes insolvent, admits in writing its inability to pay its debts as they mature, makes an assignment for the benefit of creditors; or becomes subject of proceedings under to any bankruptcy or insolvency lawproceeding or the control of a trustee, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors receiver or is, or can reasonably be deemed to be, insolventsimilar authority.

Termination for Insolvency. Each party has Either Party may terminate the right to terminate this Agreement at any time with immediate effect without notice if the other party should become Party becomes insolvent, makes or has made an assignment for the benefit of creditors, is the subject of proceedings under any in voluntary or involuntary bankruptcy instituted on behalf of or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or isagainst such Party, or can reasonably be deemed to be, insolventhas a receiver or trustee appointed for substantially all of its property.

Termination for Insolvency. Each party has Either Party shall have the right to terminate this Agreement at any time with immediate effect if immediately effective upon written notice to the other party should become Party in the subject event the non-notifying Party becomes insolvent or makes an assignment for the benefit of proceedings under any creditors, or in the event bankruptcy or insolvency law, enter into composition with its creditors, apply for financial reproceedings are instituted against the non-organization, enter into liquidation, suspend payments to creditors notifying Party or is, or can reasonably be deemed to be, insolventon the non-notifying Party’s behalf.

Termination for Insolvency. Each party has To the right to extent permitted by applicable law, either Party may terminate this Agreement at any time with immediate effect immediately upon written notice of termination to the other Party if the other party should become Party goes into bankruptcy or voluntary or involuntary dissolution, is declared insolvent, fails to pay its debts as they come due, makes an assignment for the benefit of creditors, becomes subject of to proceedings under any bankruptcy or insolvency law, enter into composition with or suffers the appointment of a receiver or trustee over all or substantially all of its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors assets or is, or can reasonably be deemed to be, insolventproperties.

Termination for Insolvency. Each party has Notwithstanding the right language contained in Section 11.1, each Party is entitled to terminate this Agreement at any time with immediate effect if giving [ * ] days notice in the event that the other party should become Party is adjudicated insolvent, a receiver or trustee is appointed for substantially all of its assets a Party makes a general assignment for the subject benefit of proceedings under any bankruptcy its creditors or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter the Party enters into liquidation, suspend payments to creditors or is, or can reasonably be deemed to be, insolvent.

Termination for Insolvency. Each Either party has the right to may at its discretion terminate this Agreement at any time with immediate effect agreement if the other non-terminating party should become the is subject to any action or proceedings, whether administrative or judicial, in respect of proceedings under any bankruptcy insolvency, winding up, dissolution or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or is, or can reasonably be deemed to be, insolventbankruptcy.

Termination for Insolvency. Each party has the right to Any Party may terminate this Agreement at immediately without prior Notice if another Party institutes or consents to the institution against it of any time with immediate effect bankruptcy, insolvency or similar proceedings, or if another Party makes a general assignment for the other party should become the subject benefit of proceedings under any bankruptcy or insolvency law, enter into composition with its creditors, apply for financial re-organizationor a liquidator, enter into liquidationtrustee in bankruptcy, suspend payments to creditors receiver or is, receiver manager is appointed over a substantial or can reasonably be deemed to be, insolventmaterial part of the assets of another Party.

Termination for Insolvency. Each party has To the right to extent permitted under Applicable Law, a Party may terminate this Agreement at any time with immediate effect upon [***] written notice to the other Party if the other party should become Party becomes insolvent, makes a general assignment for the benefit of creditors, files a voluntary petition in bankruptcy, suffers or permits the appointment of a receiver for its business or assets, becomes subject of proceedings to any proceeding under any bankruptcy or any insolvency law, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors whether domestic or isforeign, or can reasonably be deemed to be, insolventhas wound up or liquidated its business voluntarily or otherwise.

Termination for Insolvency. Each Either party has the right to may terminate this Agreement agreement at any time with immediate effect time, on written notice to the other party, if the other party should become ceases to conduct business in its normal course; makes an assignment for the subject benefit of proceedings under any bankruptcy creditors; is liquidated or insolvency lawotherwise dissolved; becomes insolvent; files a petition in bankruptcy; or a receiver, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or istrustee, or can reasonably be deemed to be, insolventcustodian is appointed for it.

