Termination by OHIO Sample Clauses
Termination by OHIO. OHIO 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 OHIO 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 OHIO; 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 Optioned Patents and Optioned Technology to Optionee’s creditors.
Termination by OHIO. OHIO, at its option, may immediately terminate this Agreement, in whole or in part, upon delivery of written notice to Licensee of OHIO’s decision to terminate, if any of the following occur:
(a) Licensee has failed to make any payment when due under this Agreement, and does not make the required payment within ten (10) days after delivery of written notice thereof from OHIO;
(b) Licensee is in breach of any non-payment provision of this Agreement, and does not cure such breach within thirty (30) days after delivery of written notice from OHIO; or
(c) To the extent not prohibited by applicable law, Licensee or its Affiliate or Sublicensee initiates any proceeding or action to challenge the validity, enforceability, ownership or scope of one or more of the Licensed Subject Matter, or assist a third party in pursuing such a proceeding or action.