Defaults Termination Rights Clause Samples

Defaults Termination Rights. A. LEC shall be deemed to be in default hereunder upon the happening of any of the following: i. LEC shall fail to keep, observe, or perform any covenant, agreement, term, or provision of this Agreement to be kept, observed, or performed by LEC, and such failure shall continue for a period of seven (7) days after written notice thereof by INS to LEC or, if such failure cannot be cured within such seven (7) day period, then such additional period as shall be reasonable, provided LEC commences to cure such failure within such seven (7) day period and proceeds diligently to prosecute such cure to completion; or ii. The making of a general assignment by LEC for the benefit of its creditors; the filing by LEC with any bankruptcy court of competent jurisdiction a voluntary petition under federal bankruptcy law, as amended from time to time; the filing by LEC, or by any third party of any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency, or other relief for debtors, provided, however, that LEC shall have sixty (60) days from the date of filing of any involuntary proceeding relating to bankruptcy, insolvency or other relief for debtors to have such filing dismissed; LEC being the subject of any order for relief issued under federal bankruptcy law, as amended from time to time; or the dissolution or liquidation of LEC; or iii. LEC engages in any act, practice or course of conduct constituting a violation of any applicable laws, willful misconduct, gross negligence or fraud. B. INS and LEC hereby agree that either INS or LEC shall have the right to terminate this Agreement at any time and for any reason without cause after the initial term by one hundred and twenty (120) days written notice delivered to the other party. C. Upon the occurrence of an event of default by LEC as specified in Paragraph 7. A hereof, INS shall be entitled to immediately terminate this Agreement by giving written notice of such termination to LEC, and upon any such termination, INS shall have the right to pursue any remedy it may have at law or in equity, it being expressly understood that although INS shall have no further obligation to provide Service hereunder, LEC shall remain liable for any losses suffered as a result of LEC’s default and the resulting termination of this agreement. D. The provisions of Paragraphs 5...