Common use of Bankruptcy of Buyer Clause in Contracts

Bankruptcy of Buyer. Buyer agrees that in the event all or substantially all of Buyer's assets are placed in the hands of a receiver or trustee, and such receivership or trusteeship continues for a period of thirty (30) days, or should Buyer make an assignment for the benefit of creditors, become the subject of an order for relief under the United States Bankruptcy Code, or should Buyer institute any proceedings under the United States Bankruptcy Act or under any amendment thereof which may hereafter be enacted or under any other act relating to the subject of bankruptcy wherein Buyer seeks to be adjudicated a bankrupt, or to be discharged of its debts, or to effect a plan of liquidation, composition or reorganization, or should any involuntary proceeding be filed against Buyer under any such bankruptcy laws and Buyer consents thereto or acquiesces therein by pleading or default, or if such involuntary proceeding is not dismissed within sixty (60) days, then this Agreement shall not become an asset in any of such proceedings, and in any such event it shall be lawful for Seller to declare this Agreement terminated, and Buyer shall have no further claim on the Property hereunder or otherwise and Buyer shall have no right to the return of the Deposit or interest thereon.