Termination by Insolvency. Either Party may terminate this Agreement upon notice to the other Party, upon (a) the dissolution, termination of existence, liquidation or business failure of the other Party; (b) the appointment of a custodian or receiver for the other Party who has not been terminated or dismissed within ninety (90) days of such appointment; (c) the institution by the other Party of any proceeding under national, federal or state bankruptcy, reorganization, receivership or other similar laws affecting the rights of creditors generally or the making by such Party of a composition or any assignment for the benefit of creditors under any national, federal or state bankruptcy, reorganization, receivership or other similar law affecting the rights of creditors generally, which proceeding is not dismissed within ninety (90) days of filing. All rights and licenses granted pursuant to this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of Title 11 of the United States Code, licenses of rights of “intellectual property” as defined therein.
Termination by Insolvency. Either party may terminate this Agreement by providing written notice to the other party if the other party ceases to function as a going concern, becomes insolvent, makes an assignment for the benefit of creditors, files a petition in bankruptcy, permits a petition in bankruptcy to be filed against it, or admits in writing its inability to pay its debts as they mature, or if a receiver is appointed for a substantial part of its assets.
Termination by Insolvency. Either Party may terminate this Agreement upon notice to the other Party, upon (a) the dissolution, termination of existence, liquidation or business failure of the other Party; (b) the appointment of a custodian or receiver for the other Party who has not been terminated or dismissed within [***] of such appointment; (c) the institution by the other Party of any proceeding under national, federal or state bankruptcy, reorganization, receivership or other similar laws affecting the rights of creditors generally or the making by such Party of a composition or any assignment for the benefit of creditors under any national, federal or state bankruptcy, reorganization, receivership or other similar law affecting the rights of creditors generally, which proceeding is not dismissed within [***] of filing. All rights and licenses granted pursuant to this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of Title 11 of the United States Code, licenses of rights of “intellectual property” as defined therein.
Termination by Insolvency. To the extent applicable, either Party may terminate this Contract by providing written notice to the other Party if the other Party becomes insolvent, makes an assignment for the benefit of creditors, files a petition in bankruptcy, permits a petition in bankruptcy to be filed against it, or admits in writing its inability to pay its debts as they mature, or if a receiver is appointed for a substantial part of its assets. In the event that this Contract is terminated or rejected by a Party or its receiver or trustee under applicable bankruptcy laws due to such Party’s bankruptcy, the Parties agree that this is a services agreement, and that there are no rights and licenses granted under or pursuant to this Agreement by such Party to the other Party which shall be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code and any similar laws in any other country, licenses of rights to “intellectual property” as defined under Section 101(35A) of the U.S. Bankruptcy Code.
Termination by Insolvency. Either Party may terminate this Agreement immediately upon notice to the other Party if the other Party shall (a) file in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction a petition in bankruptcy or insolvency or for reorganization or for arrangement or for the appointment of a receiver or trustee of that Party or its assets; (b) be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within *** days after the filing thereof; (c) propose or be a party to any dissolution or liquidation; or (d) make an assignment for the benefit of its creditors.
Termination by Insolvency. If a decree or order by a court having jurisdiction of the Premises shall be entered (a) adjudging Tenant bankrupt or insolvent, or (b) approving as properly filed a petition seeking reorganization of Tenant under any bankruptcy or insolvency law, or (c) for the winding up or liquidation of Tenant's affairs, or (d) for the appointment of a receiver or a liquidator or trustee in bankruptcy or insolvency of Tenant or any of Tenant's property, and such decree or order shall continue undischarged or unstayed for thirty (30) days, or if Tenant shall institute or consent to insolvency or bankruptcy proceedings by or against Tenant, or file petition, answer, or consent to the appointment of a receiver or liquidator or trustee in bankruptcy or insolvency of Tenant or Tenant's property, or make assignment for the benefit of creditors, or admit in writing Tenant's inability to pay debts generally as they become due, or take corporate action in furtherance of any of the aforesaid purposes, then and in any such event, Landlord may, if Landlord so elects, with or without notice or entry or other action, forthwith terminate this Lease, and shall upon such termination be entitled to recover damages in an amount equal to the present value of the rent reserved under this Lease for the residue of the stated term less the fair rental value of the Premises for such residue or in any greater amount as may be permitted by law up to the full amount of the rent reserved by this Lease to the end of the stated term. In addition to any other rights and remedies Landlord may have by any provisions in this Lease or in any statute or rule or law, Landlord may retain as liquidated damages any rent, security, deposit, or monies received by Landlord from Tenant or others on behalf of Tenant.
