Common use of Bankruptcy and Liquidation Clause in Contracts

Bankruptcy and Liquidation. Neither this Agreement nor any interest therein is assignable or transferable by operation of law. If any proceedings under the Bankruptcy Act, as amended, is commenced by or against FRRS, or if FRRS is adjudged insolvent, or if FRRS makes any assignment for the benefit of its creditors, or if a writ of attachment or execution is levied on the 25 tonner, and is not released or satisfied within ten (10) days thereafter, or if a receiver is appointed in any proceeding or action to which FRRS is a party with authority to take possession FRRS’s assets, the Xxxxxxx Xxxxxxx may immediately repossess the 25 tonner and may, in addition, exercise any one or more of the remedies set forth in this Agreement. In such an event, this Agreement shall, at the option of the Xxxxxxx Xxxxxxx, without notice, immediately terminate and shall not be treated as an asset of FRRS after the exercise of said option.

Bankruptcy and Liquidation. Neither this Agreement nor any interest therein is assignable or transferable by operation of law. If any proceedings under the Bankruptcy Act, as amended, is commenced by or against FRRS, or if FRRS is adjudged insolvent, or if FRRS makes any assignment for the benefit of its creditors, or if a writ of attachment or execution is levied on the 25 tonnerLocomotive, and is not released or satisfied within ten (10) days thereafter, or if a receiver is appointed in any proceeding or action to which FRRS is a party with authority to take possession FRRS’s assets, the Xxxxxxx Xxxxxxx Lessor may immediately repossess the 25 tonner Locomotive and may, in addition, exercise any one or more of the remedies set forth in this Agreement. In such an event, this Agreement shall, at the option of the Xxxxxxx XxxxxxxLessor, without notice, immediately terminate and shall not be treated as an asset of FRRS after the exercise of said option.

Bankruptcy and Liquidation. Neither this Agreement nor any interest therein is assignable or transferable by operation of law. If any proceedings under the Bankruptcy Act, as amended, is commenced by or against FRRS, or if FRRS is adjudged insolvent, or if FRRS makes any assignment for the benefit of its creditors, or if a writ of attachment or execution is levied on the 25 tonnerLocomotive / Railcar, and is not released or satisfied within ten (10) days thereafter, or if a receiver is appointed in any proceeding or action to which FRRS is a party with authority to take possession FRRS’s assets, the Xxxxxxx Xxxxxxx Lessor may immediately repossess the 25 tonner Locomotive / Railcar and may, in addition, exercise any one or more of the remedies set forth in this Agreement. In such an event, this Agreement shall, at the option of the Xxxxxxx XxxxxxxLessor, without notice, immediately terminate and shall not be treated as an asset of FRRS after the exercise of said option.