Assignment and Default. If the Manager shall file a voluntary petition in bankruptcy or shall be adjudicated a bankrupt or insolvent, or shall file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the federal bankruptcy act or any other applicable laws, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of the Manager or of all or any substantial part of its properties and shall not cure within fifteen (15) business days, the City may immediately terminate the Term. If the Manager substantially breaches this contract, and shall not cure within fifteen (15) business days, the City may immediately terminate the Term.
Appears in 3 contracts
Sources: Parking System Management Services Agreement, Parking System Management Services Agreement, Parking System Management Services Agreement