Common use of Release Conditions Clause in Contracts

Release Conditions. The Escrow Agreement shall provide that release of the Source Code Materials to the JBE shall occur if any of the following occur (each, a “Release Condition”): (i) Contractor materially breaches any of its obligations to provide maintenance and support services for the Licensed Software; (ii) Contractor dissolves, becomes insolvent or ceases to conduct business as a going concern; (iii) Contractor makes a general assignment for the benefit of creditors or commences any case, proceeding or other action seeking to have an order for relief entered on Contractor’s behalf as a debtor or to adjudicate Contractor as bankrupt or insolvent, or seeks a reorganization, liquidation, dissolution or composition of Contractor or Contractor’s debts under any law relating to bankruptcy, insolvency, or relief of debtors or seeking appointment of a receiver, trustee, custodian or similar official for Contractor or for all or any substantial portion of Contractor’s assets; or (iv) any case, proceeding or similar action is brought against Contractor seeking to have an order for relief entered against it to adjudicate it as bankrupt or insolvent, or seeking reorganization, liquidation, dissolution or composition of Contractor or Contractor’s debts under any law relating to bankruptcy, insolvency, reorganization or the relief of debtors or seeking appointment of a receiver, trustee, custodian or similar official for Contractor or for all or any substantial portion of Contractor’s assets that relate to this Agreement, and such case, proceeding or other action (1) results in the entry of an order for relief against Contractor which is not fully stayed within sixty (60) calendar days after the entry thereof or (2) remains undismissed for a period of sixty (60) calendar days.

Release Conditions. The Escrow Agreement shall provide that release of the Source Code Materials to the JBE Court shall occur if any of the following occur (each, a “Release Condition”): (i) Contractor materially breaches any of its obligations to provide maintenance and support services for the Licensed Software; (ii) Contractor dissolves, becomes insolvent or ceases to conduct business as a going concern; (iii) Contractor makes a general assignment for the benefit of creditors or commences any case, proceeding or other action seeking to have an order for relief entered on Contractor’s behalf as a debtor or to adjudicate Contractor as bankrupt or insolvent, or seeks a reorganization, liquidation, dissolution or composition of Contractor or Contractor’s debts under any law relating to bankruptcy, insolvency, or relief of debtors or seeking appointment of a receiver, trustee, custodian or similar official for Contractor or for all or any substantial portion of Contractor’s assets; or (iv) any case, proceeding or similar action is brought against Contractor seeking to have an order for relief entered against it to adjudicate it as bankrupt or insolvent, or seeking reorganization, liquidation, dissolution or composition of Contractor or Contractor’s debts under any law relating to bankruptcy, insolvency, reorganization or the relief of debtors or seeking appointment of a receiver, trustee, custodian or similar official for Contractor or for all or any substantial portion of Contractor’s assets that relate to this Agreement, and such case, proceeding or other action (1) results in the entry of an order for relief against Contractor which is not fully stayed within sixty (60) calendar days after the entry thereof or (2) remains undismissed for a period of sixty (60) calendar days.

Release Conditions. The Escrow Agreement shall provide that release of the Source Code Materials to the JBE shall occur if any of the following occur (each, a “Release Condition”): (i) Contractor materially breaches any of its obligations to provide maintenance and support services for the Licensed Software;. (ii) Contractor dissolves, becomes insolvent or ceases to conduct business as a going concern;. (iii) Contractor makes a general assignment for the benefit of creditors or commences any case, proceeding or other action seeking to have an order for relief entered on Contractor’s behalf as a debtor or to adjudicate Contractor as bankrupt or insolvent, or seeks a reorganization, liquidation, dissolution or composition of Contractor or Contractor’s debts under any law relating to bankruptcy, insolvency, or relief of debtors or seeking appointment of a receiver, trustee, custodian or similar official for Contractor or for all or any substantial portion of Contractor’s assets; or (iv) any case, proceeding or similar action is brought against Contractor seeking to have an order for relief entered against it to adjudicate it as bankrupt or insolvent, or seeking reorganization, liquidation, dissolution or composition of Contractor or Contractor’s debts under any law relating to bankruptcy, insolvency, reorganization or the relief of debtors or seeking appointment of a receiver, trustee, custodian or similar official for Contractor or for all or any substantial portion of Contractor’s assets that relate to this Agreement, and such case, proceeding or other action (1) results in the entry of an order for relief against Contractor which is not fully stayed within sixty (60) calendar days after the entry thereof or (2) remains undismissed for a period of sixty (60) calendar days.

