Common use of For Bankruptcy Clause in Contracts

For Bankruptcy. This Agreement may be terminated by either party if the other party (a) terminates or suspends its business activities, (b) becomes insolvent, admits in writing its inability to pay its debts as they become due, makes an assignment for the benefit of creditors or becomes subject to direct control of a trustee, receiver or similar authority, or (c) becomes subject to any bankruptcy or insolvency proceeding under federal or state statutes, which is not dismissed within sixty (60) days after commencement of such proceeding.