Common use of Termination and Expiration Clause in Contracts

Termination and Expiration. 10.1 This Agreement automatically and immediately terminates without notice to the Licensee if any proceeding under the Bankruptcy and Insolvency Act of Canada, or any other statute or similar purpose, is started by or against the Licensee. 10.2 The Licensor shall be entitled to terminate this Agreement immediately with notice upon the occurrence of any of the following events: (a) the Licensee becomes insolvent or makes an assignment for the benefit of creditors or passes a resolution for winding up and the orderly payment of debts, unless a trustee or other representative of the Licensee is willing and able to complete the Licensee’s obligations under this Agreement; or (b) the Licensee ceases or threatens to cease carrying out business; (c) the Technology becomes the subject to any security interest, charge or encumbrance of any third party claiming through the Licensee; or (d) the Licensee is in breach of any of its obligations under this Agreement and fails to remedy such breach within sixty (60) days after written notice of such failure has been given to the Licensee by the Licensor, or, the necessary period where such breach would take more than sixty (60) days to remedy, to commence and proceed diligently to remedy such breach provided such period is not greater than ninety (90) days or as otherwise agreed in writing by the Parties.;