Notwithstanding Art. 8.1 above this Agreement may be terminated at any time by each party on written notice with immediate effect in the event that: (a) proceedings in bankruptcy or insolvency are instituted by or against the other party or a receiver, trustee, administrator or liquidator is appointed in respect of any part of the other party´s assets or any similar relief is granted under any applicable bankruptcy or equivalent law; (b) one party (the defaulting party) shall be in breach, non-observance or non-performance of any of its obligations in this Agreement and does not remedy the same within 14 days of notice of such failure or breach being served upon it by the other party (the non-defaulting party).
Appears in 3 contracts
Samples: Led Lighting Supplier Contract (Lumiox, Inc.), Supply Agreement (Aceway Corp.), Supply Agreement (Aceway Corp.)
Notwithstanding Art. 8.1 9.1 above this Agreement may be terminated at any time by each party on written notice with immediate effect in the event that:
(a) proceedings in bankruptcy or insolvency are instituted by or against the other party or a receiver, trustee, administrator or liquidator is appointed in respect of any part of the other party´s assets or any similar relief is granted under any applicable bankruptcy or equivalent law;
(b) one party (the defaulting party) shall be in breach, non-observance or non-performance of any of its obligations in this Agreement and does not remedy the same within 14 days of notice of such failure or breach being served upon it by the other party (the non-defaulting party).
Appears in 1 contract
Samples: Supply Agreement (Quintec Corp)
Notwithstanding Art. 8.1 9.1 above this Agreement may be terminated at any time by each party on written notice with immediate effect in the event that:
(aa.) proceedings in bankruptcy or insolvency are instituted by or against the other party or a receiver, trustee, administrator or liquidator is appointed in respect of any part of the other party´s assets or any similar relief is granted under any applicable bankruptcy or equivalent law;
(bb.) one party (the defaulting party) shall be in breach, non-observance or non-performance of any of its obligations in this Agreement and does not remedy the same within 14 days of notice of such failure or breach being served upon it by the other party (the non-defaulting party).
Appears in 1 contract
Samples: Supply Agreement
