Reciprocal Termination. Notwithstanding any other provision of this ---------------------- Agreement, each party shall have the right to terminate this Agreement if the non-defaulting party gives written notice to the defaulting party of the occurrence of any of the following events of default and the defaulting party shall fail to cure such default within thirty (30) days of the effective date of such written notice: (i) a material breach of this Agreement which is not cured prior to the expiration of the thirty (30) day period of cure specified above; or (ii) an admission in writing of its inability to pay its debts generally as they become due; or (iii) a bankruptcy, dissolution, appointment of a receiver, or the voluntary filing of any petition therefor or consent thereto, or any assignment for the benefit of creditors, under any applicable insolvency laws; or (iv) any action to suspend normal business operations; or (v) any materially adverse levy or judgment is filed, which is not satisfied or otherwise removed or set aside within ten (10) days of the filing thereof.
Appears in 3 contracts
Sources: Management and Administrative Services Agreement (Greate Bay Casino Corp), Management and Administrative Services Agreement (HWCC Tunica Inc), Services Agreement (HWCC Tunica Inc)