Common use of Termination with Immediate Effect Clause in Contracts

Termination with Immediate Effect. Either party may terminate this Agreement effective upon written notice if either of the following events occurs. (a) The other party commits a breach of this Agreement and the breach is not remedied within 30 days after the receipt of notice identifying the breach and requiring its remedy; or (b) The other party (I) becomes unable to pay its debts as they become due, (II) suspends payment of its debts, (III) enters into or becomes subject to corporate rehabilitation or bankruptcy proceedings or liquidation or dissolution, (IV) makes an assignment for the benefit of its creditors or (V) seeks relief under any similar laws for debtor’s relief. (c) If the License Agreement terminates for whatsoever reason.

Termination with Immediate Effect. Either party may terminate this Agreement effective upon written notice if either of the following events occurs. (a) The other party commits a breach of this Agreement and the breach is not remedied within 30 days after the receipt of notice identifying the breach and requiring its remedy; or (b) The other party (I) becomes unable to pay its debts as they become due, (II) suspends payment of its debts, (III) enters into or becomes subject to corporate rehabilitation or bankruptcy proceedings or liquidation or dissolution, (IV) makes an assignment for the benefit of its creditors or (V) seeks relief under any similar laws for debtor’s 's relief. (c) If the License Agreement terminates for whatsoever reason.