Termination by BGSU Clause Samples

Termination by BGSU. BGSU may, at its option, terminate this Agreement immediately by giving notice of termination to Optionee if Optionee at any time: (a) defaults in the timely payment of any monies due to BGSU or the timely completion of any other material obligation under Section 3 or otherwise under this Agreement and fails to remedy any such default within fifteen (15) days after written notice thereof by BGSU; or (b) commits any act of bankruptcy, becomes insolvent, is unable to pay its debts as they become due, files a petition under any bankruptcy or insolvency act, or has any such petition filed against it which his not dismissed within fifteen (15) days, or if Optionee offers any rights in the Patents and Technology to Optionee’s creditors.