Common use of Termination by the PC Clause in Contracts

Termination by the PC. The PC may terminate this Agreement as follows: (a) In the event of the filing of a petition in voluntary bankruptcy or an assignment for the benefit of creditors by the MSO, or upon other action taken or suffered, voluntarily or involuntarily, under any federal or state law for the benefit of debtors by the MSO, except for the filing of a petition in involuntary bankruptcy against the MSO which is dismissed within sixty (60) days thereafter, the PC may give written notice of the immediate termination of this Agreement. (b) In the event the MSO shall materially default in the performance of any duty or obligation imposed upon it by this Agreement and such default shall continue for a period of sixty (60) days after written notice thereof has been given to the MSO by the PC, the PC may terminate this Agreement.

Termination by the PC. The PC may terminate this Agreement as follows: (a1) In the event of the filing of a petition in voluntary bankruptcy or an assignment for the benefit of creditors by the MSO, or upon other action taken or suffered, voluntarily or involuntarily, under any federal or state law for the benefit of debtors by the MSO, except for the filing of a petition in involuntary bankruptcy against the MSO which is dismissed within sixty (60) days thereafter, the PC may give written notice of the immediate termination of this Agreement. (b2) In the event the MSO shall materially default in the performance of any duty or obligation imposed upon it by this Agreement and such default shall continue for a period of sixty (60) days after written notice thereof has been given to the MSO by the PC, the PC may terminate this Agreement.