Common use of Termination for Insolvency or Bankruptcy Clause in Contracts

Termination for Insolvency or Bankruptcy. Any Party may terminate this Agreement with respect to another Party effective on written notice to the other Parties upon the liquidation, dissolution, winding-up, insolvency, bankruptcy, or filing of any petition therefor, appointment of a receiver, custodian or trustee, or any other similar proceeding, by or of such other Party where such petition, assignment or similar proceeding is not dismissed or vacated within ninety (90) days. All rights and licenses granted pursuant to this Agreement are, for purposes of Section 365(n) of Title 11 of the United States Code or any foreign equivalents thereof (as used in this Section 15.6, “Title 11”), licenses of rights to “intellectual property” as defined in Title 11. Each Party in its capacity as a licensor hereunder agrees that, in the event of the commencement of bankruptcy proceedings by or against such bankrupt Party under Title 11: (i) the other Party(ies), in its/their capacity as a licensee(s) of rights under this Agreement, retains and may fully exercise all of such licensed rights under this Agreement, including as provided in this Section 15.6, and all of its rights and elections under Title 11; and (ii) the other Party(ies) is/are entitled to a complete duplicate of all embodiments of such intellectual property, and such embodiments, if not already in its possession, will be promptly delivered to the other Party: (1) upon any such commencement of a bankruptcy proceeding, unless the bankrupt Party elects to continue to perform all of its obligations under this Agreement; or (2) if not delivered under (1), immediately upon the rejection of this Agreement by or on behalf of the bankrupt Party.

Termination for Insolvency or Bankruptcy. Any Either Party may terminate this Agreement with respect to another Party and all IVD Agreements effective on upon written notice to the other Parties upon Party in the event of the liquidation, dissolution, winding-winding up, insolvency, bankruptcy, or filing of any petition therefortherefore, appointment of a receiver, custodian or trustee, or any other similar proceeding, by or of such the other Party where such petition, assignment or similar proceeding is not dismissed or vacated within ninety (90) calendar days. All rights and licenses granted pursuant to this Agreement or any IVD Agreement are, for purposes of Section 365(n) of Title 11 of the United States Code or any foreign equivalents thereof (as used in this Section 15.6herein, “Title 11”), licenses of rights to “intellectual property” as defined in Title 11. Each Party in its capacity as a licensor hereunder under this Agreement or any IVD Agreement agrees that, in the event of the commencement of bankruptcy proceedings by or against such bankrupt Party under Title 11: (i) the other Party(ies)Party, in its/their its capacity as a licensee(s) licensee of rights under this Agreement, retains and may fully exercise all of such licensed rights under this Agreement, including as provided in this Section 15.6Section, and all of its rights and elections under Title 11; and (ii) the other Party(ies) is/are Party is entitled to a complete duplicate of all embodiments of such intellectual property, and such embodiments, if not already in its possession, will be promptly delivered to the other Party: (1) upon any such commencement of a bankruptcy proceeding, unless the bankrupt Party elects to continue to perform all of its obligations under this Agreement; or (2) if not delivered under (1), immediately upon the rejection of this Agreement by or on behalf of the bankrupt Party.

Termination for Insolvency or Bankruptcy. Any Either Party may terminate this Agreement with respect to another Party effective on written notice to the other Parties Party upon the liquidation, dissolution, winding-up, insolvency, bankruptcy, or filing of any petition therefortherefore, appointment of a receiver, custodian or trustee, or any other similar proceeding, by or of such the other Party where such petition, assignment or similar proceeding is not dismissed or vacated within ninety (90) calendar days. All rights and licenses granted pursuant to this Agreement are, for purposes of Section 365(n) of Title 11 of the United States Code or any foreign equivalents thereof (as used in this Section 15.613.7, “Title 11”), licenses of rights to “intellectual property” as defined in Title 11. Each Party in its capacity as a licensor hereunder agrees that, in the event of the commencement of bankruptcy proceedings by or against such bankrupt Party under Title 11: (i) the other Party(ies)Party, in its/their its capacity as a licensee(s) licensee of rights under this Agreement, retains and may fully exercise all of such licensed rights under this Agreement, including as provided in this Section 15.613.7, and all of its rights and elections under Title 11; and (ii) the other Party(ies) is/are Party is entitled to a complete duplicate of all embodiments of such intellectual property, and such embodiments, if not already in its possession, will be promptly delivered to the other Party: (1) upon any such commencement of a bankruptcy proceeding, unless the bankrupt Party elects to continue to perform all of its obligations under this Agreement; or (2) if not delivered under (1), immediately upon the rejection of this Agreement by or on behalf of the bankrupt Party.

Termination for Insolvency or Bankruptcy. Any Party may terminate this Agreement with respect to another Party effective on written notice to the other Parties upon the liquidation, dissolution, winding-upwinding‑up, insolvency, bankruptcy, or filing of any petition therefor, appointment of a receiver, custodian or trustee, or any other similar proceeding, by or of such other Party where such petition, assignment or similar proceeding is not dismissed or vacated within ninety (90) days. All rights and licenses granted pursuant to this Agreement are, for purposes of Section 365(n) of Title 11 of the United States Code or any foreign equivalents thereof (as used in this Section 15.6, “Title 11”), licenses of rights to “intellectual property” as defined in Title 11. Each Party in its capacity as a licensor hereunder agrees that, in the event of the commencement of bankruptcy proceedings by or against such bankrupt Party under Title 11: (i) the other Party(ies), in its/their capacity as a licensee(s) of rights under this Agreement, retains and may fully exercise all of such licensed rights under this Agreement, including as provided in this Section 15.6, and all of its rights and elections under Title 11; and (ii) the other Party(ies) is/are entitled to a complete duplicate of all embodiments of such intellectual property, and such embodiments, if not already in its possession, will be promptly delivered to the other Party: (1) upon any such commencement of a bankruptcy proceeding, unless the bankrupt Party elects to continue to perform all of its obligations under this Agreement; or (2) if not delivered under (1), immediately upon the rejection of this Agreement by or on behalf of the bankrupt Party.