Common use of Termination Upon Insolvency or Bankruptcy Clause in Contracts

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. 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 17.418.7, 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.