Mutual Termination Rights. This Agreement may be terminated with immediate effect upon the mutual agreement of the Parties or by either Party if: (a) The other Party commits a material breach of this Agreement that is unremedied later than ninety (90) days after written notice of such material breach has been sent to the breaching Party specifying the breach in reasonable detail, in which event the termination shall be effective ninety (90) days after receipt of the written notice, unless the breaching Party cures the breach within that ninety (90) day notice period, or, if such breach is incapable of cure within such ninety (90) day period, the breaching Party has commenced good faith efforts to cure such breach within such ninety (90) day period and cures such breach within six (6) months after the receipt of the notice of material breach; or (b) the other Party enters into a bankruptcy event, meaning the other Party (i) shall voluntarily file in any court pursuant to any statute of any Governmental Authority in any country a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of such Party or of its assets; (ii) shall be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within sixty (60) days after the filing thereof; (iii) shall be a Party to any dissolution or liquidation; or (iv) shall make a general assignment for the benefit of its creditors.
Appears in 6 contracts
Samples: License and Supply Agreement, License & Supply Agreement (Reliant Pharmaceuticals, Inc.), License & Supply Agreement (Reliant Pharmaceuticals, Inc.)
