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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 />Primary Agreement Page 21 <br />