Common use of Upon Bankruptcy Clause in Contracts

Upon Bankruptcy. Either BioMarin or Genzyme may terminate this Agreement if: (a) the other Party fails to meet any material obligation hereunder and (i) applies for or consents to the appointment of a receiver, trustee, liquidation or custodian of itself or of all or a substantial part of its property; (ii) becomes unable, or admits in writing its inability, to pay its debts generally as they mature; (iii) makes a general assignment for the benefit of its or any of its creditors; (iv) is dissolved or liquidated in full or in part; (v) commences a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it; or (vi) takes any action for the purpose of effecting any of the foregoing; or (b) proceedings for the appointment of a receiver, trustee, liquidator or custodian of the other Party or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the other Party or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) calendar days of commencement.

Upon Bankruptcy. Either BioMarin or Genzyme may terminate --------------- this Agreement if: with the consequences set forth in Section 13.3.5 below, if (aA) the other Party fails to meet any material obligation hereunder and and: (i) applies for or consents consent to the appointment of a receiver, trustee, liquidation or custodian of itself or of all or a substantial part of its property; , (ii) becomes unable, or admits admit in writing its inability, to pay its debts generally as they mature; , (iii) makes a general assignment for the benefit of its or any of its creditors; , (iv) is dissolved or liquidated in full or in part; part (v) commences a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it; , or (vi) takes any action for the purpose of effecting any of the foregoing; or (bB) proceedings for the appointment of a receiver, trustee, liquidator or custodian of the other Party or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the other Party or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) calendar days of commencement.

Upon Bankruptcy. Either BioMarin MethylGene or Genzyme EVP may terminate this Agreement if: Agreement, with the consequences set forth in Section 15.3.2 below, if (aA) the other Party fails to meet any material obligation hereunder and (i) applies for or consents to the appointment of a receiver, trustee, liquidation liquidator, sequestrator, custodian or custodian similar official of itself or of all or a substantial part of its property; , (ii) becomes unable, or admits in writing its inability, to pay its debts generally as they mature; , (iii) makes a general assignment for the benefit of its or any of its creditors; , (iv) is dissolved or liquidated in full or in part; , (v) commences a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect effect, or consent consents to or fails to contest in a timely and appropriate manner, any petition or proceeding seeking any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it; , or files an answer admitting the material allegations of a petition filed against it in any such proceeding, or (vi) takes any action for the purpose of effecting any of the foregoing; or (bB) proceedings for the appointment of a receiver, trustee, liquidator liquidator, sequestrator, or custodian or similar official of the other Party or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the other Party or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be are commenced and an order for relief entered entered, or such proceeding shall not be dismissed or discharged within sixty (60) calendar days of commencement.