Termination for Bankruptcy or Assignment for the Benefit of Creditors Sample Clauses

Termination for Bankruptcy or Assignment for the Benefit of Creditors. If Contractor files a voluntary petition in bankruptcy, is adjudicated bankrupt, or makes a general assignment for the benefit of creditors, the City may at its option and without further notice to, or demand upon Contractor, terminate this Contract, and terminate each and every right of Contractor, and any person claiming rights by and through Contractor under this Contract.
Sample 1Sample 2Sample 3See All (88)
AutoNDA by SimpleDocs
Termination for Bankruptcy or Assignment for the Benefit of Creditors. If Consultant files a voluntary petition in bankruptcy, is adjudicated bankrupt, or makes a general assignment for the benefit of creditors, the Authority may at its option and without further notice to, or demand upon Consultant, terminate this Agreement, and terminate each and every right of Consultant, and any person claiming rights by and through Consultant under this Agreement.
Sample 1Sample 2Sample 3See All (5)
Termination for Bankruptcy or Assignment for the Benefit of Creditors. If either party files a voluntary or involuntary petition in bankruptcy, is adjudicated bankrupt, or makes a general assignment for the benefit of creditors, the other party may at its option and without further notice to, or demand, terminate this Contract immediately.
Sample 1

Related to Termination for Bankruptcy or Assignment for the Benefit of Creditors

  • Bankruptcy or Insolvency If the Borrower, Grantor or any Guarantor: (i) becomes insolvent, or makes a transfer in fraud of creditors, or makes an assignment for the benefit of creditors, or admits in writing its inability to pay its debts as they become due; (ii) generally is not paying its debts as such debts become due; (iii) has a receiver, trustee or custodian appointed for, or take possession of, all or substantially all of the assets of such party or any of the Collateral, either in a proceeding brought by such party or in a proceeding brought against such party and such appointment is not discharged or such possession is not terminated within sixty (60) days after the effective date thereof or such party consents to or acquiesces in such appointment or possession; (iv) files a petition for relief under the United States Bankruptcy Code or any other present or future federal or state insolvency, bankruptcy or similar laws (all of the foregoing hereinafter collectively called "Applicable Bankruptcy Law") or an involuntary petition for relief is filed against such party under any Applicable Bankruptcy Law and such involuntary petition is not dismissed within sixty (60) days after the filing thereof, or an order for relief naming such party is entered under any Applicable Bankruptcy Law, or any composition, rearrangement, extension, reorganization or other relief of debtors now or hereafter existing is requested or consented to by such party; (v) fails to have discharged within a period of sixty (60) days any attachment, sequestration or similar writ levied upon any property of such party; or (vi) fails to pay within thirty (30) days any final money judgment against such party.

Time is Money Join Law Insider Premium to draft better contracts faster.