LICENSEE's Financial Condition Sample Clauses

LICENSEE's Financial Condition. (a) LICENSEE shall immediately notify UNM RAINFOREST INNOVATIONS in writing of its intent to: (I) liquidate and/or cease to carry on its business, (ii) become “insolvent” (as such term is defined in the United States Bankruptcy Code, as amended from time to time), or (iii) voluntarily seek, consent to or acquiesce in the benefits of any bankruptcy or similar debtor-relief laws within thirty (30) days of such action. Upon receipt of such notice, UNM RAINFOREST INNOVATIONS may, at its sole option, terminate this Agreement without prejudice to any other remedy to which UNM RAINFOREST INNOVATIONS may be entitled at law or in equity or elsewhere under this Agreement, by giving written notice of termination to LICENSEE. Failure by LICENSEE to provide such notice of intent will be deemed a material, pre-petition, incurable breach of this Agreement and the Agreement will terminate automatically on the date of such voluntary or involuntary petition in bankruptcy. (b) UNM RAINFOREST INNOVATIONS may terminate this Agreement on written notice to LICENSEE on or any time after the LICENSEE makes a general assignment for the benefit of creditors, petitions for or acquiesces in the appointment of any receiver, trustee or similar officer to liquidate or conserve its assets, or commences or becomes a party under the laws of any jurisdiction any proceeding involving its insolvency, bankruptcy, reorganization, adjustment of debt, dissolution, liquidation or any other similar proceeding for the release of financially distressed debtors.

LICENSEE's Financial Condition. LICENSEE shall immediately notify LICENSOR in writing of its intent to: (a) liquidate and/or cease to carry on its business, and/or take any steps to materially reduce its business, operations or affairs, (b) become "insolvent" (as such term is defined in the United States Bankruptcy Code, as amended from time to time), (c) make any arrangement or assignment for the benefit of creditors; (d) suffer distress of execution to be levied or threatened on any of its properties; or (e) voluntarily seek, consent to or acquiesce in the benefits of any bankruptcy or similar debtor-relief laws within thirty (30) days of such action. Upon receipt of such notice, LICENSOR may, at its sole option, terminate this Agreement without prejudice to any other remedy to which LICENSOR may be entitled at law or in equity or elsewhere under this Agreement, by giving written notice of termination to LICENSEE.

LICENSEE's Financial Condition. LICENSEE shall immediately notify Knight in writing of its intent to: (a) liquidate and/or cease to carry on its business, (b) become “insolvent” (as such term is defined in the United States Bankruptcy Code, as amended from time to time), or (c) voluntarily seek, consent to or acquiesce in the benefits of any bankruptcy or similar debtor-relief laws within thirty (30) days of such action. Upon receipt of such notice, Knight may, at its sole option, terminate this Agreement without prejudice to any other remedy to which Knight may be entitled at law or in equity or elsewhere under this Agreement, by giving written notice of termination to LICENSEE, Failure by LICENSEE to provide such notice of intent will be deemed a material, pre-petition, incurable breach of this Agreement and the Agreement will terminate automatically on the date of such voluntary or involuntary petition in bankruptcy,