Common use of Immediate Termination of Agreement Clause in Contracts

Immediate Termination of Agreement. Nova Scotia may terminate the Agreement upon giving ninety (90) days prior written notice to WCI, Inc. of any of the following events ("Termination Event") and such Termination Event is not cured by WCI, Inc. within such ninety (90) day period: (1) WCI, Inc. has presented false or misleading information or made false representations; (2) WCI, Inc. is adjudged bankrupt, makes a general assignment for the benefit of its creditors or a receiver is appointed on account of WCI, Inc.'s insolvency; (3) WCI, Inc. materially breaches any provision in Article 5 (Confidentiality and FOIPOP) of the Agreement; (4) WCI, Inc. materially breaches the Conflict of Interest paragraph in Article 2 (Nature of Relationship Between Nova Scotia and WCI, Inc.) of the Agreement; (5) WCI, Inc., prior to or after executing the Agreement, makes a material misrepresentation or omission or provides materially inaccurate information to Nova Scotia; or (6) WCI, Inc.’s acts or omissions constitute a substantial failure of performance; and the above rights of termination are in addition to all other rights of termination available at law, or events of termination by operation of law. In terminating the Agreement under the terms set forth in this Section 7.1, Nova Scotia must comply with the requirements of the termination and withdrawal procedures set forth in Exhibit C attached to this Agreement. If the Contingencies (as that term is defined in Exhibit C) are not yet satisfied and until the Contingencies are satisfied, the ninety (90) day period set forth in this Section 7.1 shall be a period of fourteen

Appears in 2 contracts

Sources: Funding Agreement, Funding Agreement