Common use of Default and Dissolution Clause in Contracts

Default and Dissolution. 1. Any material breach with the obligations on the part of the Customer, shall entitle MCi to dissolve the Agreement without prior reminder or notification of default by means of a written declaration to that effect, and/or to request from the Customer that the latter carry out (part of) the performance for its account or make undone (part of) the completed performance for its own account and at its own risk or condone that MCi and/or a third party perform or make undone (part of) the completed performance for the account and at the risk of the Customer. 2. MCi shall be entitled to terminate the Agreement in whole or in part, with immediate effect and without intervention by the courts, by means of a written notification to the Customer, without prejudice to MCi's other rights if (i) any Goods are attached, or (ii) the Customer is being granted temporary or permanent moratorium of payment, or (iii) the Customer has been declared bankrupt, or (iv) if the company of the Customer has been wound up, terminated or in case of change of control, or (v) the Customer fails to offer adequate security for the performance of its obligations. 3. In the event of dissolution of the Agreement the Customer shall repay the amounts prepaid to it by MCi under the Agreement within seven (7) calendar days. Failure to do shall oblige the Customer to pay the statutory interest relating to such amount. 4. Without prejudice to the provisions of Article 11, MCi shall be entitled to dissolve the Agreement in whole or in part in the event of its regular course of business being interrupted by fire, strikes, sit ins, war or any other cause, including any form of government regulations.