Termination for Insolvency. Each Either party has the right to may terminate this Agreement at Agreement, in the event of any time with immediate effect if proceedings in bankruptcy, insolvency or winding up by or against the other party should become or for the subject appointment of proceedings under any bankruptcy an assignee or insolvency law, enter into composition with its creditors, apply equivalent for financial re-organization, enter into liquidation, suspend payments to the benefit of creditors or is, of a receiver or can reasonably be deemed to be, insolventof any similar proceedings.

Termination for Insolvency. Each Either party has the right to may terminate this Agreement at any time with immediate effect if effective immediately upon sending the other party should become notice if that party: (i) becomes insolvent, admits in writing its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors; or (ii) becomes subject to control of proceedings under a trustee, receiver, or similar authority, or to any bankruptcy or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or is, or can reasonably be deemed to be, insolventproceeding.

Termination for Insolvency. Each Either party has the right to may terminate this Agreement at any time with immediate effect immediately by written notice to the other party if the other party should is unable to pay its debts as they become the subject of proceedings under any due, is insolvent, files or has filed against it a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency law, enter into composition with or applies for or consents to the appointment of a receiver or trustee or has a receiver or trustee appointed to it for all or a substantial part of its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors business or is, or can reasonably be deemed to be, insolventassets.

Termination for Insolvency. Each party has of the Parties shall have an immediate right to terminate this Agreement at agreement (i) upon the institution by or against either party of insolvency, receivership or bankruptcy proceedings, or any time with immediate effect if other proceedings for the other party should become settlement of debt, (ii) following either party's making an assignment for the subject benefit of proceedings under any bankruptcy or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or is, or can reasonably be deemed to be, insolvent(iii) following either party's dissolution.

Termination for Insolvency. Each party has the right to Either Party may terminate this Agreement at or any time with immediate effect Order if the other party should become Party becomes or is declared insolvent or bankrupt, is the subject of any proceedings under any bankruptcy or insolvency law, enter into composition with relating to its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or isinsolvency, or can reasonably be deemed to befor the appointment of a receiver or similar officer for it, insolventor makes an assignment for the benefit of any creditor, upon thirty (30) days’ written notice.

Termination for Insolvency. Each party has the right to Party may terminate this Agreement at any time with immediate effect immediately upon written notice to the other if the other party should become Party ceases conducting business, becomes insolvent, makes a general assignment for the subject benefit of proceedings under any bankruptcy or insolvency law, enter into composition with its creditors, apply has a receiver appointed for financial re-organization, enter into liquidation, suspend payments to creditors its business or isassets, or can reasonably be deemed is subject to be, insolventvoluntary or involuntary bankruptcy proceedings.

Termination for Insolvency. Each party has the right to A Party may immediately terminate this Agreement at any time with immediate effect if upon written notice to the other party should Party if such other Party becomes insolvent or is unable to pay its debts as they become due, makes an assignment for the subject benefit of proceedings under any bankruptcy or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter enters into liquidation, suspend payments to creditors bankruptcy or issimilar proceedings, or can reasonably be deemed has a receiver or custodian appointed for it, or ceases to be, insolventconduct business or enters into dissolution or liquidation proceedings.

Termination for Insolvency. Each Either party has the right to may terminate this Agreement at any time with immediate effect if immediately in the event that the other party should become ceases to conduct its operations in the normal course of business, or files for or becomes the subject of proceedings under any bankruptcy a Bankruptcy petition, or insolvency lawis placed in receivership, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments or attempts to assign this Agreement to creditors or is, or can reasonably be deemed to be, insolvent.otherwise without prior written consent of the other party. 3.4

