Common use of Termination for Material Default Clause in Contracts

Termination for Material Default. The Company may terminate this Agreement effective immediately upon written notice if Supplier: (a) breaches any material obligation under this Agreement and fails to cure such breach within thirty (30) days written notice to Supplier specifying in reasonable detail the nature of the breach; or (b) (i) files a voluntary petition for bankruptcy, (ii) is adjudicated bankrupt, (iii) has a court assume jurisdiction of its assets under a federal reorganization act, (iv) becomes insolvent or suspends business, or (v) makes an assignment of its assets for the benefit of its creditors. The Supplier may terminate this Agreement effective immediately upon written notice if Supplier: (a) breaches any material obligation under this Agreement, including, but not limited to, failure by the Company timely to pay all non-disputed invoices, and fails to cure such breach within thirty (30) days written notice to Company specifying in reasonable detail the nature of the breach; or (b) (i) files a voluntary petition for bankruptcy, (ii) is adjudicated bankrupt, (iii) has a court assume jurisdiction of its assets under a federal reorganization act, (iv) becomes insolvent or suspends business, or (v) makes an assignment of its assets for the benefit of its creditors. ***** - Denotes material that has been omitted and filed separately with the Commission

Termination for Material Default. The Company a) CBay may terminate this Agreement effective immediately upon written notice if SupplierMedQuist: (ai) breaches any material obligation under this Agreement and fails to cure such breach within thirty (30) days written notice to Supplier MedQuist specifying in reasonable detail the nature of the breach; or (bii) (ia) files a voluntary petition for bankruptcy, (iib) is adjudicated bankrupt, (iiic) has a court assume jurisdiction of its assets under a federal reorganization act, (ivd) becomes insolvent or suspends business, or (ve) makes an assignment of its assets for the benefit of its creditors. The Supplier . b) MedQuist may terminate this Agreement effective immediately upon written notice if SupplierCBay: (ai) breaches any material obligation under this Agreement, including, but not limited to, failure by the Company timely to pay all non-disputed invoices, Agreement and fails to cure such breach within thirty (30) days written notice to Company CBay specifying in reasonable detail the nature of the breach; or (bii) (ia) files a voluntary petition for bankruptcy, (iib) is adjudicated bankrupt, (iiic) has a court assume jurisdiction of its assets under a federal reorganization act, (ivd) becomes insolvent or suspends business, or (ve) makes an assignment of its assets for the benefit of its creditors. ***** - Denotes material that has been omitted and filed separately with the Commission.