Common use of Termination Default Remedies Clause in Contracts

Termination Default Remedies. 6.1 This Agreement may be terminated by the non-defaulting party upon the occurrence of any of the following events of default: a. either party fails to pay the other when due any amount due under this Agreement, and such failure continues for a period of fifteen (15) business days after notice has been sent to the non-paying party; b. any party (i) files for bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation or any similar proceedings, as applicable, or (ii) has a proceeding instituted against it and such proceeding is not dismissed within sixty (60) days; and c. a party fails to observe any material obligation specified in this Agreement and such failure is not cured within thirty (30) days of a notice specifying the breach, unless such failure cannot be cured within thirty (30) days but the defaulting party has commenced action to effect such cure within the thirty (30) day period and thereafter is diligently pursuing the same.