Common use of Termination by Default Clause in Contracts

Termination by Default. (a) If either party defaults in the performance of, or fails to be in compliance with, any material agreement, condition or covenant of this Agreement, including, as to Triangle, the provisions of Section 16.2 hereof, the non-defaulting party may terminate this Agreement with respect to the defaulting party if such default or noncompliance shall not have been remedied, or, in the event the default or non-compliance cannot be remedied within such period, reasonable steps shall not, have been initiated to remedy the same, within [BUKWANG REDACTED] after receipt by the defaulting party of a written notice thereof from the non-defaulting party. (b) In the event that: (i) any proceeding is commenced by or against a party seeking relief under any bankruptcy, insolvency or similar law and if such proceeding is involuntary, it remains undismissed for [BUKWANG REDACTED]; or a party, by action or answer, approves of, consents to or acquiesces in such proceeding or admits the material allegations of or defaults in answering a petition filed in such proceeding; or (ii) a receiver, liquidator, assignee, custodian or trustee (or similar official) is appointed for a party in respect of any substantial part of its assets or for purposes of the winding-up or liquidating of its business and such appointment remains unstayed and in effect for a period of [BUKWANG REDACTED]; or (iii) a party makes an assignment for the benefit of creditors; then, in any such event, such party shall be deemed in default for purposes of this Section 15.2.

Termination by Default. (a) If either party defaults in the performance of, or fails to be in compliance with, any material agreement, condition or covenant of this Agreement, including, as to Triangle, the provisions of Section 16.2 hereof, including the non-defaulting party may terminate this Agreement with respect to the defaulting party if such default or noncompliance shall not have been remedied, or, in the event the default or non-compliance cannot be remedied within such period, reasonable steps shall not, not have been initiated to remedy the same, within [BUKWANG REDACTED] after receipt by the defaulting party of a written notice thereof from the non-defaulting party. (b) In the event that: (i) any proceeding is commenced by or against a party seeking relief under any bankruptcy, insolvency or similar law and if such proceeding is involuntary, it remains undismissed for [BUKWANG REDACTED]; ] or a party, by action or answer, approves of, consents to or acquiesces in such proceeding or admits the material allegations of or defaults in answering a petition filed in such proceeding; or (ii) a receiver, liquidator, assignee, custodian or trustee (or similar official) is appointed for a party in respect of any substantial part of its assets or of for purposes of the winding-up or liquidating liquidation of its business and such appointment remains unstayed and in effect for a period of [BUKWANG REDACTED]; or (iii) a party makes an assignment for the benefit of creditors; then, in any such event, such party shall be deemed in default for purposes of this Section 15.216.2.

Termination by Default. (a) If either party defaults in the performance of, or fails to be in compliance with, any material agreement, condition or covenant of this Agreement, including, as to Triangle, the provisions of Section 16.2 hereof, the non-defaulting party may terminate this Agreement with respect to the defaulting party if such default or noncompliance shall not have been remedied, or, in the event the default or non-compliance cannot be remedied within such period, reasonable steps shall not, not have been initiated to remedy the same, within [BUKWANG REDACTED] *** after receipt by the defaulting party of a written notice thereof from the non-defaulting party. (b) In the event that: (i) any proceeding is commenced by or against a party seeking relief under any bankruptcy, insolvency or similar law and if such proceeding is involuntary, it remains undismissed for [BUKWANG REDACTED]*** ; or a party, by action or answer, approves of, consents to or acquiesces in such proceeding or admits the material allegations of or defaults in answering a petition filed in such proceeding; or (ii) a receiver, liquidator, assignee, custodian or trustee (or similar official) is appointed for a party in respect of any substantial part of its assets or for purposes of the winding-up or liquidating liquidation of its business and such appointment remains unstayed and in effect for a period of [BUKWANG REDACTED]*** ; or (iii) a party makes an assignment for the benefit of creditors; then, in any such event, such party shall be deemed in default for purposes of this Section 15.2.or

Termination by Default. (a) If either party defaults in the performance of, or fails to be in compliance with, any material agreement, condition or covenant of this Agreement, including, as to Triangle, the provisions of Section 16.2 hereof, the non-defaulting party may terminate this Agreement with respect to the defaulting party if such default or noncompliance shall not have been remedied, or, in the event the default or non-compliance cannot be remedied within such period, reasonable steps shall not, not have been initiated to remedy the same, within [BUKWANG REDACTED] sixty (60) days after receipt by the defaulting party of a written notice thereof from the non- defaulting party. If the defaulting party's default relates solely to its obligations under the Research Program, the non-defaulting partyparty may elect to terminate only the Research Program pursuant to the Section 17.2(a) without affecting the remainder of the Agreement. (b) In the event that: (i) any proceeding is commenced by or against a party seeking relief under any bankruptcy, insolvency or similar law and if such proceeding is involuntary, it remains undismissed for [BUKWANG REDACTED]sixty (60) days; or a party, by action or answer, approves of, consents to or acquiesces in such proceeding or admits the material allegations of or defaults in answering a petition filed in such proceeding; or (ii) a receiver, liquidator, assignee, custodian or trustee (or similar official) is appointed for a party in respect of any substantial part of its assets or for purposes of the winding-up or liquidating liquidation of its business and such appointment remains unstayed and in effect for a period of [BUKWANG REDACTED]sixty (60) days; or (iii) a party makes an assignment for the benefit of creditors; then, in any such event, such party shall be deemed in default for purposes of this Section 15.217.2.

Termination by Default. (a) If either party defaults in the performance of, or fails to be in compliance with, any material agreement, condition or covenant of this Agreement, including, as to Triangle, the provisions of Section 16.2 hereof, the non-defaulting party may terminate this Agreement with respect to the defaulting party if such default or noncompliance shall not have been remedied, or, in the event the default or non-compliance cannot be remedied within such period, reasonable steps shall not, not have been initiated to remedy the same, within [BUKWANG REDACTED] sixty (60) days after receipt by the defaulting party of a written notice thereof from the non- defaulting party. If the defaulting party's default relates solely to its obligations under the Research Program, the non-defaulting partyparty may elect to terminate only the Research Program pursuant to the Section 16.2(a) without affecting the remainder of the Agreement. (b) In the event that: (i) any proceeding is commenced by or against a party seeking relief under any bankruptcy, insolvency or similar law and if such proceeding is involuntary, it remains undismissed for [BUKWANG REDACTED]sixty (60) days; or a party, by action or answer, approves of, consents to or acquiesces in such proceeding or admits the material allegations of or defaults in answering a petition filed in such proceeding; or (ii) a receiver, liquidator, assignee, custodian or trustee (or similar official) is appointed for a party in respect of any substantial part of its assets or for purposes of the winding-up or liquidating liquidation of its business and such appointment remains unstayed and in effect for a period of [BUKWANG REDACTED]sixty (60) days; or (iii) a party makes an assignment for the benefit of creditors; then, in any such event, such party shall be deemed in default for purposes of this Section 15.216.2. (c) Dynavax may terminate this Agreement as specified in Section 7.3.