MDS. This Agreement shall immediately terminate if MDS liquidates; dissolves; shall be adjudicated insolvent; files or has filed against it a petition in bankruptcy or for reorganization which, if filed against it, has not been discharged within ninety (90) days of filing; takes advantage of any insolvency act or proceeding, including an assignment for the benefit of creditors; or commits any other act of bankruptcy; provided, however, that MDS shall only have the right to suspend performance of its obligations under this Agreement during the pendency of any undischarged involuntary bankruptcy or reorganization.
Appears in 2 contracts
Sources: Intellectual Property License Agreement, Intellectual Property License Agreement (Espre Solutions Inc)