Common use of BANKRUPTCY AND SIMILAR PROCEEDINGS Clause in Contracts

BANKRUPTCY AND SIMILAR PROCEEDINGS. The following are additional Events of Default, requiring no written notice or cure period: i) The commencement of any involuntary proceeding in bankruptcy or insolvency under federal or state law or the appointment of a receiver or an assignee for the benefit of creditors for a substantial portion of a Party's assets which is not dismissed or terminated within sixty (60) days after its initiation; or ii) The commencement of any voluntary proceeding in bankruptcy or insolvency under federal or state law, or the voluntary appointment of a receiver or an assignee for the benefit of creditors; or iii) A Party ceases to do business in the normal course.