Common use of Termination Absent Cure Clause in Contracts

Termination Absent Cure. Upon the appointment of a receiver for Subcontractor or upon Subcontractor making an assignment for the benefit of creditors or if Subcontractor seeks protection under the Bankruptcy Code or commits any other act of insolvency, Contractor may terminate this Agreement without notice upon giving written notice to Subcontractor and its surety, if any. If an order for relief is entered under the Bankruptcy Code with respect to Subcontractor, Contractor may terminate this Agreement upon written notice to Subcontractor, its trustee, and its surety, if any, unless Subcontractor, the surety, or the trustee: (a) promptly cures all defaults; (b) provides immediate and adequate assurance of future performance; (c) compensates Contractor for actual pecuniary loss resulting from such defaults; (d) assumes the obligations of Subcontractor under this Agreement within the statutory time limits.