Common use of Other Conditions of Termination Clause in Contracts

Other Conditions of Termination. This Agreement will terminate: (a) Immediately without the necessity of any action being taken by MD Xxxxxxxx or Licensee: (i) if Licensee becomes bankrupt or insolvent; (ii) Licensee’s board of directors elects to liquidate its assets or dissolve its business; (iii) Licensee ceases its business operations; (iv) Licensee makes an assignment for the benefit of creditors; or (v) if the business or assets of Licensee are otherwise placed in the hands of a receiver, assignee or trustee, whether by voluntary act of Licensee or otherwise; or (b) At any time by mutual written agreement between Licensee and MD Xxxxxxxx; or (c) Immediately, upon written notice from MD Xxxxxxxx to Licensee, if the Upfront License Fee specified in Paragraph 3.1(b)(i) is not timely paid.

Other Conditions of Termination. This Agreement will terminate: (a) Immediately without the necessity of any action being taken by MD Xxxxxxxx LLU or Licensee: (i) if Licensee becomes bankrupt or insolvent; (ii) Licensee’s board of directors elects to liquidate its assets or dissolve its business; (iii) Licensee ceases its business operations; (iv) Licensee makes an assignment for the benefit of creditors; or (v) if the business or assets of Licensee are otherwise placed in the hands of a receiver, assignee or trustee, whether by voluntary act of Licensee or otherwise; or (b) At any time by mutual written agreement between Licensee and MD XxxxxxxxLLU; or (c) Immediately, upon written notice from MD Xxxxxxxx LLU to Licensee, if the Upfront License Fee specified in Paragraph Section 3.1(b)(i) is not timely paid.