Common use of Bankruptcy. Dissolution or Receivership Clause in Contracts

Bankruptcy. Dissolution or Receivership. If proceedings in bankruptcy or for reorganization of Lessee or for the readjustment of Lessee's debts, under the federal Bankruptcy Code, as amended, or any part thereof, or under any other laws, whether state, tribal, or federal, for the relief of debtors, now or hereafter existing, are commenced against Lessee and not discharged within thirty (30) days of commencement, or a receiver or trustee shall be appointed for Lessee or for any substantial part of Lessee's assets, or any proceedings shall be instituted for the dissolution or the full or partial liquidation of the business of Lessee and such receiver or trustee is not discharged within thirty (30) days of its appointment, or such proceedings are not discharged within thirty (30) days of their commencement may constitute a breach of this Lease at the election of Lessor and the Secretary should they deem themselves insecure or deem their rights impaired or infringed. Furthermore, Lessor is hereby declared to be a first preferred creditor. With respect to any such insolvency or bankruptcy proceedings, nothing in this Lease shall constitute a waiver of the barrier of interference with self government, a waiver of the sovereign immunity of Lessor from suit in any court, or any agreement by Lessor that the Bankruptcy Code, Xxxxx 00, Xxxxxx Xxxxxx Code, or amendments thereto, applies to Lessor, Lessee, or Lessee's activities on the Reservation.