Termination Upon Bankruptcy or Insolvency. If a Party hereto shall become bankrupt or insolvent or shall file any debtor relief proceedings, or if there shall be filed in Court against a Party legal proceedings or bankruptcy or insolvency or reorganization or for the appointment of a receiver or trustee of all or a portion of such Party’s property, or if a Party makes an assignment for the benefit of creditors or petitions for or enters into an arrangement for debtor relief and such proceedings as are described aforesaid are not dismissed within a period of ninety (90) days after the institution thereof, then, at the option of the other Party, this Agreement shall forthwith terminate by written notice given to the Party who has filed, instituted or against whom any of the proceedings aforesaid have been brought; provided that if a stay has been granted by a Trustee or Judge in Bankruptcy by virtue of which this Agreement is to be deemed an executory contract, then the other Party shall continue to perform under the terms of this Agreement if:
Termination Upon Bankruptcy or Insolvency. This Agreement may be terminated by Scripps giving written notice of termination to Licensee upon the filing of bankruptcy or bankruptcy of Licensee or the appointment of a receiver of any of Licensee's assets, or the making by Licensee of any assignment for the benefit of creditors, or the institution of any proceedings against Licensee under any bankruptcy law. Termination shall be effective upon the date specified in such notice.
Termination Upon Bankruptcy or Insolvency. Either Party may, at its option, terminate any Order Form or Statement of Work immediately upon written notice to the other Party, in the event (a) that the other Party becomes insolvent or unable to pay its debts when due; (b) the other Party files a petition in bankruptcy, reorganization or similar proceeding, or, if filed against, such petition is not removed within ninety (90) days after such filing; (c) the other Party discontinues its business; or (d) a receiver is appointed or there is an assignment for the benefit of such other Party’s creditors.
Termination Upon Bankruptcy or Insolvency. This Agreement may be terminated by Pharmacopeia giving written notice of termination to SPL upon the filing of bankruptcy or insolvency of SPL or the appointment of a receiver for the assets of SPL, or the making by SPL of an assignment for the benefit of creditors, or the institution of any proceedings against SPL under any bankruptcy law. Termination shall be effective upon the date specified in such notice. The rights of SPL under this Agreement shall not terminate in the event of a bankruptcy of Pharmacopeia, unless SPL elects to terminate this Agreement in accordance with the following provisions of this Section 10.3. In the event that (i) Pharmacopeia shall make an assignment for the benefit of creditors, file a petition in bankruptcy, petition or apply to any tribunal for the appointment of custodian, receiver or any trustee for it or a substantial part of its assets, or shall commence any case or proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or (ii) if there shall have been filed any such bona fide petition or application, or any such proceeding shall have been commenced against it, in which an order for relief is entered or which remains undismissed for a period of sixty (60) days or more; or (iii) if Pharmacopeia by any act or omission of act shall indicate its consent to, approval of or acquiescence in any such bona fide petition, application, or proceeding or order for relief or the appointment of a custodian, receiver or trustee for it or any substantial part of its property, or shall suffer any such custodianship, receivership or trusteeship to continue undischarged for a period of sixty (60) days or more (each such event a “Pharmacopeia Bankruptcy Event”), then SPL shall have the following rights. SPL shall have the right, in its sole discretion, to elect to terminate this Agreement by giving written notice of such termination to Pharmacopeia. In the event that SPL does not elect to terminate this Agreement, then notwithstanding any rejection of this Agreement by Pharmacopeia (which, for purposes of this Section 10.3, includes any debtor in possession, trustee or other entity that may succeed Pharmacopeia) pursuant to 11 U.S.C. §365, SPL shall retain all of its rights, benefits, licenses, protections and privileges under this Agreement and shall be entitled to all of the rights, benefits and protections of...
Termination Upon Bankruptcy or Insolvency. This Agreement may be terminated by a Party giving written notice of termination to other Party upon the filing of bankruptcy or bankruptcy of the other Party or the appointment of a receiver of any of the other Party's assets, or the making by the other Party of any assignment for the benefit of creditors, or the institution of any proceedings against the other Party under any bankruptcy law. Termination shall be effective upon the date specified in such notice.
Termination Upon Bankruptcy or Insolvency. Either Party may terminate this Agreement and/or any or all of the SOW’s immediately upon written notice to the other Party if the Other Party becomes unable to pay its debts in the ordinary course as they become due, becomes or is declared insolvent, makes a general assignment for the benefit of creditors, suffers a receiver to be appointed for it, enters into an agreement for the composition, extension, or readjustment of all or substantially all of its obligations, files a voluntary petition in bankruptcy, or has an involuntary petition in bankruptcy filed against it, which petition is not dismissed with prejudice within sixty (60) days after the filing thereof.
Termination Upon Bankruptcy or Insolvency. The Parties agree that in the event a Party becomes a debtor under Title 11 of the U.S. Code (“Title 11”), this Agreement shall be deemed to be, for purposes of Section 365(n) of Title 11, a license to rights to “intellectual property” as defined therein. Each Party as a licensee hereunder shall have the rights and elections as specified in Title 11. Any agreements supplemental hereto shall be deemed to be “agreements supplementary to” this Agreement for purposes of Section 365(n) of Title 11.
Termination Upon Bankruptcy or Insolvency. This License Agreement may ----------------------------------------- be terminated by Licensor giving written notice of termination to Licensee upon the filing of bankruptcy or bankruptcy of Licensee or the appointment of a receiver of any of Licensee's assets, or the making by Licensee of any assignment for the benefit of creditors, or the institution of any proceedings against Licensee under any bankruptcy law, provided that Licensee has not obtained a dismissal of such action or any related proceedings within sixty (60) days of the commencement thereof.
Termination Upon Bankruptcy or Insolvency. This Agreement may be terminated by the Participating Municipalities by giving written notice to WSCN should WSCN:
Termination Upon Bankruptcy or Insolvency. In the event Customer is declared insolvent and is liquidated, this Agreement shall automatically terminate upon declaration of insolvency, and Elan shall be entitled to liquidated damages pursuant to Section 6.7. In the event Elan is declared insolvent and is liquidated, this Agreement shall automatically terminate upon declaration of insolvency. Notwithstanding the foregoing, in the event Customer or Elan is declared insolvent but is not liquidated, or is placed in receivership or conservatorship, or other similar actions are taken, the use of the services described herein by any new owner, receiver, conservator, manager or other agent or representatives shall be deemed acceptance and assumption of this Agreement on the full terms and conditions contained herein, including but not limited to Section 6.7.
