Term Events of Default and Termination. (A) The term of this Agreement will commence as of the Effective Date and will continue through the date set forth on Schedule 3.1(a) (the "Initial Term"), unless renewed or sooner terminated as provided herein.
(B) Subject to the provisions of this Article 3, provided that; (1) no event of default (as defined below) under this Agreement has occurred and is continuing; (2) no default (as defined below) under this Agreement then exists; (3) the amount of aggregate Net Sales of Approved Licensed Merchandise in the Contract Year immediately preceding the final Contract Year of the Initial Term shall equal or exceed the amount listed on Schedule 3.1(b) as the "Renewal Threshold", the term of this Agreement may be renewed by Licensee, at its option, for an additional renewal term as set forth in Schedule 3.1(c) (the "Renewal Term"); provided that Licensee must notify Licensor in writing of its intention to renew by the date set forth in Schedule 3.1(d)
3.2 The parties agree that any announcement to the public or trade of the termination of this Agreement will be made only by a joint statement mutually agreed upon by the parties.
3.3 Each of the following constitutes, an event of default under this Agreement:
(A) If Licensee fails to pay any funds owing to Licensor pursuant to this Agreement as and when due and such failure is not remedied within five (5) business days after Licensee's receipt of notice from Licensor;
(B) If Licensee or Licensor institutes proceedings to be adjudicated a voluntary bankrupt or insolvent, or consents to the filing of a bankruptcy proceeding against it, or files a petition or answer seeking reorganization or arrangement under any bankruptcy act or any other similar applicable law of any country, or consents to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for itself, or any of its property, or makes an assignment for the benefit of creditors, or is unable to pay its debts generally as they become due, or shall cease doing business as a going concern, or corporate action is taken by it in furtherance of any of the foregoing purposes; or
(C) If an order, judgment or decree of a court having jurisdiction is entered adjudicating Licensee or Licensor, a bankrupt or insolvent, or approving, as properly filed, a petition seeking reorganization of Licensee or Licensor, or of all or a substantial part of its properties or assets under any bankruptcy act or other similar applicable law, as fro...
Term Events of Default and Termination. 17.1 This Agreement shall continue until terminated in accordance with this Clause 17.
17.2 This Agreement shall continue in force until terminated;
17.2.1 by the User giving 3 months’ notice in writing (or such lesser period as may be agreed between the parties)
17.2.2 by the Company giving the User 3 months’ notice in writing (or such lesser period as may be agreed between the parties) save that for so long as the Company is required to offer terms for Use of Distribution System to the User pursuant to the Licence, such termination shall be effective unless the User notifies the Company within 14 days of the date of the Company’s notice that it requires replacement terms to be entered into pursuant to Condition 4D of the License.
17.3 If:
(A) the User shall fail to pay (other than by inadvertent error in funds transmission which is discovered by the Company, notified to the User and corrected within 2 Working Days thereafter) any amount properly due or owing by pursuant to the terms of this Agreement and such default is not remedied upon the expiry of 7 Working Days immediately following receipt by the User of written notice from the Company of such non-payment; or
(B) the User shall fail in any material respect to perform or comply with any of its obligations under this Agreement and (if it is capable of remedy) it is not remedied within 30 days of receiving written notice from the Company of the occurrence thereof; or
(C) (1) an interim order or bankruptcy order is made in respect of the User under the Insolvency Xxx 0000 or a voluntary arrangement is proposed in respect of him; or
Term Events of Default and Termination. This Agreement shall remain valid from the date of the Purchase Order and shall terminate upon completion of (i) the Services being provided hereunder and (ii) all Customer obligations being satisfied, except where expressly stated otherwise in this Agreement.
Term Events of Default and Termination. 15.1 This Agreement shall continue until terminated in accordance with this Clause 15.
15.2 In the event that:-
(A) the Customer shall fail to pay (other than by inadvertent error in funds transmission which is discovered by EDF Energy, notified to the Customer and corrected within 2 Working Days thereafter or is not the subject of a bona fide dispute) any amount properly due or owing from it pursuant to the terms of this Agreement and such default has not been remedied within the period of 7 Working Days immediately following receipt by the Customer of written notice from EDF Energy of such non-payment; or
(B) the Customer shall fail in any material respect to perform or comply with any of the obligations expressed to be assumed by it under this Agreement and (if it is capable of remedy) it is not remedied to the reasonable satisfaction of EDF Energy within 30 days of receiving written notice from EDF Energy of the occurrence thereof and requiring the same to be remedied; or
(C) (1) an interim order or bankruptcy order is made in respect of the Customer under the Insolvency Xxx 0000 or a voluntary arrangement is proposed in respect of him; or
Term Events of Default and Termination. 60 -------------------------------------------------------------------------------------------------------------
16.1 Term...........................................................................................60 16.2 Renewal........................................................................................60 16.3 Certain Matters with Respect to Renewal........................................................62 16.4
Term Events of Default and Termination
