ASSIGNMENT'S EFFECT FOR BENEFIT OF CREDITORS
The principal or agent may
view any of the following acts as defaults under this agreement. The principal or agent may choose to
terminate the agreement on these grounds:
1. If the other party makes an assignment that benefits their
creditors, files bankruptcy, applies to any agency for a receiver or a trustee
of any part of the party's property, begins reorganization, either now or in
the future;
2. If anyone brings an action or lawsuit against the other party and
it remains unsettled for a period of __________ (30) days; or
3. If the other party indicates consent to, or approval of, any
proceeding of a trustee for the party, or suffers such receivership or trusteeship
to continue unsettled for a period of __________ (30) days.
The principal or agent may
view any of the following acts as defaults under this agreement. The principal or agent may choose to
terminate the agreement on these grounds:
1. If the other party makes an assignment that benefits their
creditors, files bankruptcy, applies to any agency for a receiver or a trustee
of any part of the party's property, begins reorganization, either now or in
the future;
2 If anyone brings an action or lawsuit against the other party and
it remains unsettled for a period of __________ (30) days; or
3. If the other party indicates consent to, or approval of, any
proceeding of a trustee for the party, or suffers such receivership or
trusteeship to continue Unsettled for a period of __________ (30) days.
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Signature
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Signature
