Common use of Termination for a cause Clause in Contracts

Termination for a cause. Without prejudice to other rights or remedies, either Party may terminate this Agreement with immediate effect by giving written notice to the other Party if (i) the other Party commits a fundamental breach of any term of the Agreement, and fails to remedy according to art. 17.1, (ii) a petition is filed against the other Party for a moratorium of payment, bankruptcy or a similar legal ar- rangement, the other Party takes any step or action in connection with its winding-up or any composition or arrangement with its creditors, having a receiver appointed to any of its assets or, in general, the other Party’s financial situation deteriorates to a level that the other Party will reasonably be unable to meet its obligations under this Agreement; (iii.) the other Party decides to close its business; or (iv.) any direct or indirect change in control of the other Party. In respect of (iv), “control” is to be understood in the sense of article 1:14 of the Code on Companies and Associations.

Termination for a cause. Without prejudice to other rights or remedies, either Party may terminate this Agreement with immediate effect by giving written notice to the other Party if (i) the other Party commits a fundamental breach of any term of the Agreement, and fails to remedy according to art. 17.1, (ii) a petition is filed against the other Party for a moratorium of payment, bankruptcy or a similar legal ar- rangementarrangement, the other Party takes any step or action in connection with its winding-up or any composition or arrangement with its creditors, having a receiver appointed to any of its assets or, in general, the other Party’s financial situation deteriorates to a level that the other Party will reasonably be unable to meet its obligations under this Agreement; (iii.) the other Party decides to close its business; or (iv.) any direct or indirect change in control of the other Party. In respect of (iv), “control” is to be understood in the sense of article 1:14 of the Code on Companies and Associations.