Common use of Term and Termination Clause in Contracts

Term and Termination. a) Term. Subject to Customer’s payment of Fees, the rights granted by Revolgy in this Agreement will continue for the Term, unless terminated earlier as set out in this Agreement. At the end of the Initial Term, the Agreement will automatically renew for consecutive terms of twelve months (each a “Renewal Term”), unless either party provides the other party with written notice of its decision not to renew at least 30 days prior to the end of the then-current Initial Term or Renewal Term (as applicable). b) Change of Control. If a party experiences a change of control (for example, through a stock purchase or sale, merger, or other form of corporate transaction): (a) that party will give written notice to the other party within 30 days after the change of control; and (b) the other party may immediately terminate this Agreement any time between the change of control and 30 days after it receives that written notice. c) Material Breach and Insolvency. Either party may immediately terminate this Agreement if: (i) the other party is in material breach of this Agreement and, if the breach is remediable, fails to remedy that breach within thirty days after receipt of written notice; (ii) the other party enters into an arrangement or composition with or for the benefit of its creditors, goes into administration, receivership or administrative receivership, or is dissolved or otherwise ceases its business operations or becomes subject to insolvency or bankruptcy proceedings and the proceedings are not dismissed within ninety days; or (iii) the other party is in material breach of this Agreement more than twice notwithstanding any remedy of such breaches. Where Revolgy has the right to terminate this Agreement under this Clause, Revolgy may choose to suspend or terminate any, all, or any part of the Services or Projects. Besides, Services may be terminated in case when the Customer engages in illegal or deceptive trade practices or any other behaviour prohibited by this Agreement.