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, absent any applicable legal limitation, terminate this Agreement upon giving forty-eight (48) hours written notice, by certified mail, 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 by giving forty-eight (48) hours written notice, by certified mail, to Subcontractor, its trustee, and its surety, if any, unless Subcontractor, the surety, or the trustee: (a) Promptly cures all defaults; (b) Provides adequate assurance of future performance; (c) Compensates Contractor for actual pecuniary loss resulting from such defaults; and (d) Assumes the obligations of Subcontractor within the statutory time limits.

Termination Absent Cure. Upon the appointment of a receiver for Subcontractor Subcontractor, or upon Subcontractor making an assignment for the benefit of creditors, or if Subcontractor seeks protection under the Bankruptcy Code Code, or commits any other act of insolvency, Contractor may, absent any applicable legal limitation, may terminate this Agreement upon giving forty-eight (48) hours written notice, by certified mail, 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 by giving forty-eight (48) hours written notice, by certified mail, to Subcontractor, its trustee, and its surety, if any, unless Subcontractor, the surety, or the trustee: (a) Promptly cures all defaults;; and (b) Provides adequate assurance of future performance;; and (c) Compensates Contractor for actual pecuniary loss resulting from such defaults; and (d) Assumes the obligations of Subcontractor within the statutory time limits.