Mutual Termination Rights. The following are material defaults, which, if applicable to a party, entitles the non-defaulting party, in addition to and cumulative of any and all rights and remedies available to the non-defaulting party under this Agreement, at law or in equity, to terminate this Agreement upon notice to the defaulting party and without the opportunity to cure the default except as specifically set out in this Article: (i) filing a petition or pleading under any bankruptcy or insolvency laws, or if such a petition is filed against, and is not opposed by a party; (ii) the appointment of a permanent or temporary conservator, receiver or trustee for a party, or all or substantially all of a party’s property by any court having jurisdiction; (iii) making an assignment for the benefit of creditors or a written statement to the effect that a party is unable to pay its debts as they become due; (iv) the issuance of a levy, execution or attachment against all or substantially all of a party’s property, which is not released, stayed or satisfied within 30 days; (v) a party is dissolved; or (vi) a material, final judgment against a party remains unsatisfied for 30 days or longer without being discharged, vacated, reversed or stayed (unless a supersedeas bond is filed). The effective date of termination under this Article is the date set forth in applicable notice.
Appears in 4 contracts
Samples: Management Agreement, Management Agreement (Capital Lodging), Management Agreement (Capital Lodging)
