Common use of Termination of the Master Agreement Clause in Contracts

Termination of the Master Agreement. In the event that a Party: (A) commits a Material Breach that is capable of being cured within 30 days after notice of breach from the other Party, but is not cured in such 30-day period; (B) commits a Material Breach that is not capable of being cured within 30 days but is capable of being cured within 60 days and fails to (1) proceed promptly and diligently to correct the breach and (2) cure the breach within 60 days of notice thereof; (C) commits a Material Breach that is not capable of being cured with due diligence within 60 days of notice thereof; (D) commits numerous breaches of its duties or obligations under the Master Agreement which collectively constitute a Material Breach; or (E) becomes insolvent, files a voluntary petition in bankruptcy or an involuntary petition is filed against it and is not dismissed within 45 days, is adjudged bankrupt, makes an assignment of its assets for the benefit of its creditors, or becomes subject to a receivership, then the other Party may, by giving notice to the breaching Party, terminate the Master Agreement, in whole or in part, as of a date specified in the notice of termination, without cost or penalty.

Termination of the Master Agreement. In the event that a Party: (A) commits a Material Breach that is capable of being cured within 30 days after notice of breach from the other Party, but is not cured in such 30-day period; (B) commits a Material Breach that is not capable of being cured within 30 days but is capable of being cured within 60 days and fails to (1) proceed promptly and diligently to correct the breach and (2) cure the breach within 60 days of notice thereof; (C) commits a Material Breach that is not capable of being cured with due diligence within 60 days of notice thereof; (D) commits numerous breaches of its duties or obligations under the Master Agreement which collectively constitute a Material Breach; oror Master Commercial Agreement (E) becomes insolvent, files a voluntary petition in bankruptcy or an involuntary petition is filed against it and is not dismissed within 45 days, is adjudged bankrupt, makes an assignment of its assets for the benefit of its creditors, or becomes subject to a receivership, then the other Party may, by giving notice to the breaching Party, terminate the Master Agreement, in whole or in part, as of a date specified in the notice of termination, without cost or penalty.