Breach or Insolvency Sample Clauses
The 'Breach or Insolvency' clause defines the rights and remedies available to a party if the other party fails to fulfill its contractual obligations or becomes insolvent. Typically, this clause outlines what constitutes a breach, such as non-payment or failure to deliver goods, and specifies actions that may be taken if a party enters bankruptcy or similar financial distress. Its core function is to protect parties by providing clear procedures and consequences in the event of default or insolvency, thereby allocating risk and ensuring contractual certainty.
POPULAR SAMPLE Copied 2 times
Breach or Insolvency. Either of Party A or Party B may terminate this Agreement immediately (a) upon the material breach by the other of its obligations hereunder and the failure of such Party to cure such breach within thirty (30) working days after written notice from the non-breaching Party; or (b) upon the filing of a voluntary or involuntary petition in bankruptcy by the other or of which the other is the subject, or the insolvency of the other, or the commencement of any proceedings placing the other in receivership, or of any assignment by the other for the benefit of creditors.
Breach or Insolvency. Either of ICP Co or WFOE may terminate this Agreement immediately (a) upon the material breach by the other of its obligations hereunder and the failure of such Party to cure such breach within thirty (30) working days after written notice from the non-breaching Party; or (b) upon the filing of a voluntary or involuntary petition in bankruptcy by the other or of which the other is the subject, or the insolvency of the other, or the commencement of any proceedings placing the other in receivership, or of any assignment by the other for the benefit of creditors.
Breach or Insolvency. Either of HEZL or CETL may terminate this Agreement immediately
(a) upon the material breach by the other of its obligations hereunder and the failure of such Party to cure such breach within thirty (30) working days after written notice from the non-breaching Party; or (b) upon the filing of a voluntary or involuntary petition in bankruptcy by the other or of which the other is the subject, or the insolvency of the other, or the commencement of any proceedings placing the other in receivership, or of any assignment by the other for the benefit of creditors.
Breach or Insolvency. Upon failure to pay rent or breach of this agreement, if Lessee becomes insolvent or takes advantage of any law for the relief of debtors or a petition in bankruptcy or similar relief is filed by or against Lessee under any present or future law, or any of the equipment is attached, or if Lessee or its owners take any action looking to its dissolution or liquidation, Lessor may terminate this agreement and take possession of and remove the equipment regardless of its location, without prejudice to any remedies or claims which Lessor might otherwise possess by law or pursuant to this lease agreement, for lease charges payable, late fees or service charges, damage or loss charges, and collection charges including court costs and attorney fees, and Lessor and its agents, shall not be liable for any claims for damage or trespass arising out of the removal of the equipment.
Breach or Insolvency. Either of BEZL or CETL may terminate this Agreement immediately (a) upon the material breach by the other of its obligations hereunder and the failure of such Party to cure such breach within thirty (30) working days after written notice from the non-breaching Party; or (b) upon the filing of a voluntary or involuntary petition in bankruptcy by the other or of which the other is the subject, or the insolvency of the other, or the commencement of any proceedings placing the other in receivership, or of any assignment by the other for the benefit of creditors.
Breach or Insolvency. Either of Bona or Lianhe may terminate this Agreement immediately (a) upon the material breach by the other of its obligations hereunder and the failure of such Party to cure such breach within thirty (30) calendar days after written notice from the non-breaching Party; or (b) upon the filing of a voluntary or involuntary petition in bankruptcy by the other or of which the other is the subject, or the insolvency of the other, or the commencement of any proceedings placing the other in receivership, or of any assignment or distribution by the other for the benefit of creditors.
Breach or Insolvency. Without prejudice to any other right or remedy it may have, either Party may terminate this Agreement at any time by notice in writing to the other Party (the '(Other Party"), such termination to take effect as specified in the notice:
(a) if the Other Party is in material or persistent breach of this Agreement and, in the case of a breach capable of remedy within thirty (30) days, the breach is not remedied within thirty (30) days of the Other Party receiving notice specifying the breach and requiring its remedy; or
(b) if (A) the Other Party, being a corporate entity, becomes insolvent or unable to pay• its debts as and when they become due, or (B) an order is made or a resolution is passed for the winding up of the Other Party (other than voluntarily for the purpose of solvent amalgamation or reconstruction), or (C) a liquidator, administrator, administrative receiver, receiver .or trustee is appointed in respect of the whole or any part of the Other Party's assets or business, or (D) the Other Party makes any composition with its creditors, or (E) the Other Party ceases to continue its business, or (F) the Other Party takes or suffers any similar or analogous action in any jurisdiction as a consequence of debt or maladministration.
Breach or Insolvency. Either of DSBT or DSHK may terminate this Agreement immediately (a) upon the material breach by the other of its obligations hereunder and the failure of such Party to cure such breach within thirty (30) working days after written notice from the non-breaching Party; or (b) upon the filing of a voluntary or involuntary petition in bankruptcy by the other or of which the other is the subject, or the insolvency of the other, or the commencement of any proceedings placing the other in receivership, or of any assignment by the other for the benefit of creditors.
Breach or Insolvency. Either of JYBL or YIBL may terminate this Agreement immediately
(a) upon the material breach by the other of its obligations hereunder and the failure of such Party to cure such breach within thirty (30) working days after written notice from the non-breaching Party; or (b) upon the filing of a voluntary or involuntary petition in bankruptcy by the other or of which the other is the subject, or the insolvency of the other, or the commencement of any proceedings placing the other in receivership, or of any assignment by the other for the benefit of creditors.
Breach or Insolvency. Either party shall have the right to terminate this Agreement:
(a) on sixty (60) days' written notice in the event of material breach of this Agreement by the other which, being capable of remedy, has not been remedied 11 within sixty (60) days of receipt of written notice of breach by the other party;
(b) with immediate effect in the event of the other party suspending payment of its debts or otherwise ceasing or threatening to cease to carry on its business, becoming bankrupt or insolvent, going into liquidation (except for the purposes of reconstruction or amalgamation), or compounding or entering into an arrangement with its creditors, or a receiver or manager of the other party's business being appointed, or a petition being presented for the winding-up of the other party; Moreover, this Agreement shall terminate automatically and, with immediate effect, in case of termination of the Sub-License.