Common use of Remedies In Event Of Bankruptcy Or Other Proceeding Clause in Contracts

Remedies In Event Of Bankruptcy Or Other Proceeding. a. If termination of the Agreement shall be stayed by order of any court having jurisdiction over any proceeding under the Bankruptcy Code or by any state or other federal statute or law, then following the expiration of any such stay, or if Contractor or Contractor as debtor-in-possession or the trustee appointed in any such proceeding (being collectively referred to as “Contractor” only for the purposes of this section) shall fail to assume Contractor’s obligations under the Agreement within the period prescribed therefor by law or within 15 days after entry of the order for relief or as may be allowed by the court, or if Contractor shall fail to provide adequate assurance of the complete and continuous future performance of Contractor’s obligations under the Agreement, SEPTA, to the extent permitted by law or by leave of the court having jurisdiction over such proceeding, shall have the right, at its election, to terminate the Agreement on 15 days’ notice to Contractor and upon the expiration of the 15 day period the Agreement shall cease and expire.

Remedies In Event Of Bankruptcy Or Other Proceeding. a. If termination of the Agreement shall be stayed by order of any court having jurisdiction over any proceeding under the Bankruptcy Code or by any state or other federal statute or law, then following the expiration of any such stay, or if Contractor or Contractor as debtor-in-possession or the trustee appointed in any such proceeding (being collectively referred to as “Contractor” only for the purposes of this section) shall fail to assume Contractor’s obligations under the Agreement within the period prescribed therefor therefore by law or within 15 days after entry of the order for relief or as may be allowed by the court, or if Contractor shall fail to provide adequate assurance of the complete and continuous future performance of Contractor’s obligations under the Agreement, SEPTA, to the extent permitted by law or by leave of the court having jurisdiction over such proceeding, shall have the right, at its election, to terminate the Agreement on 15 days’ notice to Contractor and upon the expiration of the 15 day period the Agreement shall cease and expire.

Remedies In Event Of Bankruptcy Or Other Proceeding. a. If termination of the Agreement shall be stayed by order of any court having jurisdiction over any proceeding under the Bankruptcy Code or by any state or other federal statute or law, then following the expiration of any such stay, or if Contractor or Contractor as debtor-in-possession or the trustee appointed in any such proceeding (being collectively collective ly referred to as “Contractor” only for the purposes of this section) shall fail to assume Contractor’s obligations under the Agreement within the period prescribed therefor by law or within 15 days after entry of the order for relief or as may be allowed by the court, or if Contractor shall fail to provide adequate assurance of the complete and continuous future performance of Contractor’s obligations under the Agreement, SEPTA, to the extent permitted by law or by leave of the court having jurisdiction over such proceeding, shall have the right, at its election, to terminate the Agreement on 15 days’ notice to Contractor and upon the expiration of the 15 day period the Agreement shall cease and expire.