This agreement is subject to cancellation by either party by giving 60 days advance notice in writing to the other party. Either party reserves its right to terminate this agreement immediately under the following reasons:
1. Either party commits a material breach of this agreement.
2. Either party has been filed a petition or any order is made or an effective resolution is passed for the dissolution.
3. There shall be changed in the control or the ownership of either party.
4. A petition is filed for a moratorium or bankruptcy of either party.