Common use of Termination and Recovery Clause in Contracts

Termination and Recovery. If either party materially defaults in the performance of any of its duties or obligations under these Hardware Terms or the Agreement and fails to proceed within 5 business days after written notice thereof to commence curing the default and thereafter to proceed with reasonable diligence to substantially cure the default, the other party may, by giving written notice thereof, terminate any Rental with immediate effect and without prejudice to any right for indemnification or other remedies which such party may have. Except as may be prohibited by applicable bankruptcy and insolvency law, in the event of a party's insolvency or inability to pay debts as they become due, voluntary or involuntary bankruptcy proceedings by or against that party, or appointment of a receiver or assignee for the benefit of creditors, the other party may terminate any Rental by written notice. If Customer is in default of any Hardware return obligations under these Hardware Terms, SISW’s personnel, agents and representatives may at any time, at Customer’s risk, cost and expense, enter Customer’s premises where the rented Hardware is stored or used in order to recover the rented Hardware.

Termination and Recovery. If either party materially defaults in the performance of any of its duties or obligations under these Hardware Terms or the Agreement and fails to proceed within 5 business days after written notice thereof to commence curing the default and thereafter to proceed with reasonable diligence to substantially cure the default, the other party may, by giving written notice thereof, terminate any Rental Lease with immediate effect and without prejudice to any right for indemnification or other remedies which such party may have. Except as may be prohibited by applicable bankruptcy and insolvency law, in the event of a party's insolvency or inability to pay debts as they become due, voluntary or involuntary bankruptcy proceedings by or against that party, or appointment of a receiver or assignee for the benefit of creditors, the other party may terminate any Rental Lease by written notice. If Customer is in default of any Hardware return obligations under these Hardware Terms, SISW’s personnel, agents and representatives may at any time, at Customer’s risk, cost and expense, enter Customer’s premises where the rented leased Hardware is stored or used in order to recover the rented leased Hardware.