Termination for Insolvency. Each party has will have the right to terminate this Agreement at any time with immediate effect if immediately upon written notice in the event that the other party should become becomes insolvent, files for any form of bankruptcy or becomes the subject of proceedings under any bankruptcy or insolvency lawinvoluntary proceeding relating to insolvency, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to receivership or composition for the benefit of creditors or is, or can reasonably be deemed to be, insolvent.if such proceeding is not dismissed within sixty

Termination for Insolvency. Each Either party has the right to may terminate this Agreement at any time with immediate effect if the other party should become becomes insolvent or makes an assignment for the subject benefit of proceedings under any bankruptcy or insolvency law, enter into composition with its creditors, apply has a receiver appointed for financial re-organization, enter into liquidation, suspend payments to creditors it or isits assets, or can reasonably be deemed to be, insolventfiles or has filed against it a petition for bankruptcy.

Termination for Insolvency. Each Either party has the right to may terminate this Agreement at any time with immediate effect immediately if the other party should become becomes insolvent, dissolves, makes an assignment for the subject benefit of, or enters into any composition or arrangement with, creditors, or if there is an appointment of a receiver or trustee or a liquidation of the business of such other party, or if bankruptcy, reorganization, insolvency or arrangement proceedings or proceedings under any bankruptcy other laws relating to the relief of debtors are commenced by or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or is, or can reasonably be deemed to be, insolventagainst such other party.

Termination for Insolvency. Each party has shall have the right to -------------------------- terminate this Agreement at any time with immediate effect on written notice if the other party should become ceases to do business in the ordinary course or is insolvent (i.e., unable to pay its debts in the ordinary course as they come due), or is declared bankrupt, or is the subject of proceedings under any bankruptcy liquidation or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or isproceeding which is not dismissed within ninety (90) days, or can reasonably be deemed to be, insolventmakes any assignment for the benefit of creditors. 8.5.

Termination for Insolvency. Each party has Either Party may terminate the right Agreement by written notice to terminate this Agreement at any time with immediate effect the other if the other party should become Party becomes bankrupt or if a winding up order has been made against it or it assigns its estate for the subject benefit of proceedings under any bankruptcy or insolvency law, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or is, a receiver and/or manager has been appointed in respect of its assets or can reasonably be deemed business or becomes subject to be, insolventany compromise or arrangement for the purpose of any scheme for reconstruction or amalgamation.

Termination for Insolvency. Each party has the right to Either Party may terminate this Agreement at any time with immediate effect immediately and without notice if the other party should become Party makes an assignment for the subject benefit of proceedings under any bankruptcy or insolvency law, enter into composition with its creditors, apply for financial refiles or has filed against it a petition under any bankruptcy, insolvency, reorganization or similar law, has a trustee or receiver appointed over any of its property or commences (by resolution or otherwise) the liquidation or winding-organization, enter into liquidation, suspend payments to creditors or is, or can reasonably be deemed to be, insolventup of its affairs.

Termination for Insolvency. Each party has Party shall have the right to immediately terminate this Agreement at any time with immediate effect if by written notice to the other party should become Party in the subject event the other Party becomes insolvent, files a petition in bankruptcy, is adjudicated bankrupt, or makes an assignment for the benefit of proceedings under its creditors or an arrangement pursuant to any bankruptcy or insolvency law. Exclusive License Agreement National Jewish Health and Aeolus Pharmaceuticals, enter into composition with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or is, or can reasonably be deemed to be, insolvent.Inc.

Termination for Insolvency. Each party has the right to Either Party may terminate this Agreement at any time with immediate effect if time, effective immediately, in the event that the other party should become Party shall be unable to fulfill its duties and responsibilities under this Agreement due to the fact that the Party applied for, or consented to, appointment of a receiver, trustee or liquidator of the Party to a substantial part of its assets, is the subject of proceedings under any bankruptcy a voluntary or insolvency lawinvoluntary proceeding in bankruptcy, enter into composition or shall admit in writing its inability to pay its debts, file a petition or answer seeking reorganization or arrangements with its creditors, apply for financial re-organization, enter into liquidation, suspend payments to creditors or is, or can reasonably be deemed to be, insolventtake advantage of any insolvency laws.