TERMINATION BY GRANTEE. GRANTEE shall have the right, if COMPANY is in breach of its obligations under this Agreement, to terminate this Agreement and all rights and obligations hereunder, provided that GRANTEE has given written notice to COMPANY regarding the breach of this Agreement and COMPANY fails to either pay any sums due within forty-five (45) days of receipt of such notice or, where correction of such deficiency requires a longer period and COMPANY has failed to commence to correct such deficiency within forty-five (45) days of receipt of such notice and to correct such deficiency within a reasonable period thereafter. Additionally, the GRANTEE shall have the right to terminate this Agreement immediately for cause due to cancellation of the COMPANY FTZ Operator’s bond, the expiration of its liability insurance policy or the suspension of the grant by the FTZB.
Appears in 3 contracts
Sources: Usage Driven Site Operating Agreement, Foreign Trade Zone Operating Agreement, Usage Driven Site Operating Agreement