Common use of Subdistributor’s Right to Terminate Clause in Contracts

Subdistributor’s Right to Terminate. Subdistributor may terminate this Agreement upon written notice to Distributor: (a) if Distributor materially breaches any provision of this Agreement and fails to render cure within the cure period; or (b) if Distributor becomes insolvent or files, or has filed against it, a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency Law, makes or seeks to make a general assignment for the benefit of its creditors, or applies for, or consents to, the appointment of a trustee, receiver, or custodian for a substantial part of its property, or is generally unable to pay its debts as they become due.