Common use of Default in Covenants or Adverse Legal Action Clause in Contracts

Default in Covenants or Adverse Legal Action. a. Any party (i) defaults in the performance of any material covenant, condition or undertaking contained in this Agreement, (ii) makes a general assignment for the benefit of creditors, or (iii) files or has filed against it a petition for bankruptcy, for reorganization or an arrangement, or for the appointment of a receiver, trustee or similar creditors’ representative for the property or assets of such party under any federal or state insolvency law, which, if filed against such party, has not been dismissed or discharged within 60 days thereafter, or

Default in Covenants or Adverse Legal Action. a. Any The default by either party (i) defaults hereto in the material observance or performance of any material covenant, condition or undertaking agreement contained in this Agreementherein, or if either party shall (iia) makes make a general assignment for the benefit of creditors, (b) file or (iii) files or has have filed against it a petition for bankruptcy, for reorganization or an any arrangement, or for the appointment of a receiver, trustee or similar creditors’ ' representative for the property or assets of such party under any federal or state insolvency law, which, if filed against such party, has not been dismissed or discharged within 60 sixty (60) days thereafter, orthereof; or 13

Default in Covenants or Adverse Legal Action. a. Any The default by either party (i) defaults hereto in the material observance or performance of any material covenant, condition or undertaking agreement contained in this Agreementherein, or if either party shall (iia) makes make a general assignment for the benefit of creditors, or (iiib) files or has filed against it a petition for bankruptcy, for reorganization or an arrangement, or for the appointment of a receiver, trustee or similar creditors’ ' representative for the property or assets of such party under any federal or state insolvency law, which, if filed against such party, has not been dismissed or discharged within 60 days thereafter, orthereof;