Common use of TERMINATION BY PC Clause in Contracts

TERMINATION BY PC. Subject to Section 7.2(c) PC may only terminate this Management Services Agreement upon any of the following occurrences which shall be deemed to be "for cause": (i) The dissolution of Business Manager or the filing of a petition in voluntary bankruptcy, an assignment for the benefit of creditors, or other action taken voluntarily or involuntarily under any State or federal statute for the protection of debtors; (ii) In the event that Business Manager materially defaults in the performance of any of its material obligations hereunder and such default continues for sixty (60) days after Business Manager receives notice of the default. Termination by PC hereunder shall require the affirmative vote of three-fourths of the outstanding voting shares of the common shareholders of PC entitled to vote.

TERMINATION BY PC. Subject to Section 7.2(c) PC may only terminate this Management Services Agreement upon any of the following occurrences which shall be deemed to be "for cause": (i) The dissolution of Business Manager or the filing of a petition in voluntary bankruptcy, an assignment for the benefit of creditors, or other action taken voluntarily or involuntarily under any State or federal statute for the protection of debtors; (ii) In the event that Business Manager materially defaults in the performance of any of its material obligations hereunder and such default continues uncured for sixty (60) days after Business Manager receives notice of the default. Termination by PC hereunder shall require the affirmative vote of three-fourths of the outstanding voting shares of the common shareholders of PC entitled to vote. Business Manager shall be given 15 days prior written notice of any such vote.

TERMINATION BY PC. Subject to Section 7.2(c6.2(c) PC may only terminate this Management Services Agreement upon any of the following occurrences which shall be deemed to be "for cause": (i) The dissolution of Business Manager or the filing of a petition in voluntary bankruptcy, an assignment for the benefit of creditors, or other action taken voluntarily or involuntarily under any State or federal statute for the protection of debtors; (ii) In the event that Business Manager materially defaults in the performance of any of its material obligations hereunder and such default continues for sixty (60) days after Business Manager receives notice of the default. Termination by PC hereunder shall require the affirmative vote of three-fourths of the outstanding voting shares of the common shareholders of PC entitled to vote.