Common use of Bankruptcy or Bankrupt Clause in Contracts

Bankruptcy or Bankrupt. with respect to any Person, that (a) such Person (i) makes an assignment for the benefit of creditors; (ii) files a voluntary petition in bankruptcy; (iii) is insolvent, or has entered against such Person an order for relief in any bankruptcy or insolvency proceeding; (iv) files a petition or answer seeking for such Person any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any Law; (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such Person in a proceeding of the type described in subclauses (i) through (iv) of this clause (a); or (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of such Person or of all or any substantial part of such Person’s properties; or (b) 120 Days have passed after the commencement of any proceeding seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any Law, if the proceeding has not been dismissed, or 90 Days have passed after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of such Person’s properties, if the appointment is not vacated or stayed, or 90 Days have passed after the date of expiration of any such stay, if the appointment has not been vacated.

Bankruptcy or Bankrupt. with respect to any Person, that (a) such Person (i) makes an assignment for the benefit of creditors; (ii) files a voluntary petition in bankruptcy; (iii) is insolvent, or has entered against such Person an order for relief in any bankruptcy or insolvency proceeding; (iv) files a petition or answer seeking for such Person any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any Lawlaw; (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such Person in a proceeding of the type described in subclauses (i) through (iv) of this clause (a); or (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of such Person or of all or any substantial part of such Person’s properties; or (b) 120 Days have passed after the commencement of any proceeding seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any Lawlaw, if the proceeding has not been dismissed, or 90 Days have passed after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of such Person’s properties, if the appointment is not vacated or stayed, or 90 Days have passed after the date of expiration of any such stay, if the appointment has not been vacated.

Bankruptcy or Bankrupt. with respect to any Person, that (a) such Person (i) makes an a general assignment for the benefit of creditors; (ii) files a voluntary petition in bankruptcybankruptcy petition; (iii) is insolvent, or has entered against such Person becomes the subject of an order for relief or is declared insolvent in any federal or state bankruptcy or insolvency proceedingproceedings; (iv) files a petition or answer seeking for such Person any a reorganization, arrangement, composition, readjustment, liquidation, dissolution dissolution, or similar relief under any Law; (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such Person in a proceeding of the type described in subclauses (i) through (iv) of this clause (a); or (vi) seeks, consents to to, or acquiesces in the appointment of a trustee, receiver receiver, or liquidator of such Person or of all or any substantial part of such Person’s properties; or (b) 120 Days have passed after the commencement of any against such Person, a proceeding seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution dissolution, or similar relief under any Law, if the proceeding Law has not been dismissed, or 90 commenced and 60 Days have passed after the appointment expired without dismissal thereof or with respect to which, without such Person’s consent or acquiescence of acquiescence, a trustee, receiver receiver, or liquidator of such Person or of all or any substantial part of such Person’s properties, if properties has been appointed and 60 Days have expired without the appointment is not having been vacated or stayed, or 90 60 Days have passed expired after the date of expiration of any such a stay, if the appointment has not previously been vacated.