Termination for Insolvency Event. Either Party may terminate this Agreement upon written notice to the other Party if the other Party suffers an Insolvency Event.
Termination for Insolvency Event. In the event one Party (“Insolvency Party”) incurs an Insolvency Event, the other Party (“Non-Insolvency Party”) shall have the right to terminate this Agreement in its entirety effective immediately upon written notice to the Insolvency Party of such termination.
Termination for Insolvency Event. If a Party becomes insolvent, is dissolved or liquidated, files or has filed against it a petition in bankruptcy, reorganization, dissolution or liquidation or similar action filed by or against it, is adjudicated as bankrupt, or has a receiver appointed for its business occur (any of the preceding events, an “Insolvency Event”), then such Party shall promptly notify the other Party in writing that such event has occurred. If any Insolvency Event is not cured within ninety (90) calendar days after such Insolvency Event, then the other Party shall have the right to terminate this Agreement by giving written notice of termination to the other Party.
Termination for Insolvency Event. To the fullest extent permitted by law, this Agreement may be terminated at the option of the terminating party upon written notice to the other party upon the occurrence of any of the following events with respect to the other party: (i) a receiver is appointed for such party or its property; (ii) such party makes a general assignment for the benefit of its creditors; (iii) such party commences, or has commenced against it, proceedings under any bankruptcy, insolvency or debtor's relief law, which proceedings are not dismissed within sixty (60) days; or (iv) such party is liquidated or dissolved.
Termination for Insolvency Event. Either party may in its absolute discretion terminate this Agreement for cause immediately upon delivery of notice to the other party: (i) upon the institution by the other party of proceedings to be adjudicated a bankrupt or insolvent, or the consent by the other party to institution of bankruptcy or insolvency proceedings against it or the filing by the other party of a petition or answer or consent seeking reorganization or release under the Federal Bankruptcy Code or any other applicable law, or the consent by the other party to the filing of any such petition or the appointment of a receiver, liquidator, assignee, trustee, or other similar official of the other party or of any substantial part of its property, or the making by the other party of an assignment for the benefit of creditors, or the admission in writing by the other party of an assignment for the benefit of creditors, or the admission in writing by the other party of its inability to pay its debts generally as they become due or the taking of corporate action by the other party in furtherance of any such actions; (ii) if, within 60 days after the commencement of an action against the other party seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar relief under any present or future law or regulation, such action will not have been dismissed or all orders or proceedings thereunder affecting the operations or the business of the other party stayed, or if the stay of any such order or proceeding will thereafter be set aside; or if, within 60 days after the appointment without the consent or acquiescence of the other party of any trustee, receiver or liquidator or similar official of the other party, or of all or any substantial part of the property of the other party, such appointment will not have been vacated.
Termination for Insolvency Event. A Party shall have the right to terminate this Agreement in its entirety, if the other Party incurs an Insolvency Event; provided, however, in the case of any involuntary bankruptcy proceeding, such right to terminate shall only become effective if the Party that incurs the Insolvency Event consents to the involuntary bankruptcy or such proceeding is not dismissed within ninety (90) days after the filing thereof.
Termination for Insolvency Event. A Party may immediately terminate this Master Purchase Agreement by giving written notice to the other Party if such Party becomes subject to an Insolvency Event. “Insolvency Event” means (a) the appointment of a trustee, receiver or custodian for all or substantially all of the property of a Party, or for any lesser portion of such property which appointment is not dismissed within thirty (30) days; (b) the determination by a court or tribunal of competent jurisdiction that the Party is insolvent such that the Party’s liabilities exceed the fair market value of its assets; (c) the filing of a petition for relief in bankruptcy by the Party on its own behalf, or the filing of any such petition against the Party if the proceeding is not dismissed or withdrawn within thirty (30) days thereafter; (d) an assignment by the Party for the benefit of its creditors; (e) the dissolution or liquidation of, or cessation of business in the ordinary course by the Party, or (f) the inability or failure of the Party to pay its debts as they become due.
Termination for Insolvency Event. To the extent allowed under applicable Law, a Party shall have the right to terminate this Agreement in the event that (a) the other Party becomes unable to pay its debts as they fall due, or the value of its assets is less than the amount of its liabilities taking into account its contingent and prospective liabilities, (b) in relation to the other Party, a statutory demand is served, a receiver is appointed or any insolvency procedure is instituted or occurs (other than pursuant to a corporate restructuring) that is not dismissed or otherwise disposed of within [***] thereafter and/or the relevant administrator, liquidator or receiver has not, within [***] after the receipt of an inquiry from the other Party, confirmed that it (on behalf of the affected Party) will adopt this Agreement, or (c) any order is made for or there occur proceedings constituting main proceedings in relation to the other Party in any member state of the European Union, or (d) any analogous demand, appointment or procedure is instituted or occurs in relation to the other Party in any jurisdiction in which the other Party carries on business.
Termination for Insolvency Event. In the event of the release of the Source Code to Sun, Sun and its affiliates will have the unrestricted right to use the Source Code for any purpose, including but not limited to the support of the Developed Products and the development of new products, provided that Sun agrees not to license, transfer or assign the Source Code to any third parties.
Termination for Insolvency Event. Unless prohibited by the United States Bankruptcy Code or United States bankruptcy proceedings, this Agreement shall automatically terminate in the event that the Company suffers an Insolvency Event, unless agreed otherwise with the University in writing.
