Common use of Basis for Termination Clause in Contracts

Basis for Termination. This Agreement may be terminated at any time during the Sales Term: (a) upon the mutual written agreement of the Parties; (b) automatically upon the termination of the Stadium Use Agreement; or (c) by the Authority, upon (i) the adjudication of TeamCo as bankrupt, or TeamCo suffering permanent or temporary court-appointed receivership of all or substantially all of its property or assets, making a general assignment for the benefit of creditors or suffering the filing of a voluntary or involuntary bankruptcy petition that is not dismissed within sixty (60) days after filing, in which case termination shall be effective thirty (30) days after notice is given of such intent to terminate; or (ii) the material breach of this Agreement by TeamCo, which failure is not cured within thirty (30) days after TeamCo receives notice of such breach from the Authority.