Common use of Bankruptcy or Receivership Clause in Contracts

Bankruptcy or Receivership. Should Tenant make an assignment for the benefit of creditors or a receiver be appointed or bankruptcy proceedings be instituted by it or against it, then any of such events shall, at the option of Landlord, operate forthwith to cancel and hold this Lease Agreement for naught, and Lessor shall, after notice, be entitled to immediate possession of the Leased Premises.