Liquidation; Bankruptcy. The defaulting party's application for or consent to the appointment of a receiver, trustee or liquidator of all or a substantial part of its assets, filing of a voluntary petition in bankruptcy, making a general assignment for the benefit of creditors, filing a petition or answer seeking reorganization or arrangement with creditors, or taking advantage of any insolvency, or the entry of any order, judgment or decree by any court of competent jurisdiction on the application of a creditor or otherwise, adjudicating such party bankrupt or approving a petition seeking reorganization of such party or appointment of a receiver, trustee or liquidator of such party or of all or a substantial part of its assets, and if such order, judgment or decree shall continue unstayed and in effect for sixty (60) calendar days after its entry. Termination under this Subsection 6.2.1 shall be effective automatically and immediately upon the giving of written notice of termination by the non-defaulting party.
Appears in 4 contracts
Samples: Management Services Agreement (Talbert Medical Management Holdings Corp), Management Services Agreement (Talbert Medical Management Holdings Corp), Management Services Agreement (Talbert Medical Management Holdings Corp)