Termination by Insolvency. Any Party shall be entitled to terminate this Agreement where the other Party ceases to do business, becomes unable to pay its debts as they fall due, has a receiver, examiner or similar officer appointed in respect of the whole or any part of its assets or business, makes any composition or arrangement with its creditors, takes or suffers any similar action in consequence of debt or an order or resolution is made for its dissolution or liquidation (other than for the purpose of solvent amalgamation or reconstruction), or any equivalent or similar action or proceeding is taken or suffered in any jurisdiction and the same is not dismissed or discharged within 30 days thereafter.
Termination by Insolvency. The Club Manager may terminate this Agreement immediately if (i) any petition in bankruptcy or other insolvency proceedings shall be filed by or against Member, or any petition shall be filed or other action taken to declare Member a bankrupt or to delay, reduce or modify Member’s debts or obligations or to reorganize or modify Member’s capital structure or indebtedness or to appoint a trustee, receiver or liquidator of Member or of any property of Member, or any proceeding or other action shall be commenced or taken by any governmental authority for the dissolution or liquidation of Member; (ii) Member shall become insolvent, or Member shall make an assignment for the benefit of creditors, or Member shall make a transfer in fraud of creditors, or a receiver or trustee shall be appointed for Member or any of its properties, or (iii) the admission by Member that it cannot meet its obligations as they become due, or (iv) the termination, dissolution or liquidation of Member.
Termination by Insolvency. Either Party will have the right to terminate this Agreement in its entirety, upon immediate written notice if the other Party (a) applies for or consents to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property, (b) makes a general assignment for the benefit of its creditors, (c) commences a voluntary case under the bankruptcy code of any country, (d) files a petition seeking to take advantage of any Applicable Laws relating to bankruptcy, insolvency, reorganization, winding-up or composition or readjustment of debts, (e) fails to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in any involuntary case under the bankruptcy code of any country, (f) takes any corporate action for the purpose of effecting any of the foregoing, (g) has a proceeding or case commenced against it in any court ActiveUS 170335185 EXECUTION VERSION of competent jurisdiction, seeking (1) its liquidation, reorganization, dissolution or winding-up or the composition or readjustment of its debts, (2) the appointment of a trustee, receiver, custodian, liquidator or the like of all or any substantial part of its assets, or (3) similar relief under the bankruptcy code of any country, or an order, judgment or decree approving any of the foregoing is entered, or (h) has an order for relief against it entered in an involuntary case under the bankruptcy code of any country and, in any of (a) through (g) above, the application, assignment, commencement, filing, or corporate action continues unstayed for, and/or is not otherwise discharged or withdrawn on or before, a period of sixty (60) days.
Termination by Insolvency. In the event the interest or estate created in Tenant hereby shall be taken in execution or by other process of law or if Tenant hereby shall be taken in execution or by other process of law or if Tenant is adjudicated insolvent or bankrupt pursuant to the provisions of any State Act or the Bankruptcy Code or if Tenant is adjudicated insolvent by a Court of competent jurisdiction other than the United States Bankruptcy Court, or if a receiver or trustee of the property of Tenant, if any, to pay its debts, or if any assignment shall be made of the property of Tenant or, if any, for the benefit of creditors, then and in any such events, this Lease and all rights of Tenant hereunder shall automatically cease and terminate with the same force and effect as though the date of such event were the date originally set forth herein and fixed for the expiration of the term, and Tenant shall vacate and surrender the Leased Premises but shall remain liable as herein provided.
