Common use of Premature Termination Clause in Contracts

Premature Termination. Each party has the right to immediately terminate the Agreement if the other party is in material breach of its obligations under this Agreement and not within 30 days after a written request received from the other Party has taken corrective action, or if the other party is declared bankrupt, commences composition negotiations, is subject to reorganization or is otherwise insolvent.

Premature Termination. Each Either party has the right to immediately may terminate the Agreement between the parties with immediate effect; • in the event of a material breach by the other party of its obligations under the Agreement between the parties and the breaching party failing to remedy such breach within thirty (30) days of receipt of written notice specifying the material breach; or • if the other party is in material breach of its obligations under this Agreement and not within 30 days after a written request received from the other Party has taken corrective action, petitions for bankruptcy or if the other party is declared bankrupt, commences composition negotiations, goes into liquidation or if a receiver is subject to reorganization or is otherwise insolventappointed for any part of the other party’s business.

Premature Termination. Each Either party has the right to immediately may terminate the Agreement between the parties with immediate effect • in the event of a material breach by the other party of its obligations under the Agreement between the parties and the breaching party failing to remedy such breach within thirty (30) days of receipt of written notice specifying the material breach, or • if the other party is in material breach of its obligations under this Agreement and not within 30 days after a written request received from the other Party has taken corrective action, petitions for bankruptcy or if the other party is declared bankrupt, commences composition negotiations, goes into liquidation or if a receiver is subject to reorganization or is otherwise insolventappointed for any part of the other party’s business.

Premature Termination. 24.1. Each party has the right to immediately terminate the Agreement immediately if a) the other party is in material breach of counterparty materially breaches its obligations under this the Agreement and does not remedy within 30 days after a written request received from notice, addressed to the other Party has taken corrective actioncounterparty with reference to this point, or if b) the other party is counterparty has been declared bankrupt, commences initiated composition negotiations, is subject to reorganization corporate restructuring, or otherwise is otherwise insolvent. 24.2. Termination must be in writing to be valid.