MATS shall have the right, without prejudice to its other rights or remedies, to terminate the leasing agreement immediately by written notice to the Service Provider:-
– If the Service Provider is dissolved or struck off the register of companies or a winding-up order is made against the Service Provider or a meeting is convened, resolution passed or any step was taken by the Service Provider with a view to the winding-up of the Service Provider, except for the purpose of a solvent reconstruction, reorganization, merger or consolidation which is previously notified to MATS;
– If a receiver, administrative receiver, liquidator, insolvency practitioner, or similar officer shall be appointer over the whole or a substantial part of the undertaking, property or assets of the Service Provider;
– If the Service Provider is unable to pay its debts or is insolvent as defined in section 214 of the Companies Act, (Capt. 386 of the laws of Malta);
– If the Service Provider enters into (or proposes to enter into) a composition, scheme of arrangement or voluntary arrangement with any of its creditors or otherwise or a moratorium is agreed, imposed, or declared in respect of or affecting all or material of the debts of the Service Provider;
– If the Service Provider is in material breach of the Lease Agreement and either such breach is not capable of remedy or, if the breach is capable of remedy, the Service Provider has failed to remedy the breach with fifteen (15) days of receiving written notice requiring it to do so;
– If the Service Provider repeatedly commits a non-material breach of the Lease Agreement.
Termination of the Lease Agreement for any reason shall be without prejudice to the accrued rights and liabilities of the parties on the date of such termination or expiry.
The Service Provider shall have the right to terminate the lease Agreement if MATS is in the delay of paying the invoices due or is other in material breach of the Lease Agreement and, following a request in writing to MATS requesting that MATS affect any such outstanding payment or remedy such material breach, MATS fails to effect such payment or remedy such material breach within thirty (30) days from the receipt of the request in writing from the Service Provider.