Either party hereto has the right to forthwith terminate all or any part of this Agreement without any notice to the other party hereto or any other procedure if the other party hereto has been legally prosecuted and declared bankrupt, is under any compromise or arbitration, its properties are deained or held for auction by order of the court or by mutual agreement between it and its creditor. In such case, the party hereto any of the following events occurred shall forthwith notify to the other party hereto to that effect.