Common use of Supplier Default Termination Clause in Contracts

Supplier Default Termination. The Recipient may immediately terminate this Agreement at any time before or after the Supply Termination Date by written notice to the Supplier, effective immediately or upon the date specified in the notice, upon the occurrence relative to the Supplier of: (a) (default): any material default under this Agreement, except for a rectifiable or remediable default which is rectified within 30 days following written notice from the Recipient requiring rectification or remedy; or (b) (liquidation): the fact of any legal or other action proposing or initiating liquidation.

Supplier Default Termination. The Recipient may immediately terminate this Agreement at any time before prior or after subsequent to the Supply Termination Date by written notice to the Supplier, effective immediately or upon the date specified in the notice, upon the occurrence relative to the Supplier of: (a) (default): any material default under this Agreement, except for a rectifiable or remediable default which is rectified within 30 days following written notice from the Recipient requiring rectification or remedyrectification; or (b) (liquidation): the fact of any legal Legal Action or other action proposing or initiating liquidationLiquidation.