Release Conditions. The Escrow Agreement shall provide that release of the Source Code Materials to the JBE Judicial Council shall occur if any of the following occur (each, a “Release Condition”): (i) Contractor materially breaches any of its obligations to provide maintenance and support services for the Licensed Software; (ii) Contractor dissolves, becomes insolvent or ceases to conduct business as a going concern; (iii) Contractor makes a general assignment for the benefit of creditors or commences any case, proceeding or other action seeking to have an order for relief entered on Contractor’s behalf as a debtor or to adjudicate Contractor as bankrupt or insolvent, or seeks a reorganization, liquidation, dissolution or composition of Contractor or Contractor’s debts under any law relating to bankruptcy, insolvency, or relief of debtors or seeking appointment of a receiver, trustee, custodian or similar official for Contractor or for all or any substantial portion of Contractor’s assets; or (iv) any case, proceeding or similar action is brought against Contractor seeking to have an order for relief entered against it to adjudicate it as bankrupt or insolvent, or seeking reorganization, liquidation, dissolution or composition of Contractor or Contractor’s debts under any law relating to bankruptcy, insolvency, reorganization or the relief of debtors or seeking appointment of a receiver, trustee, custodian or similar official for Contractor or for all or any substantial portion of Contractor’s assets that relate to this Agreement, and such case, proceeding or other action (1) results in the entry of an order for relief against Contractor which is not fully stayed within sixty (60) calendar days after the entry thereof or (2) remains undismissed for a period of sixty (60) calendar days.

Release Conditions. The Escrow Agreement shall provide that release of the Source Code Materials to the JBE AOC shall occur if any of the following occur (each, a “Release Condition”): (i) Contractor materially breaches any of its obligations to provide maintenance and support services for the Licensed Software; (ii) Contractor dissolves, becomes insolvent or ceases to conduct business as a going concern; (iii) Contractor makes a general assignment for the benefit of creditors or commences any case, proceeding or other action seeking to have an order for relief entered on Contractor’s behalf as a debtor or to adjudicate Contractor as bankrupt or insolvent, or seeks a reorganization, liquidation, dissolution or composition of Contractor or Contractor’s debts under any law relating to bankruptcy, insolvency, or relief of debtors or seeking appointment of a receiver, trustee, custodian or similar official for Contractor or for all or any substantial portion of Contractor’s assets; or (iv) any case, proceeding or similar action is brought against Contractor seeking to have an order for relief entered against it to adjudicate it as bankrupt or insolvent, or seeking reorganization, liquidation, dissolution or composition of Contractor or Contractor’s debts under any law relating to bankruptcy, insolvency, reorganization or the relief of debtors or seeking appointment of a receiver, trustee, custodian or similar official for Contractor or for all or any substantial portion of Contractor’s assets that relate to this Agreement, and such case, proceeding or other action (1) results in the entry of an order for relief against Contractor which is not fully stayed within sixty (60) calendar days after the entry thereof or (2) remains undismissed for a period of sixty (60) calendar days.or

Release Conditions. The Escrow Agreement shall provide that release of the Source Code Materials to the JBE COURT shall occur if any of the following occur (each, a “Release Condition”): (i) Contractor materially breaches any of its obligations to provide maintenance and support services for the Licensed Software; (ii) Contractor dissolves, becomes insolvent or ceases to conduct business as a going concern; (iii) Contractor makes a general assignment for the benefit of creditors or commences any case, proceeding or other action seeking to have an order for relief entered on Contractor’s behalf as a debtor or to adjudicate Contractor as bankrupt or insolvent, or seeks a reorganization, liquidation, dissolution or composition of Contractor or Contractor’s debts under any law relating to bankruptcy, insolvency, or relief of debtors or seeking appointment of a receiver, trustee, custodian or similar official for Contractor or for all or any substantial portion of Contractor’s assets; or (iv) any case, proceeding or similar action is brought against Contractor seeking to have an order for relief entered against it to adjudicate it as bankrupt or insolvent, or seeking reorganization, liquidation, dissolution or composition of Contractor or Contractor’s debts under any law relating to bankruptcy, insolvency, reorganization or the relief of debtors or seeking appointment of a receiver, trustee, custodian or similar official for Contractor or for all or any substantial portion of Contractor’s assets that relate to this Agreement, and such case, proceeding or other action (1) results in the entry of an order for relief against Contractor which is not fully stayed within sixty (60) calendar days after the entry thereof or (2) remains undismissed for a period of sixty (60) calendar days.