TERMINATION
6. Open University Worldwide Limited shall at its option be entitled by notice in writing to the Licensee to terminate the Licence forthwith in any of the following events that is to say if the Licensee shall:
(1) fail promptly to account and make payments hereunder or fail to perform any other obligation required of it hereunder and the Licensee shall not have cured or remedied such failure within 14 (fourteen) days of a request from Open University Worldwide Limited (time being of the essence);
(2) adopt a resolution for its winding up (otherwise than for the purpose of and followed by an amalgamation or reconstruction) or if a petition is presented for the appointment of an administrator or if a receiver or an administrative receiver is appointed in respect of, or an encumbrancer takes possession of, the whole or any part of its undertaking or assets or if the Licensee is unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986;
(3) cease to carry on the business or function as a School or an Educational Institution, as the case may be.