Common use of Prior Termination Clause in Contracts

Prior Termination. 4.1. Notwithstanding anything to the contrary stated herein, IKEA may at any time and without compensation to the Seller terminate this Agreement to immediately expire and cancel existing orders, should the Seller be subject to change of ownership, or become insolvent, or a receiver is appointed for Seller, or for a substantial portion of its assets, or if Seller commits a breach of material or serial nature of any of the provisions set forth herein, in the General Agreement or in any delivery agreement with the Manufacturers, which if such breach is remediable is not cured within fifteen (15) days after receipt of written notice thereof.