Common use of Other Conditions of Termination Clause in Contracts

Other Conditions of Termination. The Agreement will terminate: (a) Immediately without the necessity of any action being taken by Licensor or Licensee, (i) if Licensee files for bankruptcy under Chapter 7 or Chapter 11 of the U.S. Bankruptcy Act or becomes insolvent, or (ii) Licensee’s Board of Directors elects to liquidate its assets or dissolve its business, or (iii) Licensee makes an assignment for the benefit of creditors or (iv) if the business or assets of Licensee are otherwise placed in the hands of a receiver, assignee for the protection of creditors or trustee, whether by voluntary act of Licensee or otherwise; or (b) At any time by mutual written agreement between Licensee and Licensor.

Other Conditions of Termination. The Agreement will terminate: (a) Immediately without the necessity of any action being taken by Licensor or Licensee, (i) if Licensee files has a petition in bankruptcy filed for bankruptcy under Chapter 7 or Chapter 11 of the U.S. Bankruptcy Act or becomes insolventagainst it, or (ii) Licensee’s Board of Directors elects to liquidate majority of its assets or dissolve its business, or (iii) Licensee ceases its business operations, or (iv) Licensee makes an assignment for the benefit of creditors or (ivv) if the business or assets of Licensee are otherwise placed in the hands of a receiver, assignee for the protection benefit of creditors or trustee, whether by voluntary act of Licensee or otherwise; or (b) At any time by mutual written agreement between Licensee and Licensor.