Termination Because of Bankruptcy. The bankruptcy of either party is grounds for termination for cause under this Contract.
Termination Because of Bankruptcy. In the event that the Owner or Agent becomes insolvent, is dissolved, commits an act of bankruptcy under the United States Bankruptcy Act (as now or hereafter amended), files or has filed against it, voluntarily or involuntarily, a petition in bankruptcy or for reorganization or for the adoption of an arrangement under the United States Bankruptcy Act (as now or hereafter amended), makes an assignment for the benefit of creditors; procures, permits or suffers, voluntarily or involuntarily, the appointment of a receiver or trustee to take charge of any of the Project or any other properties owned by the Owner or Agent, or has initiated against it, voluntarily or involuntarily, any act, process or proceeding under any insolvency law or other statute or law providing for the modification or adjustment of the rights of creditors, the other may immediately terminate this Agreement provided that OHCS has given its written consent to such termination and further provided that such party provides prompt notice to the other party.
Termination Because of Bankruptcy. In the event that the Owner or the Agent shall become insolvent, however defined; shall be dissolved; shall commit an act of bankruptcy under the United States Bankruptcy Act (as now or hereafter amended); shall file or have filed against it, voluntarily or involuntarily, a petition in bankruptcy or for reorganization or for the adoption of an arrangement under the United States Bankruptcy Act (as now or hereafter amended); shall make an assignment of the benefit of creditors; shall procure, permit or suffer, voluntarily or involuntarily, the appointment of a receiver or trustee to take charge of any of the mortgaged property or any other propertied owned by the Owner or the Agent, voluntarily or involuntarily, any act, process or proceeding under any insolvency law or the statute or law providing for the modification or adjustment of the rights of creditors, either party hereto may immediately terminate this Agreement without notice to the other party.
Termination Because of Bankruptcy. In the event that a petition in bankruptcy is filed by or against either the Owner or the Agent, or in the event that either shall make an assignment for the benefit of creditors to take advantage of any insolvency act, either party hereto may immediately terminate this Agreement without notice, but prompt advice of such action shall be given to the other party and to DHCD.
Termination Because of Bankruptcy. In the event a petition in bankruptcy is filed by or against Agent, or in the event that Agent makes an assignment for the benefit of creditors or takes advantage of any insolvency act, Owner may terminate this Marketing Agreement without notice to Agent, but prompt advice of such action shall be given by Owner to Authority.
