Termination for Bankruptcy, Etc. Either Party shall be entitled to terminate this Agreement immediately:
(a) if any creditor of the other Party or any other person levies or attempts to levy any distress, execution, sequestration or other process over the business assets of the other Party or an encumbrancer takes or attempts to take possession of the business or assets of the other Party;
(b) if a petition shall be presented for the winding up of the other Party or if a meeting is convened for the purpose of passing a resolution for the winding up of the other Party;
(c) if a receiver, administrative receiver, manager, trustee or administrator shall be appointed over all or any part of the business or assets of the other Party;
(d) if the other Party or any director or creditor of such other Party shall present a petition to the court for an administrative order in respect of such other Party;
(e) if the other Party shall convene a meeting of its creditors or shall make any proposal for or enter into any compromise, composition or scheme of arrangement with its creditors or make any assignment for the benefit of its creditors;
(f) if the other Party shall be deemed to be unable to pay its debts within the meaning of any relevant insolvency law or any relevant insolvency decree or regulation (or any statutory amendment or reenactment thereof); or
(g) if any event analogous to the foregoing shall occur under the laws of any relevant jurisdiction.
Termination for Bankruptcy, Etc. This Agreement may be terminated by BD, Newco or TriPath if any other Party (the "Insolvent Party") (i)(A) institutes any proceeding or files a petition commencing a voluntary case for the relief of debtors, or seeking liquidation, dissolution, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for any party hereto or for any substantial part of its property, (B) shall admit in writing its inability to pay its debts generally, (C) shall make a general assignment for the benefit of creditors, or (D) shall take any action to authorize or effect any of the actions set forth above in this subsection; or (ii) becomes the subject of any proceeding seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for the parties hereto or any substantial part of its property, and either such --------------- CONFIDENTIAL MATERIALS OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS. proceeding shall remain undismissed or unstayed for a period for a period of sixty (60) days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against it or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property) shall occur.
Termination for Bankruptcy, Etc. If any proceedings in bankruptcy, reorganization, insolvency, liquidation or receivership are commenced by or against either Party, the other Party may, upon twenty-four (24) hours written notice, terminate this Agreement within immediate effect. Third Party Use BUYER may resell and permit third parties to use the IDC Service, subject to the following conditions: no such resale or third party use will lessen or modify BUYER’s obligations under this Agreement; use of the IDC Service by third parties must comply with this Agreement and all applicable laws; BUYER must possess or maintain all licenses, permits and other requirements that may be applicable to such resale or third party use. BUYER must, and hereby agrees to, indemnify, defend and hold harmless SELLER and SELLER’s Affiliates, employees, agents, subcontractors and suppliers for and from all liabilities and costs (including reasonable legal fees) arising from any and all claims by any third party in connection with the IDC Service, (including, without limitation, any claims regarding content transmitted using the IDC Service or violation of data protection legislation) regardless of the form of action, whether in contract, tort, warranty, or strict liability. Warranty and Limitation of Liability
Termination for Bankruptcy, Etc. Without limiting the generality of the foregoing, (i) either HEM, based on events affecting Aspire, or (ii) Aspire based on events affecting HEM, may terminate this Agreement if:
Termination for Bankruptcy, Etc. A Party may terminate an Engagement Schedule immediately by giving notice to the other Party if that other Party makes an assignment for the benefit of creditors, dissolves or liquidates or files a voluntary petition in bankruptcy or a similar proceeding; if an involuntary petition in bankruptcy or a similar proceeding is filed against that other Party and is not stayed or dismissed within thirty (30) days; if a receiver is appointed for all or substantially all of that other Party's assets; or if execution is made on all or substantially all of that other Party's assets.
Termination for Bankruptcy, Etc. QLGN may, to the extent permitted by Applicable Law, terminate this Agreement immediately upon written notice to Pan-RAS if Pan-RAS files in any court or agency pursuant to any Applicable Law, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of Pan-RAS or of its assets, or if Pan-RAS is served with an involuntary petition against it, filed in any proceeding of such sort, and such petition is not dismissed within 60 days after the filing thereof, or if Pan-RAS overtly proposes to dissolve or liquidate, or if Pan-RAS makes an assignment for the benefit of its creditors.
Termination for Bankruptcy, Etc. Licensee may, to the extent permitted by Applicable Law, terminate this Agreement immediately upon written notice to Taurus if Taurus files in any court or agency pursuant to any Applicable Law, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of Taurus or of its assets, or if Taurus is served with an involuntary petition against it, filed in any proceeding of such sort, and such petition is not dismissed within 60 days after the filing thereof, or if Taurus overtly proposes to dissolve or liquidate, or if Taurus makes an assignment for the benefit of its creditors. Taurus may, to the extent permitted by Applicable Law, terminate this Agreement immediately upon written notice to Licensee if Licensee files in any court or agency pursuant to any Applicable Law, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of Licensee or of its assets, or if Licensee is served with an involuntary petition against it, filed in any proceeding of such sort, and such petition is not dismissed within 60 days after the filing thereof, or if Licensee overtly proposes to dissolve or liquidate, or if Licensee makes an assignment for the benefit of its creditors.
Termination for Bankruptcy, Etc. (A) In the event of bankruptcy, cessation of payments, liquidation or winding up or in the occurrence of an analogous situation having the same results at the relevant jurisdiction of Buyer and/or SPI and/or Thelmico the following consequences shall apply:
(i) this Agreement shall be terminated automatically (ipso facto) and shall have no further effect (for the avoidance of doubt, such termination shall be ex nunc and any Closings which already have occurred will not be affected);
(ii) the Judicial Proceedings may be reinstated by any of the litigants to such Judicial Proceedings (in its sole discretion);
(iii) the irrevocable authorization of SPI and Thelmico to apply all Net Cash Flow (minus the Cash Reserves) generated pursuant to paragraph 9.5 hereof shall automatically (ipso facto) be terminated; Seller shall have the right to retain the balance of the amounts constituting all Net Cash Flow (minus the Cash Reserves) as “αρραβώνας” (402 Greek Civil Code) up to the amount of the Penalty minus any amounts of Net Cash Flow (minus the Cash Reserves) which have been used for previous Closings;
(iv) Buyer, SPI and Thelmico shall be jointly and severally liable within the meaning of article 481 of the Greek Civil Code to pay the Penalty to Seller for the amount not covered by the Net Cash Flow (minus the Cash Reserves) retained in accordance with Clause 17 (e), (A) (iii) within an exclusive time period of ten (10) Business Days, and if not paid then the EPC Indebtedness and the MPA Indebtedness for any Companies which have not achieved Closing at that time shall be reduced automatically (ipso facto) and pro rata by an equal amount [i.e., by the amount of the Penalty minus Net Cash Flow (minus the Cash Reserves) already retained] respectively and the Parties, in such instance, shall be deemed to have agreed hereby an amendment of the relevant provisions of the EPC Agreements and MPA’s for any Companies (which have not achieved Closing at that time) for reducing such indebtedness.
Termination for Bankruptcy, Etc. Either party shall have the right to terminate this Agreement with 60 days prior written notice in the event of insolvency, bankruptcy, liquidation, appointment of receiver and attachment, of or for the other party.
Termination for Bankruptcy, Etc. Either Party may, in addition to any other remedies available to it by law or in equity, terminate this Agreement, in whole or in part as the terminating Party may determine, by notice to the other Party in the event the other Party shall have become insolvent or bankrupt, or shall have made an assignment for the benefit of its creditors, or
