Receivership or Bankruptcy of, or Inability to Pay Debts by, Contractor. If Contractor shall (1) apply for or consent to the appointment of a receiver, trustee, custodian or liquidator of Contractor, or of all or a substantial part of the assets of Contractor, (2) be unable, fail, or admit in writing Contractor’s inability generally to pay Contractor’s debts as they become due, (3) make a general assignment for the benefit of creditors, (4) have an order for relief entered against Contractor under applicable federal bankruptcy law, or (5) file a voluntary petition in bankruptcy or a petition or an answer seeking reorganization or an arrangement with creditors or taking advantage of any insolvency law or any answer admitting the material allegations of a petition filed against Contractor in any bankruptcy, reorganization, or insolvency proceeding, District, at District’s election and upon providing written notice to Contractor, may terminate this Agreement effective on the date specified in District’s notice of termination.
