Common use of Termination and Default Clause in Contracts

Termination and Default. Interfor may terminate the Agreement without liability on ten (10) days written notice to Customer, for any reason or no reason. Interfor may terminate the Agreement immediately in whole or in part without liability if: (a) Customer fails to comply with the terms and conditions of the Agreement, including, without limitation a failure to take delivery of or timely pay for any Lumber Products, (b) Customer or, if applicable, its general partner or its direct or indirect parent company, becomes or is deemed to be insolvent or bankrupt, or makes an assignment for the benefit of creditors, or has a receiver or trustee appointed, or (c) the primary, or all, business activities of Customer are suspended permanently or for at least 45 days.

Termination and Default. Interfor may terminate the Agreement without liability on ten (10) days written notice to Customer, for any reason or no reason. Interfor may terminate the Agreement immediately in whole or in part without liability if: (a) Customer fails to comply with the terms and conditions of the Agreement, including, without limitation including a failure to take delivery of or timely pay for any Lumber Products, (b) Customer or, if applicable, or its general partner or its direct or indirect parent company, company (as applicable) becomes or is deemed to be insolvent or bankrupt, or makes an assignment for the benefit of creditors, or has a receiver or trustee appointed, or (c) the primary, or all, business activities of Customer are suspended permanently or for at least 45 days.