Termination for Insolvency/Bankruptcy. It either PII or RBX (i) makes a general assignment for the benefit or creditors or becomes insolvent; (ii) files an insolvency petition in bankruptcy; (iii) petitions for or acquiesces in the appointment of any receiver, trustee or similar officer to liquidate or conserve its business or a substantial part of its assets; (iv) commences under the laws of any jurisdiction any proceeding involving its insolvency, bankruptcy, reorganization, adjustment of debt, dissolution, liquidation or any other similar proceedings for the release of financially distressed debtors; or (v) becomes a party to any proceeding or action of the type described in (iii) or (iv) and such proceeding or action remains undismissed or unstayed for a period of more than sixty (60) days, then the other party may by written notice terminate this Agreement in its entirety with immediate effect.
Appears in 4 contracts
Samples: Option and License Agreement (Furiex Pharmaceuticals, Inc.), Option and License Agreement (Furiex Pharmaceuticals, Inc.), Option and License Agreement (Furiex Pharmaceuticals, Inc.)
