Common use of TERMINATION BY GRANTEE Clause in Contracts

TERMINATION BY GRANTEE. In the event GRANTEE for any reason wishes to terminate its inclusion of the ZONE SITE in Foreign-Trade ▇▇▇▇ ▇▇.▇▇▇, GRANTEE shall deliver a written notice to OPERATOR at least one hundred eighty (180) days prior to any action removing the ZONE SITE from the Zone Project. OPERATOR shall have the right, directly or through another entity, to petition the Foreign-Trade Zones Board for permission to transfer the right and obligations of GRANTEE to another zone grantee. In the event that OPERATOR should default in its obligations hereunder, except such defaults as may be caused by Acts of God or the public enemy, confiscation of facilities, compliance with other order of any governmental authority, acts of war or sabotage or damage resulting therefrom, import or export restrictions, fires, floods, explosions, accidents, breakdowns, riots or strikes or other concerted acts of workmen, either direct or indirect, or any cause whether or not of the same class or kind of those specifically above named which are not within the control of OPERATOR and which, by the exercise of reasonable diligence, said party is unable to prevent or provide against, the GRANTEE shall order in writing the immediate correction of the default of its obligations by OPERATOR. The GRANTEE may terminate this Agreement, unless OPERATOR commences to cure the default within thirty (30) days. Without limiting the generality of the foregoing, failure of OPERATOR to maintain the FTZ Operator’s Bond shall allow the GRANTEE grounds for the immediate termination of this Agreement. This Agreement or any rights hereunder shall not be subject to involuntary assignment, transfer or sale or to assignment, transfer or sale or operation of law, and any such attempted involuntary assignment, transfer of sale shall be void and of not effect. Without limiting the generality of the foregoing, OPERATOR agrees that in the event any proceedings under the Bankruptcy Act or any amendment thereto be commenced by or against OPERATOR, and if against Operator, said proceedings shall not be dismissed before either adjudication in bankruptcy or in confirmation, arrangement or plan of reorganization, - or in the event OPERATOR be adjudged insolvent or make an assignment for the benefit of its creditors, or if a writ of attachment or execution be levied against any real or personal property owned or leased by OPERATOR within the ZONE SITE and be not released or satisfied within forty-five (45) days thereafter, or if a receiver be appointed in any proceedings or action to which OPERATOR is a party with authority to take possession or control of the business conducted thereon by OPERATOR and such receiver be not discharged within a period of fifteen (15) days after appointment, any such event of any involuntary assignment shall constitute a termination of this Agreement by GRANTEE, and also shall terminate all rights of OPERATOR under this Agreement, and any and all persons claiming under OPERATOR, in and to this Agreement.