Common use of Termination for Breach; Insolvency Clause in Contracts

Termination for Breach; Insolvency. Either party may terminate any or all Orders in the event of a material breach thereof which is not cured within 30 days of written notice of such material breach; provided, however, such termination shall not take effect if the breaching party cures or corrects the breach within such 30 day notice period. In addition, either party may terminate any or all Orders upon written notice to the other if the other party is adjudicated as bankrupt or if a petition in bankruptcy is filed by or against the other party (and such petition is not dismissed within 30 calendar days) or if the

Termination for Breach; Insolvency. Either party may terminate any or all Orders in the event of a material breach thereof which is not cured within 30 days of written notice of such material breach; provided, however, such termination shall not take effect if the breaching party cures or corrects the breach within such 30 day notice period. In addition, either party may terminate any or all Orders upon written notice to the other if the other party is adjudicated as bankrupt or if a petition in bankruptcy is filed by or against the other party (and such petition is not dismissed within 30 calendar days) or if thethe other party makes an assignment for the benefit of creditors or an arrangement pursuant to any bankruptcy act or insolvency laws.