Common use of Grounds for Immediate Termination Clause in Contracts

Grounds for Immediate Termination. Either Party shall in addition to any other rights or remedies it may have, have the right to terminate this Agreement immediately if the following occurs with respect to the other Party: (a) In the event that a receiver, trustee in bankruptcy, or other custodian of the property of either Party be appointed, or if either Party is declared bankrupt or insolvent, or either Party makes a general assignment for the benefit of creditors or petition under any bankruptcy or similar law is filed against either Party. (b) In the event of any change of ownership of either party or merger of either Party which results in either Party being owned by, owning, or being affiliated with an entity, company or firm that competes with the other Party; or immediately in the event Distributor undertakes to manufacture Products in competition with ABC or the group or division within Distributor responsible for this Agreement is sold or transferred to a third party. (c) Breach or default by either party which is not cured within thirty days from receiving a written notice of such default.