Common use of Termination for Cause by Either Party Clause in Contracts

Termination for Cause by Either Party. Either party may terminate DISTRIBUTOR's appointment upon a material default that has not been cured within thirty (30) days after delivery of written notice describing the facts constituting the default. In addition, any party may terminate DISTRIBUTOR's appointment by giving written notice to the other if (a) the other party files a voluntary petition commencing bankruptcy or other proceedings for the general settlement of its debts which is not dismissed within sixty (60) days; (b) an involuntary bankruptcy proceeding is commenced against the other party and is not dismissed within sixty (60) days; (c) a receiver has been appointed over the whole or any substantial part of the assets of the other party; (d) the other party makes a general assignment for the benefit of creditors; or (e) the other party voluntarily or involuntarily takes any action to dissolve, liquidate, or cease to conduct business in the normal course.

Termination for Cause by Either Party. Either party may terminate DISTRIBUTOR's appointment upon a material default that has not been cured within thirty (30) days after delivery of written notice describing the facts constituting the default. In addition, any party may terminate DISTRIBUTOR's appointment by giving written notice to the other if (a) the other party files a voluntary petition commencing bankruptcy or other proceedings for the general settlement of its debts which is not dismissed within sixty (60) days; (b) an involuntary bankruptcy proceeding is commenced against the other party and is not dismissed within sixty (60) days; (c) a receiver has been appointed over the whole or any substantial part of the assets of the other party; (d) the other party makes a general assignment for the benefit of creditors; or (e) the other party voluntarily or involuntarily takes any action to dissolve, liquidate, or cease to conduct business in the normal course. 13.3.