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assets or avail itself of, or become subject to, <br />any proceeding under the Federal Bankruptcy Act <br />or any other statute of any state relating to <br />insolvency or the protection of the rights of <br />creditors, the City may, at its option, terminate <br />this Agreement. In the event the City elects to <br />terminate this Agreement under this provision, it <br />shall do so by sending notice of termination to <br />the Contractor in accordance with Section 7.11 <br />hereof and the termination shall be effective as <br />of the close of business on the date such notice <br />is received or the close of business on the <br />termination date specified in such notice, <br />whichever occurs later. <br />7.3.4 Procedure on Termination. Upon termination of <br />this Agreement, the Contractor shall: <br />(a) Stop work under the Agreement on the date <br />and to the extent specified in the notice of <br />termination; <br />(b) Place no further orders or subcontract for <br />materials, services or facilities, except as <br />may be necessary for completion of such <br />portion of the work under the Agreement as <br />is not terminated; <br />(c) Terminate all orders and subcontracts to the <br />extent that they relate to the performance <br />of work terminated by the notice of <br />termination, <br />(d) With the approval of the City, settle all <br />outstanding liabilities and all claims <br />arising out of such termination of orders <br />and subcontracts, the cost of which would be <br />reimbursable under this Agreement in whole <br />or in part; and <br />(e) Take such action as may be necessary, or as <br />the City may direct, for the protection and <br />preservation of any and all property or <br />information related to the Agreement which <br />is in the possession of the Contractor and <br />in which the City has an interest. <br />7.3.5 Conaequenoea of Termination. Upon termination of <br />Primary Agreement June 15, 2006 Page 20 <br />