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1 Term and Termination This Agreement shall take effect on the Effective Date andshall continue for a period of ten (10) years.10This Agreement shall be automatically renewed for one yearterms thereafter unless and until terminated by either Partyhereto by giving six (6) months written notice to the other.61Either Party may terminate the Contract in case of failure onthe part of the other Party to fulfill or perform any of itsobligations hereunder and in the event that such failureremains unremedied sixty (60) days after the service of awritten notice as described in Article X below by thenon-defaulting Party to the other Party specifying the failure inquestion and requiring it to be remedied.X60If one Party hereto shall commit any material breach of thisAgreement or its representations and warranties hereunderand fail to remedy the breach within thirty (30) days of noticefrom the other Party requesting it to remedy such breach (ifcapable of remedy), or offer adequate compensation therefor,the other Party may terminate this Agreement immediately bynotice to the Party in breach.30Upon termination or expiration of this Contract, the Partieshereto shall not be released from their respective 2 to pay monies due or to become due to the other Party. To the fullest extent possible under applicable law, Articles X(Warranty) and Y (Confidentiality) hereof shall survive theexpiration or earlier termination of the Agreement andcontinue to bind the Parties.XYThis Contract shall terminate upon expiration of the JointVenture Term.In addition, any Party may terminate this Contract prior to theexpiration of the Joint Venture Term by delivery to the otherParties of a written notice of its intention to terminate underany of the following circumstances, or as otherwise providedin this Contract or under law:a) if any other Party materially breaches this Contract andsuch breach is not cured within sixty (60) days of a writtennotice to the breaching Party;a) 60b) if the JVC becomes bankrupt or is the subject ofproceedings for liquidation or dissolution by reason ofinsolvency or ceases to carry on business or becomes unableto pay its debts as they become due;c) d) if any other Party purports to transfer or takes any steps forthe transfer of its equity participation in the JVC in violation ofthe provisions of this Contract;e) 3 d) if all or any part of the assets of the JVC are temporarily orpermanently expropriated by any government authority;f) g) if any government department having authority over anyParty requires any provision of this Contract to be revised orimposes conditions or restrictions upon the implementation ofthis Contract in such a way as to cause significant adverseconsequences to the JVC or any Party;h) i) if any other Party shall come under the control of any thirdParty or Parties other than that by which it is controlled at thedate hereof or other than by an Affiliate of it for the purposes ofa bona fide reorganization;j) k) if the conditions and consequences of Force Majeureprevail for a period in excess of six (6) months and the Partieshave been unable to find an equitable solution pursuant toArticle X; orl) 6Xm) for any other reasons provided for in this Contract or inrelevant laws and regulations.n) 6.Termination of this Agreement for any reason shall bewithout prejudice to any right of action vested in either Party atthe date of termination.6.Except as otherwise expressly provided herein, the Licenseeshall have no claim against the Licensor in respect of 4 termination of this Agreement whether for the payment ofcompensation for expenses incurred or loss of profit orotherwise.This Agreement shall come into force on the Effective Dateand shall, unless earlier terminated in accordance with theprovisions of Clause X of this Article, remain in force for aninitial period of ten (10) years from such date.X10If one Party to this Agreement shall compound, or makearrangements with its creditors, or be adjudicated bankrupt, orhave a Receiver appointed over all or any part of its assets, orgo into liquidation (whether voluntary or otherwise) otherwisethan as part of a bona fide amalgamation or reconstructionwithout insolvency, then the other Party may terminate thisAgreement immediately by notice.Automatic Termination; Party A, at its sole discretion,judgment and option, shall have the right to automaticallyterminate this Agreement and all rights granted herein withoutnotice to Party B if Party B(i) becomes insolvent; i(ii) makes a general assignment for the benefit of creditors; ii(iii) a petition in bankruptcy is filed by Party B or such petitionis filed against, and consented to by Party B; 5 (iv) is adjudicated as bankrupt; iv(v) a receiver is appointed by any court of competentjurisdiction for its assets and property;v(vi) a substantial portion of its assets are confiscated or frozenby any government authority;vi(vii) no longer has the necessary power, autho
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