Common use of Insolvency or Bankruptcy Clause in Contracts

Insolvency or Bankruptcy. Either party may, in addition to any other ------------------------ remedies available to it by law or in equity, terminate this Agreement by written notice to the other in the event (i) the other party shall have become insolvent or bankrupt, or shall have made an assignment for the benefit of its creditors, or (ii) there shall have been appointed a trustee or receiver of the other party, or (iii) any case or proceeding shall have been commenced or some other action taken by or against the other party in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition or readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization or other similar act or law of any jurisdiction now or hereafter in effect of there shall have been issued a warrant of attachment, execution, distraint or similar process against any substantial part of the property of the other party, and any such event or action (except where a party voluntarily takes such actions (e.g., where a party makes a bankruptcy filing)) shall have continued for ----- ninety (90) days undismissed, unbounded and /or undischarged (alternatively a "Bankruptcy").

Insolvency or Bankruptcy. Either party may, in addition to any other ------------------------ remedies available to it by law or in equity, terminate this License Agreement by written notice to the other party in the event (i) the other party shall have become insolvent or bankrupt, or shall have made an assignment for the benefit of its creditors, or (ii) there shall have been appointed a trustee or receiver of the other partyparty or for all or a substantial part of its property, or (iii) any case or proceeding shall have been commenced or some other action taken by or against the other party in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition or readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization or other similar act or law of any jurisdiction now or hereafter in effect of or there shall have been issued a warrant of attachment, execution, distraint or similar process against any substantial part of the property of the other party, and any such event or action (except where a party voluntarily takes such actions (e.g., where a party makes a bankruptcy filing)) shall have ---- continued for ----- ninety (90) days undismissed, unbounded and /or undischarged (alternatively a "BankruptcyBANKRUPTCY"); provided, however, that no such right to terminate shall pertain solely by virtue of a voluntary reorganization for the purpose of solvent amalgamation or reconstruction.

Insolvency or Bankruptcy. Either party Party may, in addition to any other ------------------------ remedies available to it by law or in equity, terminate this Agreement by written notice to the other Party (the "Insolvent Party") in the event (i) the other party Insolvent Party shall have become insolvent or bankrupt, or shall have made an assignment for the benefit of its creditors, or (ii) there shall have been appointed a trustee or receiver of the other partyInsolvent Party or for all or a substantial part of its property, or (iii) any case or proceeding shall have been commenced or some other action taken by or against the other party Insolvent Party in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, up arrangement, composition or readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization or other similar act or law of any jurisdiction now or hereafter in effect of effect, or there shall have been issued a warrant of attachment, execution, distraint or similar process against any substantial part of the property of the other partyInsolvent Party, and any such event or action (except where a party voluntarily takes such actions (e.g.18 19 DuPont, where a party makes a bankruptcy filing)) Genencor Collaborative R&D Agreement shall have continued for ----- ninety sixty (9060) days undismissed, unbounded unbonded and /or undischarged (alternatively a "Bankruptcy")undischarged. Upon the termination of this Agreement by either Party pursuant to this Section 10.8, all rights and licenses granted to the other Party by the terminating Party under this Agreement shall revert to or be retained by the granting Party.

Insolvency or Bankruptcy. Either party may, in addition to any other ------------------------ remedies available to it by law or in equity, terminate this Supply Agreement by written notice to the other party in the event (i) the other party shall have become insolvent or bankrupt, or shall have made an assignment for the benefit of its creditors, or (ii) there shall have been appointed a trustee or receiver of the other partyparty or for all or a substantial part of its property, or (iii) any case or proceeding shall have been commenced or some other action taken by or against the other party in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition or readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization or other similar act or law of any jurisdiction now or hereafter in effect of or there shall have been issued a warrant of attachment, execution, distraint or similar process against any substantial part of the property of the other party, and any such event or action (except where a party voluntarily takes such actions (e.g., where a party makes a bankruptcy filing)) shall have continued for ----- ninety (90) days undismissed, unbounded and /or undischarged (alternatively a "Bankruptcy"“BANKRUPTCY”); provided, however, that no such right to terminate shall pertain solely by virtue of a voluntary reorganization for the purpose of solvent amalgamation or reconstruction.

