Common use of Guarantee of Performance Clause in Contracts

Guarantee of Performance. If either party (the "Insolvent Party") becomes insolvent; if the other party (the "Insecure Party") has evidence that the Insolvent Party is not paying its bills when due without just cause; if a receiver of the Insolvent Party's assets is appointed; if the Insolvent Party takes any step leading to its cessation as a going concern; or if the Insolvent Party either ceases or suspends operations for reasons other than a strike, then immediately upon receipt of written notice from the Insecure Party the Insolvent Party will provide adequate assurance, satisfactory to the Insecure Party, of the future performance of this Agreement. If bankruptcy proceedings are commenced with respect to the Insolvent Party, then the Insecure Party may suspend all further performance of this Agreement until the Insolvent Party assumes or rejects this Agreement pursuant to section 365 of the Bankruptcy Code or any similar or successor provision. Any such suspension of further performance by the Insecure Party pending the Insolvent Party's assumption or rejection will not be a breach of this Agreement and will not affect the Insecure Party's right to pursue or enforce any of its rights under this Agreement or otherwise 20 Third Party Rights. Nothing contained in this Agreement establishes or creates, or is intended or will be construed to establish or create, any right in or any duty or obligation to any third party.

Guarantee of Performance. If either party (the "Insolvent Party") becomes insolvent; if the other party (the "Insecure Party") has evidence that the Insolvent Party is not paying its bills when due without just cause; if a receiver of the Insolvent Party's assets is appointed; if the Insolvent Party takes any step leading to its cessation as a going concern; or if the Insolvent Party either ceases or suspends operations for reasons other than a strike, then immediately upon receipt of written notice from the Insecure Party the Insolvent Party will provide adequate assurance, satisfactory CONFIDENTIAL TREATMENT 19 REQUESTED BY GALILEO INTERNATIONAL, INC. to the Insecure Party, of the future performance of this Agreement. If bankruptcy proceedings are commenced with respect to the Insolvent Party, then the Insecure Party may suspend all further performance of this Agreement until the Insolvent Party assumes or rejects this Agreement pursuant to section 365 of the Bankruptcy Code or any similar or successor provision. Any such suspension of further performance by the Insecure Party pending the Insolvent Party's assumption or rejection will not be a breach of this Agreement and will not affect the Insecure Party's right to pursue or enforce any of its rights under this Agreement or otherwise 20 Third Party Rights. Nothing contained in this Agreement establishes or creates, or is intended or will be construed to establish or create, any right in or any duty or obligation to any third party.

Guarantee of Performance. If either party (the "Insolvent Party") becomes insolvent; if the other party (the "Insecure Party") has evidence that the Insolvent Party is not paying its bills when due without just cause; if a receiver of the Insolvent Party's assets is appointed; if the Insolvent Party takes any step leading to its cessation as a going concern; or if the Insolvent Party either ceases or suspends operations for reasons other than a strike, then immediately upon receipt of written notice from the Insecure Party the Insolvent Party will provide adequate assurance, satisfactory to the Insecure Party, of the future performance of this Agreement. If bankruptcy proceedings are commenced with respect to the Insolvent Party, then the Insecure Party may suspend all further performance of this Agreement until the Insolvent Party assumes or rejects this Agreement pursuant to section 365 of the Bankruptcy Code or any similar or successor provision. Any such suspension of further performance by the Insecure Party pending the Insolvent Party's assumption or rejection will not be a breach of this 25 20 Agreement and will not affect the Insecure Party's right to pursue or enforce any of its rights under this Agreement or otherwise 20 Third Party Rights. Nothing contained in this Agreement establishes or creates, or is intended or will be construed to establish or create, any right in or any duty or obligation to any third partyotherwise.