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.
________________________________ Signature
_______________________________ Signature