Common use of Discretion to Terminate Clause in Contracts

Discretion to Terminate. NJNG reserves the right, in its sole and absolute discretion, to terminate this Agreement, or any portion thereof, upon prior written notice to Marketer, if: (a) Marketer breaches said Agreement or is in default of any obligation hereunder, and the breach or default has not been cured within thirty (30) days from the date Marketer is notified of such breach or default; or (b) Marketer (i) applies for or consents to the appointment of or the taking of possession by a receiver, custodian. trustee, or liquidator of itself or of all or a substantial part of its property; (ii) becomes insolvent; (iii) makes a general assignment for the benefit of creditors; (iv) suffers or permits the appointment of a receiver for its business or assets; (v) becomes subject to any proceeding under any bankruptcy or insolvency law whether domestic or foreign, voluntarily or otherwise; or (vi) fails to contest in a timely or appropriate manner. or acquiesces in writing to, any petition filed against it in an involuntary case under the Federal Bankruptcy Code or any application for the appointment of a receiver, custodian, trustee, or liquidation of itself or of all or a substantial part of its property, or its reorganization, or dissolution.