Common use of Insolvency and Default Clause in Contracts

Insolvency and Default. If the Buyer shall become bankrupt or commits any act of bankruptcy or if the Buyer is or is deemed insolvent or is put into liquidation otherwise than by voluntary liquidation for the purpose only of an amalgamation or solvent reconstruction or if the Buyer shall enter into any arrangement or composition with creditors or if a Receiver or Administrative Receiver or Administrator of the Buyer's assets or undertakings or any part thereof is appointed or if the Buyer commits any breach of this or any other contract between the Company and the Buyer or if the partnership has suspended payment of its debt in whole or in part, the Company may at its option cancel this contract in whole or in part and refuse to make any further delivery.

Insolvency and Default. If the Buyer shall become bankrupt or commits any act of bankruptcy or if the Buyer is or is deemed insolvent or is put into liquidation otherwise than by voluntary liquidation for the purpose only of an amalgamation or solvent reconstruction or if the Buyer shall enter into any arrangement or composition with creditors or if a Receiver or Administrative Receiver or Administrator of the Buyer's assets or undertakings or any part thereof is appointed or if the Buyer commits any breach of this or any other contract between the Company and the Buyer or if the partnership has suspended payment of its debt in whole or in part, the Company may at its option cancel this contract in whole or in part and refuse to make any further deliveryfurtherdelivery.