If either Party Clause Samples
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If either Party. (i) makes a general assignment for the benefit of creditors or becomes insolvent; (ii) files an insolvency petition in bankruptcy or the approximate equivalent under local law; (iii) petitions for or acquiesces in the appointment of any receiver, trustee or similar officer to liquidate or conserve its business or any substantial part of its assets or the approximate equivalent under local law; (iv) commences under the laws of any jurisdiction any proceeding involving its insolvency, bankruptcy, reorganization, adjustment of debt, dissolution, liquidation, or any other similar proceeding for the release of financially distressed debtors; or (v) becomes a party to any proceeding or action of the type described above in (iii) or (iv) and such proceeding or action remains undismissed or unstayed for a period of more than sixty {60) days, then the other Party may by written notice terminate the exclusive license with immediate effect.
If either Party. (i) makes an assignment for the benefit of creditors; (ii) becomes insolvent;
(iii) files a voluntary petition for bankruptcy; (iv) acquiesces to an involuntary bankruptcy petition; (iv) is adjudicated as bankrupt; or (v) ceases to do business, the other Party, at its option, may immediately terminate this Agreement upon giving written notice thereof.
If either Party terminates the Agreement on Use of Huawei APIs or the HUAWEI Developer Service Agreement, this Agreement shall automatically terminate on the same day.
If either Party. 16.1.1 commits a material breach of this Agreement or of any Contract and in the case of a breach capable of remedy fails to remedy the breach within 21 days of being required to do so in writing by the other Party [or commits a series of minor breaches defined as [3 or more] during any [3 month period]]; or
16.1.2 becomes insolvent, goes into liquidation (other than voluntary liquidation for the purpose of a bone-fide reconstruction or amalgamation); or
16.1.3 enters into receivership or has an administrative receiver appointed; or
16.1.4 undergoes a change of control (which, for UMS is as defined in Section 416 of the Income and Corporation Taxes Act 1988) which, in the reasonable opinion of the other Party would have an adverse impact on it or on the Joint Venture; then in any such case the other Party (the Continuing Party ) shall have the right to exclude that Party (the Defaulting Party ) from all further participation in the Joint Venture and take over its interests under this Agreement. If it so decides, the Continuing Party may exclude the Defaulting Party from participation in respect of a particular Contract or Contracts in which case Clauses 17.2 to 17.6 below shall only apply insofar as they relate to such Contract(s).]
16.1.5 The Continuing Party shall have the right to:
16.1.6 use all assets, plant, equipment and material in the possession of the Joint Venture at the time of the Defaulting Party s exclusion until the Agreement is terminated; and
16.1.7 operate the bank accounts of the Joint Venture; and
16.1.8 retain all payments becoming due to the Joint Venture.
16.1.9 The Defaulting Party shall execute all documents and do such things as are necessary or required by the Continuing Party to enable the Continuing Party to proceed with the performance of any Contracts and this Agreement [In the event that the Defaulting Party refuses to execute any documents required by the Continuing Party to enable it to proceed with the performance of any Contracts and this Agreement the Continuing Party shall be entitled to execute any such documents on behalf of the Defaulting Party and the Defaulting Party irrevocably agrees for this purpose that the Continuing Party shall be appointed as attorney of the Defaulting Party to execute such documents.] References in this Agreement to the administration and direction of the Joint Venture shall be deemed to exclude the Defaulting Party and if the Defaulting Party is excluded from all further participation in...