Termination by Alkermes Sample Clauses
The 'Termination by Alkermes' clause grants Alkermes the right to end the agreement under specified circumstances. Typically, this clause outlines the conditions under which Alkermes may exercise this right, such as breach of contract, insolvency, or failure to meet certain milestones by the other party. By clearly defining Alkermes' ability to terminate, the clause provides a mechanism for managing risk and ensuring that Alkermes is not bound to an agreement that is no longer beneficial or has been compromised by the other party's actions.
Termination by Alkermes. Upon any Default by Corregidor under this Agreement, Alkermes may notify Corregidor in writing of such Default and require that Corregidor cure such Default within forty-five (45) days of Alkermes’ notice. In the event Corregidor shall not have cured the Default by the end of the forty-five (45) day grace period, Alkermes may elect to terminate this Agreement effective upon a second written notice to Corregidor. No Default as defined in Section 1.31(i) shall be deemed to have occurred by Corregidor under this Section 10.2 unless Alkermes shall have given notice thereof to Corregidor under this Section 10.2 prior to the eighteen (18) month anniversary of the Effective Date. Notwithstanding the foregoing, if Corregidor commits a Default with respect to (i) any obligation to provide information or reports to Alkermes pursuant to this Agreement or (ii) any obligation pursuant to Section 9.2 with respect to the disclosure of Alkermes Proprietary Information, Alkermes shall not have the right to terminate this Agreement pursuant to this Section 10.2 unless such Default has a material adverse effect on Alkermes. In addition, if Corregidor commits a Default under Section 4.4 of this Agreement, Alkermes shall not have the right to terminate this Agreement but instead may select the remedy established by Section 10.7. For clarity, notwithstanding Section 12.1, Alkermes shall not have the right to terminate this Agreement pursuant to this Section 10.2 for any default by Corregidor under the Sublease or the Equity Investment Agreements, or the Promissory Note or the Security Agreement if the latter two agreements become effective; provided, however, that (i) any failure to issue Series A Preferred Stock of Corregidor to Alkermes pursuant to Section 1.2(b) or 1.3(a) of the Series A Preferred Stock Purchase Agreement (which is one of the Equity Investment Agreements) after the Effective Date, or (ii) any failure of the requisite number of Stockholders and Key Holders (each as defined in the Voting Agreement (which is also one of the Equity Investment Agreements)) to vote, or cause to be voted, their Shares (as defined in the Voting Agreement) to elect a person designated by Alkermes to the Board of Directors of Corregidor pursuant to the terms of the Voting Agreement, which failure leads to the Alkermes designee not becoming or remaining a member of the Board of Directors of Corregidor, shall be deemed to be a Default by Corregidor hereunder, except in the event of (i) ...
Termination by Alkermes. Following initiation of the commercial launch of the Altus Product in the Territory, if Zogenix [***] in any given calendar quarter, then Alkermes will be entitled to terminate this Agreement by one hundred eighty (180) days prior written notice to Zogenix.”
1.5. A new Clause 18.3 as set forth below:
Termination by Alkermes. (a) If Targeted shall cease to carry on its business, this Agreement shall terminate upon notice by Alkermes.
(b) Should Targeted fail to make any payment whatsoever due and payable to Alkermes hereunder, Alkermes shall have the right to terminate this Agreement effective on thirty (30) days written notice, unless Targeted shall make all such payments to Alkermes within said thirty (30) day period. Upon the expiration of such thirty (30) day period, if Targeted shall not have made all such payments to Alkermes, the rights, privileges and license granted hereunder shall automatically terminate.