Termination Upon Insolvency. Either Party may terminate this Agreement immediately in the event the other Party (a) becomes insolvent, (b) is generally unable to pay, or fails to pay, its debts as they become due, (c) files, or has filed against it, a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency Law, (d) makes or seeks to make a general assignment for the benefit of its creditors, or (e) applies for, or consents to, the appointment of a trustee, receiver or custodian for a substantial part of its property or business.
Appears in 18 contracts
Samples: Transition Services Agreement (Mural Oncology PLC), Transition Services Agreement (Alkermes Plc.), Transition Services Agreement (Alkermes Plc.)
Termination Upon Insolvency. Either Party may terminate this Agreement immediately in the event the other Party (ai) becomes insolvent, (bii) is generally unable to pay, or fails to pay, its debts as they become due, (ciii) files, or has filed against it, a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency Law, (div) makes or seeks to make a general assignment for the benefit of its creditors, or (ev) applies for, or consents to, the appointment of a trustee, receiver or custodian for a substantial part of its property or business.
Appears in 6 contracts
Samples: Transition Services Agreement (Baudax Bio, Inc.), Transition Services Agreement (Recro Pharma, Inc.), Transition Services Agreement (Baudax Bio, Inc.)
