This agreement shall be subject to termination upon the occurrence of the following events:
If either Party hereto defaults on any of its material obligations, representations or warranties, under this agreement, the non defaulting Party shall notify the other Party in writing, specifying in sufficient details the nature and extent of such breach and, unless within 60 days calendar days after written notice of such default the defaulting Party remedies the default, this Agreement will terminate, if (a) either Party files a petition for bankruptcy or is adjudicated a bankrupt (b) a petition in bankruptcy is filed against either Party (c) either Party becomes insolvent or makes an assignment to the benefit of its creditors or an arrangement for it creditors pursuant to any bankruptcy law (d) either Party discontinues business, than the other Party shall have the right to terminate this agreement immediately upon written notice.