We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Common use of Term and Early Termination Clause in Contracts

Term and Early Termination. 14.1 This Agreement shall commence on the Effective Date and, unless terminated earlier in accordance with provisions of this Agreement, continue to be in full force and effect until the date of completion of the Technical Cooperation Project [***] or until such other date to be mutually agreed upon between the Parties hereto. In case the Technical Cooperation Project is not completed by end of December 2007 or such other mutually agreed between the Parties, both Parties agree to continue the work under such Technical Cooperation Project pursuant to the terms of this Agreement for a reasonable period up to [***] and agree to share the additionally accruing actual development and the bear their personnel costs in the ratio as per the provisions of this Agreement. 14.2 Each Party hereto shall have the right to terminate this Agreement forthwith in the following events, by giving a written notice to the other Party at any time on or after: (1) the failure to correct or cure any material breach by such other Party of any covenant or obligation under this Agreement within thirty (30) days after receipt by such other Party of a written notice from the first-mentioned Party specifying such breach; (2) the filing by such other Party of a petition in bankruptcy or insolvency, or the filing by any third Party of a petition in bankruptcy or insolvency against the other Party, unless such filing is set aside, dismissed or withdrawn or ceased to be in effect within thirty (30) days from the date of such filing, or the filing by such other Party of any legal action or document seeking reorganization, readjustment or arrangement of such other Party’s business under any law relating to bankruptcy or insolvency, or the appointment of a receiver or bankruptcy trustee for all or substantially all of the property of such other Party, or the making by such other Party of any assignment for the benefit of creditors, or the institution of any proceedings for the liquidation or winding up of such other Party’s business or for the termination of its corporate charter; (3) the sale, assignment or other transfers of all or substantially all of the assets or the semiconductor business of such other Party to a third party, except as provided in Article 19.7; (4) the acquisition (whether by stock purchase, merger, acquisition of assets, issuance of voting stock or other similar interests, or otherwise) by a third party of ownership or control of more than fifty percent (50%) of the voting stock or other similar interests of such other Party, or a majority of the assets or business of such other Party, or other material changes in controlling ownership of such other Party; (5) such other Party’s consolidating or merging with or into (or entering into any other transaction or series of transactions with) a third party, where such other Party is not, or has no controlling ownership of, the surviving entity of such transaction or series of transactions, except as provided in Article ;19.7 14.3 In case the Joint Venture Agreement is terminated for cause, due to the breach of the Joint Venture Agreement by a Party, the Party being not in breach of the Joint Venture Agreement shall have the right to terminate this Agreement by giving a written notice to the other Party at any time after termination of the Joint Venture Agreement. 14.4 Further, [***] shall have the right to terminate [***] granted to [***] in the event that [***].

Appears in 2 contracts

Samples: Technical Cooperation Agreement (Qimonda AG), Technical Cooperation Agreement (Qimonda AG)

AutoNDA by SimpleDocs

Term and Early Termination. 14.1 20.1 This Agreement shall commence on the Effective Date and, unless terminated earlier in accordance with provisions of this Agreement, continue to be in full force and effect until the date of completion of the last Technical Cooperation Project [***] or until such other date to be mutually agreed upon between the Parties hereto. In case the Technical Cooperation Project is not completed by end of December 2007 or such other mutually agreed between the Parties, both Parties agree to continue the work under such Technical Cooperation Project pursuant to the terms [The second sentence of this Agreement for a reasonable period up provision has been superseded and replaced by Article 1 of the 5th Amendment to [***] and agree to share the additionally accruing actual development and the bear their personnel costs in the ratio as per the provisions of this Agreement.] 14.2 20.2 Each Party hereto shall have the right to terminate this Agreement forthwith in the following events, by giving a written notice to the other Party at any time on or after: (1) the failure to correct or cure any material breach by such other Party of any covenant or obligation under this Agreement within thirty (30) days after receipt by such other Party of a written notice from the first-mentioned Party specifying such breach; (2) the filing by such other Party of a petition in bankruptcy or insolvency, or the filing by any third Party of a petition in bankruptcy or insolvency against the other Party, unless such filing is set aside, dismissed or withdrawn or ceased to be in effect within thirty (30) days from the date of such filing, or the filing by such other Party of any legal action or document seeking reorganization, readjustment or arrangement of such other Party’s business under any law relating to bankruptcy or insolvency, or the appointment of a receiver or bankruptcy trustee for all or substantially all of the property of such other Party, or the making by such other Party of any assignment for the benefit of creditors, or the institution of any proceedings for the liquidation or winding up of such other Party’s business or for the termination of its corporate charter; (3) the sale, assignment or other transfers of all or substantially all of the assets or the semiconductor business of such other Party to a third party, except as provided in Article 19.724.8; (4) the acquisition (whether by stock purchase, merger, acquisition of assets, issuance of voting stock or other similar interests, or otherwise) by a third party of ownership or control of more than fifty percent (50%) of the voting stock or other similar interests of such other Party, or a majority of the assets or business of such other Party, or other material changes in controlling ownership of such other Party; (5) such other Party’s consolidating or merging with or into (or entering into any other transaction or series of transactions with) a third party, where such other Party is not, or has no controlling ownership of, the surviving entity of such transaction or series of transactions, except as provided in Article 24.8;19.7 14.3 20.3 In case the Joint Venture Agreement is terminated for cause, ,due to the breach of the Joint Venture Agreement by a Party, the Party being not in breach of the Joint Venture Agreement shall have the right to terminate this Agreement by giving a written notice to the other Party at any time after termination of the Joint Venture Agreement. 14.4 Further, [***] shall have the right to terminate [***] granted to [***] in the event that 20.4 [***].

Appears in 2 contracts

Samples: License and Technical Cooperation Agreement (Qimonda AG), License and Technical Cooperation Agreement (Qimonda AG)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!