Common use of Contractual Rescission Clause in Contracts

Contractual Rescission. In addition to the causes for administrative rescission provided in Article 23.1 and early termination under Article 3.4, the CNH shall have the right to rescind this Contract under any of the following circumstances, as long as the Contractor fails to amend or to take a direct and continuous action to remediate the infringement within the following thirty (30) Days after having received notification of such infringement if: (a) The Contractor does not submit the Performance Guarantees or does not keep them in force in accordance with Article 17.1 or does not keep the Corporate Guarantee in force in accordance with Article 17.2 or its own terms Without Just Cause; (b) Any Signing Company or the Guarantor: (i) is liquidated or otherwise ceases to exist as a corporate or legal entity, or (ii) any other event occurs which has a similar effect under the laws applicable to any Signing Company or the Guarantor, Without Just Cause; (c) Any Signing Company or the Guarantor: (i) becomes insolvent; (ii) is unable to pay its debts when due; (iii) requests or consents to the appointment of an administrator, liquidator or receiver for any of its properties or revenues; (iv) institutes any proceeding under any law for the readjustment or deferral of its obligations or any portion thereof; (v) files for bankruptcy, reorganization, suspension of payments, dissolution or liquidation, or (vi) otherwise permits a general assignment or arrangement with or for the benefit of its creditors; (d) Any Signing Company violates any provision set forth on Article 32.2, Without Just Cause, or (e) Any other material breach of the Contractor’s obligations under this Contract, Without Just Cause.

Contractual Rescission. In addition to the causes for administrative rescission provided in Article 23.1 and early termination under Article 3.4, the CNH shall have the right to rescind this Contract under any of the following circumstances, as long as the Contractor fails to amend or to take a direct and continuous action to remediate the infringement within the following thirty (30) Days after having received notification of such infringement if: (a) The Contractor does not submit the Performance Guarantees or does not keep them in force in accordance with Article 17.1 or does not keep the Corporate Guarantee in force in accordance with Article 17.2 or its own terms Without Just Cause; (b) Any Signing Company The Contractor or the Guarantor: (i) is liquidated or otherwise ceases to exist as a corporate or legal entity, or (ii) any other event occurs which has a similar effect under the laws applicable to any Signing Company the Contractor or the Guarantor, Without Just Cause; (c) Any Signing Company The Contractor or the Guarantor: (i) becomes insolvent; (ii) is unable to pay its debts when due; (iii) requests or consents to the appointment of an administrator, liquidator or receiver for any of its properties or revenues; (iv) institutes any proceeding under any law for the readjustment or deferral of its obligations or any portion thereof; (v) files for bankruptcy, reorganization, suspension of payments, dissolution or liquidation, or (vi) otherwise permits a general assignment or arrangement with or for the benefit of its creditors; (d) Any Signing Company violates any provision set forth on Article 32.2, Without Just Cause, or (e) Any other material breach of the Contractor’s obligations under this Contract, Without Just Cause.