Common use of Cancellation, etc Clause in Contracts

Cancellation, etc. of the IPL Agreement) 20.1 Either party may, without advance notice to the other, immediately terminate this IPL Agreement by providing written notice to the other if any of the following events occurs to the other party: (i) when the other party is in breach of any of the provisions of this IPL Agreement and the breach is not cured within thirty (30) days after written notice of the breach; (ii) when suspension of payment is made, or a petition for provisional attachment, attachment or sale by official auction is filed with regard to the other party, or a petition for commencement of proceedings in bankruptcy, civil rehabilitation, corporate reorganization or special liquidation is filed by or against the other party; (iii) when commercial paper transactions of the other party are suspended at a clearinghouse; or (iv) when credit standing of the other party has deteriorated significantly. 20.2 In addition to the previous paragraph, either party may terminate this IPL Agreement by giving prior written notice of not less than one (1) month to the other party. In this case, Licensee shall immediately pay all its debts to TSE hereunder.

Cancellation, etc. of the IPL Agreement) 20.1 Either party may, without advance notice to the other, immediately terminate this IPL Agreement by providing written notice Written Notice to the other if any of the following events occurs to the other party: (i) when the other party is in breach of any of the provisions of this IPL Agreement and the breach is not cured within thirty (30) days after written notice Written Notice of the breach; (ii) when suspension of payment is made, or a petition for provisional attachment, attachment or sale by official auction is filed with regard to the other party, or a petition for commencement of proceedings in bankruptcy, civil rehabilitation, corporate reorganization or special liquidation is filed by or against the other party; (iii) when commercial paper transactions of the other party are suspended at a clearinghouse; or (iv) when credit standing of the other party has deteriorated significantly. 20.2 In addition to the previous paragraph, either party may terminate this IPL Agreement by giving prior written notice Written Notice of not less than one (1) month to the other party. In this case, Licensee shall immediately pay all its debts to TSE hereunder.