Common use of Mutual Termination for Material Breach, Bankruptcy Clause in Contracts

Mutual Termination for Material Breach, Bankruptcy. If either party is in material breach of this Agreement, the other party may terminate this Agreement at the end of a written 30-day notice period (such notice to give full particulars of the material breach and requiring it to be remedied), if the breach has not been remedied. Either party may terminate this Agreement if the other party is unable to pay its debts as they fall due, or admits that it is, or it is deemed, unable to pay its debts, or commences negotiations with any of its creditors to reschedule its debts or to make any compromise or arrangement with its creditors, or is subject to a petition, application, notice, or an order for winding up, administration, administrative receivership or for the appointment of a receiver over any of its assets, or any event occurs, or proceeding is taken, in any jurisdiction which has an effect equivalent or similar to any of the events mentioned in this clause.

Mutual Termination for Material Breach, Bankruptcy. If either party is in material breach of this Agreement, the other party may terminate this Agreement at the end of a written 30-day notice period (such notice to give full particulars of the material breach and requiring it to be remedied), if the breach has not been remedied. Either party may terminate this Agreement if the other party is unable to pay its debts as they fall due, or admits that it is, or it is deemed, unable to pay its debts, or commences negotiations with any of its creditors to reschedule its debts or to make any compromise or arrangement with its creditors, or is subject to a petition, application, notice, or an order for winding up, administration, administrative receivership or for the appointment of a receiver over any of its assets, or any event occurs, or proceeding is taken, in any jurisdiction jurisdic tion which has an effect equivalent or similar to any of the events mentioned in this clause.