Insolvency or Bankruptcy. Either party may, in addition to any ------------------------ other ------------------------ remedies available to it by law or in equity, terminate this Agreement by written notice to the other party in the event (i) the other party shall have become insolvent or bankrupt, or shall have made an assignment for the benefit of its creditors, or (ii) there shall have been appointed a trustee or receiver of the other partyparty or for all or a substantial part of its property, or (iii) any case or proceeding shall have been commenced or some other action taken by or against the other party in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition or readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization or other similar act or law of any jurisdiction now or hereafter in effect of or there shall have been issued a warrant of attachment, execution, distraint or similar process against any substantial part of the property of the other party, and any such event or action (except where a party voluntarily takes such actions (e.g., where a party makes a bankruptcy filing)) shall have continued for ----- ninety (90) days undismissed, unbounded and /or undischarged (alternatively a "Bankruptcy"); provided, however, that no such right to terminate shall pertain solely by virtue of a voluntary reorganization for the purpose of solvent amalgamation or reconstruction.

Insolvency or Bankruptcy. Either party Party may, in addition to any ------------------------ other ------------------------ remedies available to it by law or in equity, terminate this Agreement by written notice to the other party (the "Insolvent Party") in the event (i) the such other party Party shall have ---------------- become insolvent or bankrupt, or shall have made an assignment for the benefit of its creditors, or (ii) there shall have been appointed a trustee or receiver of the other partyInsolvent Party or for all or a substantial part of its property, or (iii) any case or proceeding shall have been commenced or some other action taken by or against the other party Insolvent Party in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, up arrangement, composition or readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization or other similar act or law of any jurisdiction now or hereafter in effect of effect, or there shall have been issued a warrant of attachment, execution, distraint execution or similar process against any substantial part of the property of the other partyInsolvent Party, and any such event or action (except where a party voluntarily takes such actions (e.g., where a party makes a bankruptcy filing)) shall have continued for ----- ninety sixty (9060) days undismissed, unbounded unbonded and /or undischarged (alternatively a "Bankruptcy")undischarged.

Insolvency or Bankruptcy. Either party may, in addition to any other ------------------------ remedies available to it by law or in equity, terminate this License Agreement by written notice to the other party in the event (i) the other party shall have become insolvent or bankrupt, or shall have made an assignment for the benefit of its creditors, or (ii) there shall have been appointed a trustee or receiver of the other partyparty or for all or a substantial part of its property, or (iii) any case or proceeding shall have been commenced or some other action taken by or against the other party in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition or readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization or other similar act or law of any jurisdiction now or hereafter in effect of or there shall have been issued a warrant of attachment, execution, distraint or similar process against any substantial part of the property of the other party, and any such event or action (except where a party voluntarily takes such actions (e.g., where a party makes a bankruptcy filing)) shall have continued for ----- ninety (90) days undismissed, unbounded and /or undischarged (alternatively a "Bankruptcy"“BANKRUPTCY”); provided, however, that no such right to terminate shall pertain solely by virtue of a voluntary reorganization for the purpose of solvent amalgamation or reconstruction.

Insolvency or Bankruptcy. Either party may, in addition to any other ------------------------ remedies available to it by law or in equity, terminate this Agreement by written notice to the other in In the event (i) the other party that a Party shall have become insolvent or bankrupt, or shall have made an assignment for the benefit of its creditors, or (ii) there shall have been appointed a trustee or receiver of the other partysuch Party for all or a substantial part of its property, or (iii) any case or proceeding shall have been commenced or some other action taken by or against the other party such Party (as to which, if involuntarily commenced against such Party, such Party is not able to obtain dismissal within ninety (90) days after commencement thereof) in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition or readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization or other similar act or law Applicable Law of any jurisdiction now now, or hereafter hereafter, in effect effect, then such Party shall not be relieved in any respect of there shall its obligations hereunder, and, in addition to any other remedies available to it by Applicable Law or in equity, the other Party may terminate this Agreement, in Note: Certain portions of this document have been issued a warrant marked "[c.i.]" to indicate that confidential treatment has been requested for this confidential information. The confidential portions have been omitted and filed separately with the Securities and Exchange Commission. whole or in part as the terminating Party may determine, by giving written notice, which shall be effective immediately upon delivery of attachment, execution, distraint or similar process against any substantial part of the property of the other party, and any such event or action (except where a party voluntarily takes such actions (e.g., where a party makes a bankruptcy filing)) shall have continued for ----- ninety (90) days undismissed, unbounded and /or undischarged (alternatively a "Bankruptcy")notice.

