Common use of Termination By Either Party Upon Breach or Bankruptcy Clause in Contracts

Termination By Either Party Upon Breach or Bankruptcy. Failure by either Party to comply with any of the material obligations contained in this Agreement shall entitle the other Party to give to the Party in default notice specifying the nature of the default and requiring it to cure such default. If such default is not cured within sixty (60) days after the receipt of such notice (or, if such default cannot be cured within such sixty (60) day period, if the Party in default does not commence and diligently continue actions to cure such default), the notifying Party shall be entitled, without prejudice to any of its other rights conferred on it by this Agreement, in addition to any other remedies available to it by law or in equity, to terminate this Agreement by giving written notice to take effect within thirty (30) days after such notice unless the defaulting Party shall cure such default within said thirty (30) days. The right of either Party to terminate this Agreement, as hereinabove provided, shall not be affected in any way by its waiver or failure to take action with respect to any previous default. In addition, either Party may terminate this Agreement on written notice to the other Party in the event that the non-terminating Party: (i) commences any case, proceeding or other action seeking protection for such Party as debtor under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors (each, a "Bankruptcy Law"); (ii) consents to the entry of an order for relief in or institution of any case, proceeding or other action brought by any third party against such Party as a debtor under any Bankruptcy Law; (iii) files an answer in any involuntary case or proceeding described in the previous clause admitting the material allegations of the petition therefor or otherwise failing to contest any such involuntary case or proceeding; the seeking of or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for such Party or for a substantial portion of its assets; (iv) makes any assignment for the benefit of the creditors of such Party; or (v) admits in writing that such Party is unable to pay its debts as they mature or that such Party is not paying its debts as they become due.