Common use of Early Termination by Customer Clause in Contracts

Early Termination by Customer. 2A.1 This Agreement cannot be terminated by the Customer during the Initial Term of this Agreement except in the case of an un-cured material breach of the terms of this Agreement by MSP. Subject to as otherwise provided herein, the Agreement may only be terminated prior to the expiry of the Initial Term with the prior consent in writing from MSP. In any case of early termination, Customer shall pay to the MSP an amount equal to all sums payable and outstanding till the end of the Initial Term (“Early Termination Payment”). The Early Termination Payment shall be calculated from the date of the letter received by MSP whereunder the Customer seeks termination uptil the end of the Initial Term (“Early Termination Notice”). 2A.2 The term ‘un-cured material breach’ for the purposes of this clause 2A shall mean a breach by MSP, which is material in nature and not just an ordinary breach and where such breach remain uncured for a period of 60 (sixty) days from the date that the Customer notifies MSP of such breach.