Termination for Breach by Either Party. Without limiting its other rights or remedies, either Party may terminate the Agreement with immediate effect by giving written notice to the other Party if: the other Party suspends or ceases to operate all, or a substantial part, of its business; either Party becomes insolvent, or it is declared bankrupt, or it is placed into receivership, administration or liquidation, or a petition has been presented for its winding up, or it enters into any arrangement or composition for the benefit of its creditors, or it is unable to pay its debts as they fall due and any required repayment of funds would be in accordance with and pursuant to any dissolution or liquidation proceeding; the other Party makes an assignment of this Agreement in breach of clause 27 (Assignment and Sub-contracting); and/or the right for either Party to terminate this Agreement as a result of a Force Majeure Event arises pursuant to clause 25 (Force Majeure) of this Agreement.
Appears in 2 contracts
Sources: Funding Agreement, Services Agreement