Common use of Early Termination Upon Default Clause in Contracts

Early Termination Upon Default. In the event of a default under any of the material obligations of this Agreement by either party hereto, the party not in default may terminate this Agreement by serving sixty (60) days' written notice to such effect upon the defaulting party, setting forth the particulars with respect to the default relied upon to effect termination. In the event that the default specified in such notice is not cured within such sixty (60)-day period, then upon the expiration of said sixty (60)-day cure period this Agreement may be terminated by the non-defaulting party upon written notice to the defaulting party without any prejudice to the losses and damages caused by the breach of this Agreement; provided, however, that when the question of the existence of such default shall have been submitted for resolution in accordance with Article 21 of this Agreement, the running of said sixty (60)-day period shall be suspended during the pendency of such resolution process.