Insolvency or Bankruptcy. Either party Party may, in addition to any other ------------------------ remedies available to it by law or in equity, terminate this Agreement Agreement, by written notice to the other Party in the event (i) the other party Party shall have become insolvent or bankrupt, or shall have made an assignment for the benefit of its creditors, or (ii) there shall have been appointed a trustee or receiver of the other partyParty or for all or a substantial part of its property, or (iii) any case or proceeding shall have been commenced or some other action taken by or against the other party THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS BRACKETED AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. Party in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition or readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization or other similar act or law of any jurisdiction now or hereafter in effect of effect, or there shall have been issued a warrant of attachment, execution, distraint or similar process against any substantial part of the property of the other partyParty, and any such event or action (except where a party voluntarily takes such actions (e.g., where a party makes a bankruptcy filing)) shall have continued for ----- ninety sixty (9060) days undismissed, unbounded unbonded and /or undischarged (alternatively a "Bankruptcy")undischarged.

Insolvency or Bankruptcy. Either party Party may, in addition to any other ------------------------ remedies remedy available to it by law or in equity, terminate this Agreement by written notice to the other Party in the event (i) the such other party Party shall have become insolvent or bankrupt, or shall have made an assignment for the benefit of its creditors, or (ii) there shall have been appointed a trustee or receiver of the such other party, Party or (iii) for all or a substantial part of its property or any case or proceeding shall have been commenced or some other action taken by or against the such other party Party in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition arrangement or readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization or other similar act or law of any jurisdiction now or hereafter in effect of effect, immediately, or there shall have been issued a warrant of attachment, execution, distraint restraint or similar process against any substantial part of the property of the such other partyParty, and any such event or action (except where a party voluntarily takes such actions (e.g., where a party makes a bankruptcy filing)) shall have continued for ----- ninety sixty (9060) days undismissedwithout either being dismissed, unbounded bonded or discharged. Both Party's rights under this Agreement shall include, without limitation, those rights afforded by 11 U.S.C. s.365(n) of the United States Bankruptcy Code (the "Code") and /or undischarged any successor thereto, if applicable. If any bankruptcy trustee of either Party, or such Party, as a debtor or debtor-in-possession, shall reject this Agreement under 11 U.S.C. s.365(n) of the Code, the other Party may elect to retain its rights licensed from such Party hereunder (alternatively a "Bankruptcy")and any other supplementary agreement hereto) for the duration of this Agreement and avail itself of all rights and remedies to the full extent contemplated by this Agreement and 11 U.S.C. s.365(n) of the Code, and any other relevant law.

Insolvency or Bankruptcy. Either party may, in addition to any other ------------------------ remedies available to it by law or in equity, terminate this Supply Agreement by written notice to the other party in the event (i) the other party shall have become insolvent or bankrupt, or shall have made an assignment for the benefit of its creditors, or (ii) there shall have been appointed a trustee or receiver of the other partyparty or for all or a substantial part of its property, or (iii) any case or proceeding shall have been commenced or some other action taken by or against the other party in bankruptcy or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition or readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization or other similar act or law of any jurisdiction now or hereafter in effect of or there shall have been issued a warrant of attachment, execution, distraint or similar process against any substantial part of the property of the other party, and any such event or action (except where a party voluntarily takes such actions (e.g., where a party makes a bankruptcy filing)) shall have continued for ----- ninety (90) days undismissed, unbounded and /or undischarged (alternatively a "BankruptcyBANKRUPTCY"); provided, however, that no such right to terminate shall pertain solely by virtue of a voluntary reorganization for the purpose of solvent amalgamation or reconstruction.