EFFECTS OF BANKRUPTCY Sample Clauses

EFFECTS OF BANKRUPTCY. The Parties understand and agree that the rights and licenses granted under or pursuant to this Agreement by one Party to the other are, for all purposes of Section 365(n) of Title 11 of the United States Code, licenses of rights to "intellectual property" as defined in Title 11, and that each Party, as licensee of such rights under this Agreement shall retain and may fully exercise all of its rights and elections under Title 11.
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EFFECTS OF BANKRUPTCY. All rights and licenses granted under or pursuant to this Agreement by Wyeth and its Affiliates are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code, licenses of rights to “intellectual property” as defined under Section 101 of the United States Bankruptcy Code. The Parties agree that Teva and its Affiliates, as licensees of such rights under this Agreement, shall retain and may fully exercise all of their rights and elections under the United States Bankruptcy Code.
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EFFECTS OF BANKRUPTCY. The division of property set forth in this (custody and) property settlement agreement, including the payment of debts, is made with the understanding that the party assuming such debt shall and will have sufficient assets and income to service the debts, and that neither party intends to file bankruptcy. The net value of the property received by one party will be substantially impaired if the other party would be required to pay any debts or obligations assumed by that party as set forth in this Agreement, or if did not receive the payments set forth in this (custody and) property settlement agreement. Accordingly, if either party files bankruptcy and it results in the other party having to pay any of the debts or obligations by the parties set forth in this agreement, then the aggrieved party shall be entitled to seek release under Rule 60 of the North Dakota Rules of Civil Procedure and the parties agree that the grounds for relief will exist within the meaning of such rule.
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EFFECTS OF BANKRUPTCY. All licenses granted under this Agreement are deemed to be, for purposes of Section 365(n) of the Bankruptcy Code of the United States and any similar provision of the Bankruptcy Code of Canada, licenses of right to “intellectual property” as defined in the Bankruptcy Code. The Parties agree that the Party not filing for protection under the Bankruptcy Code (the “Non-Bankrupt Party”) may fully exercise all of its rights and elections as a licensee under the Bankruptcy Code, including the right to enforce any exclusivity provision of this Agreement. The Parties further agree that, in the event the Non-Bankrupt Party elects to retain its rights as a licensee under the Bankruptcy Code, that Party shall be entitled to complete access to any Patent Right or Technology licensed to it hereunder and all embodiments thereof. Such embodiments of the Patent Rights or Technology shall be delivered to the Non-Bankrupt Party as soon as practicable following the Non-Bankrupt Party’s election to retain its rights. **** Portions of this page have been omitted pursuant to a request for Confidential Treatment filed separately with the Commission.
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Related to EFFECTS OF BANKRUPTCY

  • Effect of Bankruptcy In the event that, pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor relief law, or any judgment, order or decision thereunder, Lender must rescind or restore any payment, or any part thereof, received by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this Guaranty given to Guarantor by Lender shall be without effect, and this Guaranty shall remain in full force and effect. It is the intention of Borrower and Guarantor that Guarantor’s obligations hereunder shall not be discharged except by Guarantor’s performance of such obligations and then only to the extent of such performance.

  • Event of Bankruptcy In addition to, and in no way limiting the other remedies set forth herein, Landlord and Tenant agree that if Tenant ever becomes the subject of a voluntary or involuntary bankruptcy, reorganization, composition, or other similar type proceeding under the federal bankruptcy laws, as now enacted or hereinafter amended, then: (a) “adequate assurance of future performance” by Tenant pursuant to Bankruptcy Code Section 365 will include (but not be limited to) payment of an additional/new security deposit in the amount of three times the then current Base Rent payable hereunder; (b) any person or entity to which this Lease is assigned, pursuant to the provisions of the Bankruptcy Code, shall be deemed, without further act or deed, to have assumed all of the obligations of Tenant arising under this Lease on and after the effective date of such assignment, and any such assignee shall, upon demand by Landlord, execute and deliver to Landlord an instrument confirming such assumption of liability; (c) notwithstanding anything in this Lease to the contrary, all amounts payable by Tenant to or on behalf of Landlord under this Lease, whether or not expressly denominated as “Rent”, shall constitute “rent” for the purposes of Section 502(b)(6) of the Bankruptcy Code; and (d) if this Lease is assigned to any person or entity pursuant to the provisions of the Bankruptcy Code, any and all monies or other considerations payable or otherwise to be delivered to Landlord or Agent (including Base Rent, Additional Rent and other amounts hereunder), shall be and remain the exclusive property of Landlord and shall not constitute property of Tenant or of the bankruptcy estate of Tenant. Any and all monies or other considerations constituting Landlord’s property under the preceding sentence not paid or delivered to Landlord or Agent shall be held in trust by Tenant or Tenant’s bankruptcy estate for the benefit of Landlord and shall be promptly paid to or turned over to Landlord.

  • Action if Bankruptcy If any Event of Default described in clauses (i) through (iv) of Section 9.1(h) with respect to the Borrower shall occur, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of the Loans and all other Obligations shall automatically be and become immediately due and payable, without notice or demand to any Person.

  • Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner (a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal, dissolution or removal of the General Partner.

  • Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

  • Notice of Bankruptcy Grantee shall notify in writing its assigned contract manager of its plan to seek bankruptcy protection within five days of such action by Xxxxxxx.

  • NOTICE OF BANKRUPTCY FILING If either Xxxxxx decides to claim any rights under the bankruptcy laws, that Xxxxxx must notify the other of this intention in writing at least ten (10) days before filing the petition. Such notice must include, but not necessarily be limited to, the name, address, and telephone number of the attorney, if any, representing the Spouse in that proceeding and the court in which the petition shall be filed.

  • Termination Upon Bankruptcy This contract may be terminated in whole or in part by MDHS upon written notice to Contractor, if Contractor should become the subject of bankruptcy or receivership proceedings, whether voluntary or involuntary, or upon the execution by Contractor of an assignment for the benefit of its creditors. In the event of such termination, Contractor shall be entitled to recover just and equitable compensation for satisfactory work performed under this contract, but in no case shall said compensation exceed the total contract price.

  • Transfer upon Bankruptcy (1) You may transfer escrow securities within escrow to a trustee in bankruptcy or another person or company entitled to escrow securities on bankruptcy.

  • Termination on Insolvency The Authority may terminate this Framework Agreement with immediate effect by notice in writing where the Supplier is a company and in respect of the Supplier:

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