Termination Upon Insolvency or Bankruptcy. Either Party may terminate this Agreement if, at any time, the other Party shall file in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of that Party or of its assets, or if the other Party proposes a written agreement of composition or extension of its debts, or if the other Party shall be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within sixty (60) days after the filing thereof, or if the other Party shall propose or be a party to any dissolution or liquidation, or if the other Party shall make an assignment for the benefit of its creditors.
Termination Upon Insolvency or Bankruptcy. If either Party is going to file for insolvency or is served notice that a Third Party is intending to or has filed for insolvency the affected Party shall promptly Notify the other Party. It is intended by the Parties that, subject to this Section 17.4, the licenses granted herein shall survive any insolvency of the Parties. Notwithstanding the foregoing, on the insolvency of a Party, the non-insolvent Party shall have the option by written Notice to immediately terminate this Agreement.
Termination Upon Insolvency or Bankruptcy. Either Party may terminate this Agreement, by notice to the other Party with immediate effect, if (a) the other Party (i) pledges substantially all of its assets for the benefit of creditors, and the conditions for the creditors to enforce their rights to control those assets have been satisfied (such as the expiration of a cure period for an uncured default), institutes, consents to or fails to diligently oppose any proceeding seeking to adjudicate it a bankrupt or insolvent or (b) any proceeding is instituted against or in respect of the other Party by third parties seeking bankruptcy relief and such proceeding continues undismissed, or unstayed and in effect for a period of 60 days after the institution thereof.
Termination Upon Insolvency or Bankruptcy. Subject to any mandatory provisions of applicable law, either DYNACURE or ICM on behalf of the Co-Owners may terminate this Agreement if, at any time, the other files in any court or agency, pursuant to any applicable law or regulation, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee, or if the other proposes a written agreement of composition or extension of its debts, or if the other is served with an involuntary petition against it, filed in any insolvency proceeding, and any petition or filing is not be dismissed with [***] after the filing thereof, or if the other proposes or is subject to any dissolution or liquidation.
Termination Upon Insolvency or Bankruptcy. The Parties acknowledge that the Supervax Technology are ‘intellectual property’ for purposes of Section 365(n) of the U.S. Bankruptcy Code and that Licensee will have the ability to exercise all rights provided by Section 365(n) with respect to the Supervax Technology licensed hereunder. In this regard, the Parties agree that Section 365(n) of the U.S. Bankruptcy Code will govern Licensee’s and Licensor’s rights to intellectual property licensed under this Agreement in the event Licensor files for or is placed in bankruptcy. The Parties explicitly intend that to the extent the laws of another country whose laws govern the bankruptcy (or similar status) of Licensor afford or allow for similar protection of a license in bankruptcy, such protection shall extend to the license granted in Section 2.1 hereof and such license shall not be terminated based on the bankruptcy (or similar status) of Licensor.
Termination Upon Insolvency or Bankruptcy. 12.1 Either party may terminate this Order, without liability to the other party: (i) in the event of the insolvency, bankruptcy, reorganization, arrangement, receivership or liquidation by or against the other party; (ii) in the event that the other party makes an assignment for the benefit of its creditors or ceases to carry on business in the ordinary course; or (iii) if a receiver is appointed in respect of the other party or all or part of its property. In the event of such termination, the other party shall be liable for all costs, damages and expenses suffered by the party that terminates this Order.
Termination Upon Insolvency or Bankruptcy. Either Party may terminate this Agreement, by notice to the other Party with immediate effect, if (a) the other Party (i) pledges substantially all of its assets for the benefit of creditors, and the conditions for the creditors to enforce their rights to control those assets have been satisfied (such as the expiration of a cure period for an uncured default), (ii) pledge any portion of PER.C6® KNOW HOW for the benefit of creditors, or (iii) institutes, consents to or fails to diligently oppose any proceeding seeking to adjudicate it a bankrupt or insolvent or (b) any proceeding is instituted against or in respect of the other Party by third parties seeking bankruptcy relief and such proceeding continues undismissed, or unstayed and in effect for a period of 60 days after the institution thereof.
Termination Upon Insolvency or Bankruptcy. This license shall terminate automatically, at either CRUCELL's or AvP's option, if the other Party pledges substantially all of its assets for the benefit of creditors, pledges any portion of CRUCELL KNOW HOW for the benefit of creditors, or files for or is placed in bankruptcy.
Termination Upon Insolvency or Bankruptcy. Notwithstanding the provisions of Section 2.1 above, either party shall have the right to terminate this Agreement immediately upon written notice to the other party, upon occurrence of any one or more of the following events: (i) other party (or permitted successor organization) ceases to do business as a going concern; (ii) other party makes an assignment for the benefit of creditors; (iii) other party admits in writing its inability to pay its debts as they become due; (iv) other party files a voluntary petition for protection under applicable US Bankruptcy laws or any applicable state insolvency laws; (v) other party becomes the subject of receivership; and (vi) any substantial part of the other party’s property is or becomes subject to any levy, seizure, assignment or sale for or by any creditor or governmental agency without being released or satisfied within thirty (30) days thereafter.
