Early Termination by Parent Clause Samples
The 'Early Termination by Parent' clause grants the parent entity the right to end an agreement or contract before its scheduled expiration. Typically, this clause outlines the conditions under which the parent may exercise this right, such as providing advance written notice or meeting specific criteria like breach of contract or changes in business circumstances. Its core practical function is to provide flexibility and control to the parent entity, allowing it to manage risk and adapt to changing needs by exiting contractual obligations when necessary.
Early Termination by Parent. Parent may terminate this Agreement by giving written notice to Spinco under the following circumstances:
(a) if Spinco shall default in the performance of any of its material obligations under, or breach any of its warranties set forth in, this Agreement, and such default or breach shall continue and not be remedied for a period of thirty (30) days after Parent has given written notice to Spinco specifying such default or breach and requiring it to be remedied;
(b) if a Bankruptcy Event has occurred with respect to Spinco; or
(c) upon the occurrence of a Change in Control of Spinco.
Early Termination by Parent. (a) Parent may terminate this Agreement by giving written notice to SpinCo if SpinCo shall default in the performance of any of its material obligations under, or breach any of its warranties set forth in, this Agreement, and such default or breach shall continue and not be remedied for a period of 30 days after Parent has given written notice to SpinCo specifying such default or breach and requiring it to be remedied.
(b) In lieu of exercising any rights it may have under Section 7.2(a) above, Parent may terminate the provision of any SpinCo Service (and Schedule B shall be deemed amended accordingly) by giving written notice to SpinCo if SpinCo shall default in the performance of any of its material obligations with respect to such SpinCo Service, and such default shall continue and not be remedied for a period of 30 days after Parent has given written notice to SpinCo specifying such default and requiring it to be remedied.