Common use of Default; Right to Terminate Clause in Contracts

Default; Right to Terminate. (a) Should either Party default in the prompt performance and observance of any of the terms and conditions of this Agreement or a Schedule, and should such default continue for 15 Days or more after Notice thereof by the non-defaulting Party to the defaulting Party, or should either Party become insolvent, commence a case for liquidation or reorganization under the United States Bankruptcy Code (or become the involuntary subject of a case for liquidation or reorganization under the United States Bankruptcy Code, if such case is not dismissed within 30 Days), be placed in the hands of a state or federal receiver or make an assignment for the benefit of its creditors, then the other Party shall have the right, at its option, to terminate the Schedule (and this Agreement with respect to such Schedule) immediately upon delivery of Notice to the other Party. (b) In the event of a default by Customer under a Schedule, the amounts theretofore accrued with respect to such Schedule shall, at the option of Company, become immediately due and payable. In the event of default by Company under a Schedule, Customer shall have the right, at its option, to terminate such Schedule (and this Agreement with respect to such Schedule), provided that Customer shall have paid Company for the amounts that have accrued under such Schedule to the date of such termination. In no event shall a default under one Schedule be deemed to be a default under any other Schedule.

Default; Right to Terminate. (a) Should either Party default in the prompt performance and observance of any of the terms and conditions of this Agreement or a Schedule, and should such default continue for 15 [30] Days or more after Notice thereof by the non-defaulting Party to the defaulting Party, or should either Party become insolvent, commence a case for liquidation or reorganization under the United States Bankruptcy Code (or become the involuntary subject of a case for liquidation or reorganization under the United States Bankruptcy Code, if such case is not dismissed within 30 Days), be placed in the hands of a state or federal receiver or make an assignment for the benefit of its creditors, then the other Party shall have the right, at its option, to terminate the such Schedule (and this Agreement with respect to such Schedule) immediately upon delivery of Notice to the other Party. (b) In the event of a default by Customer Shipper under a Schedule, the amounts theretofore accrued with respect to such Schedule shall, at the option of CompanyCarrier, become immediately due and payable. In the event of default by Company Carrier under a Schedule, Customer Shipper shall have the right, at its option, to terminate such Schedule (and this Agreement with respect to such Schedule), provided that Customer Shipper shall have paid Company Carrier for the amounts that have accrued under such Schedule to the date of such termination. In no event shall a default under one Schedule be deemed to be a default under any other Schedule.