Termination for Bankruptcy or Insolvency. This Agreement may be terminated immediately in the event that either party is declared insolvent, is adjudged bankrupt or files a petition for bankruptcy or re-organization under any bankruptcy law, is expropriated or sequestrated or submits or has to submit to any other administrative or judicial measures of control. Insolvency is defined to mean the inability to pay debts, as they become due and the excess of liabilities over assets.
Appears in 5 contracts
Samples: Supply and Distribution Agreement, Supply and Distribution Agreement (Viragen International Inc), Supply and Distribution Agreement (Viragen International Inc)
Termination for Bankruptcy or Insolvency. This Agreement may be terminated immediately in the event that either party Party is declared insolvent, is adjudged bankrupt or files a petition for bankruptcy or re-organization under any bankruptcy law, is expropriated or sequestrated or submits or has to submit to any other administrative or judicial measures of control. Insolvency is defined to mean the inability to pay debts, as they become due and the excess of liabilities over assets.
Appears in 3 contracts
Samples: Supply and Distribution Agreement, License Agreement (Viragen Inc), License Agreement (Viragen Inc)
Termination for Bankruptcy or Insolvency. This Agreement may be terminated immediately in the event that either party is declared insolvent, is adjudged bankrupt or files a petition for bankruptcy or re-organization reorganization under any bankruptcy law, is expropriated or sequestrated or submits or has to submit to any other administrative or judicial measures of control. Insolvency is defined to mean the inability to pay debts, as they become due and the excess of liabilities over assets.
Appears in 3 contracts
Samples: Distibution and Supply Agreement, Supply and Distribution Agreement (Viragen International Inc), Supply and Distribution Agreement (Samaritan Pharmaceuticals Inc)
Termination for Bankruptcy or Insolvency. This Agreement may be terminated immediately in the event that either party is declared insolvent, is adjudged bankrupt or files a petition for bankruptcy or re-organization under any bankruptcy law, is expropriated or sequestrated or submits or has to submit to any other administrative or judicial measures of control. Insolvency is defined to mean the inability to pay debts, as they become due and the excess of liabilities over assets.. 11.2.3
Appears in 1 contract
Samples: And Distribution Agreement
