Common use of CANCELLATION OPTION Clause in Contracts

CANCELLATION OPTION. After one hundred and twenty (120) days have elapsed from the appointment of a receiver or trustee to take over and conduct the business of the Company, whether in receivership, reorganization, bankruptcy, other action or proceeding, whether voluntary or involuntary, the City shall have the right to cancel this Agreement unless: 14.1.1 The receivership or trusteeship shall have been vacated prior to the expiration of said one hundred twenty (120) days; 14.1.2 Within one hundred twenty (120) days after his election or appointment, such receiver or trustee shall have fully complied with all the provisions of this Agreement and remedied all defaults hereunder; or 14.1.3 Such receiver or trustee, within one hundred twenty (120) days, shall have executed an agreement, duly approved by the court having jurisdiction, whereby the receiver or trustee assumes and agrees to be bound by each and every provision of this Agreement.