Common use of Termination in Event of Insolvency Clause in Contracts

Termination in Event of Insolvency. In the event that a Party hereto (a) becomes insolvent, or institutes or has instituted against it a petition for bankruptcy or is adjudicated bankrupt, (b) executes a xxxx of sale, deed of trust, or a general assignment for the benefit of creditors, (c) is dissolved or liquidated or (d) has a receiver appointed for the benefit of its creditors, or has a receiver appointed on account of insolvency (in the case of clauses (a)–(d), such Party shall be referred to as the “Insolvent Party”), then the Insolvent Party shall immediately notify the other Party of such event and such other Party shall be entitled to (i) terminate this Agreement or any and all Facility Addenda for cause immediately upon written notice to the Insolvent Party or (ii) request that the Insolvent Party or its successor provide adequate assurances of continued and future performance in form and substance acceptable to such other Party, which shall be provided by the Insolvent Party within ten (10) calendar days of such request, and the other Party may terminate this Agreement and any or all Facility Addenda for cause immediately upon written notice to the Insolvent Party in the event that the Insolvent Party fails to provide such assurances acceptable to the other Party within such ten (10) day period.

Termination in Event of Insolvency. In the event that a Party hereto either Party: (ai) becomes insolvent, or institutes or has instituted against it a petition for bankruptcy or is adjudicated bankrupt, ; or (bii) executes a xxxx of sale, deed of trust, or a general assignment for the benefit of creditors, ; or (ciii) is dissolved or liquidated transfers a substantially all of its assets to a third party receiver or creditor in connection with its insolvency; or (div) has a receiver is appointed for the benefit of its creditors, or has a receiver is appointed on account of insolvency (in the case of clauses (a)–(d), such Party shall be referred to as the “Insolvent Party”), insolvency; then the Insolvent bankrupt Party shall immediately notify the other Party of such event and such other Party shall be entitled to to: (ia) terminate this Agreement or any and all Facility Addenda for cause immediately with immediate effect upon written notice to the Insolvent Party insolvent Party; or (iib) request that the Insolvent insolvent Party or its successor provide adequate assurances of continued and future performance in form and substance acceptable to such other Party, which shall be provided by the Insolvent insolvent Party within ten (10) [*] calendar days of such request, and the other Party may terminate this Agreement and any or all Facility Addenda for cause immediately with immediate effect upon written notice to the Insolvent bankrupt Party in the event that the Insolvent Party fails to provide such assurances acceptable to the other Party within such ten (10) [*] day period. Termination pursuant to this Section 4.6 shall be without prejudice to any rights and claims accrued under this Agreement or any Plan prior to the termination of this Agreement.

Termination in Event of Insolvency. In the event that a either Party hereto (athe “Insolvent Party”): (i) becomes insolvent, or institutes or has instituted against it a petition for bankruptcy or is adjudicated bankrupt, ; or (bii) executes a xxxx of sale, deed of trust, or a general assignment for the benefit of creditors, ; or (ciii) is dissolved or liquidated transfers a substantial portion of its assets to a third party; or (div) has a receiver is appointed for the benefit of its creditors, or has a receiver is appointed on account of insolvency (in the case of clauses (a)–(d), such Party shall be referred to as the “Insolvent Party”), insolvency; then the Insolvent Party shall immediately notify the other Party of such event and such other Party shall be entitled to to: (ia) terminate this Agreement and/or any or any and all Facility Product Addenda for cause immediately upon written notice to the Insolvent Party Party; or (iib) request that the Insolvent Party or its successor provide adequate assurances of continued and future performance in form and substance acceptable to such other Party, which shall be provided by the Insolvent Party within ten (10) calendar days of such request, and the other Party may terminate this Agreement and and/or any or all Facility Product Addenda for cause immediately upon written notice to the Insolvent Party in the event that the Insolvent Party fails to provide such assurances acceptable to the other Party within such ten (10) day period.

Termination in Event of Insolvency. In the event that a either Party hereto (athe “Insolvent Party”): (i) becomes insolvent, or institutes or has instituted against it a petition for bankruptcy or is adjudicated bankrupt, ; or (bii) executes a xxxx of sale, deed of trust, or a general assignment for the benefit of creditors, ; or (ciii) is dissolved or liquidated transfers a substantial portion of its assets to a Third Party; or (div) has a receiver is appointed for the benefit of its creditors, or has a receiver is appointed on account of insolvency (in the case of clauses (a)–(d), such Party shall be referred to as the “Insolvent Party”), insolvency; then the Insolvent Party shall immediately notify the other Party of such event and such other Party shall be entitled to to: (ia) terminate this Agreement or any and all Facility Addenda for cause immediately upon written notice to the Insolvent Party Party; or (iib) request that the Insolvent Party or its successor provide adequate assurances of continued and future performance in form and substance acceptable to such other Party, which shall be provided by the Insolvent Party within ten (10) calendar days [***] of such request, and the other Party may terminate this Agreement and any or all Facility Addenda for cause immediately upon written notice to the Insolvent Party in the event that the Insolvent Party fails to provide such assurances acceptable to the other Party within such ten (10) day [***] period.

Termination in Event of Insolvency. In the event that a either Party hereto (ai) becomes insolvent, or institutes or has instituted against it a petition for bankruptcy or is adjudicated bankrupt, ; or (bii) executes a xxxx of sale, deed of trust, or a general assignment for the benefit of creditors, ; or (ciii) is dissolved or liquidated transfers a substantial portion of its assets to a Third Party; or (div) has a receiver is appointed for the benefit of its creditors, or has a receiver is appointed on account of insolvency (in the case any of clauses (a)–(di)-(iv), such Party shall be referred to as is the “Insolvent Party”), then the Insolvent Party shall immediately notify the other Party of such event and such other Party shall be entitled to to: (ia) terminate this Agreement or any and all Facility Addenda for cause immediately upon written notice to the Insolvent Party Party; or (iib) request that the Insolvent Party or its successor provide adequate assurances of continued and future performance in form and substance acceptable to such other Party, which shall be provided by the Insolvent Party within ten (10) calendar days of such request, and the other Party may terminate this Agreement and any or all Facility Addenda for cause immediately upon written notice to the Insolvent Party in the event that the Insolvent Party fails to provide such assurances acceptable to the other Party within such ten (10) day period.. For the sake of clarity, any asset transfer as a result of a Third Party acquiring Cardiome’s assets via a merger or acquisition, or the transfer of the Product to an entity acquired by Cardiome, shall not be considered an event with a Termination right. Confidential/Basilea Pharmaceutica International Ltd. & Correvio International Sàrl page 43 of 80 Distribution Agreement/Correvio International Sàrl

Termination in Event of Insolvency. In the event that a either Party hereto (athe “Insolvent Party”): (i) becomes insolvent, or institutes or has instituted against it a petition for bankruptcy or is adjudicated bankrupt, ; or (bii) executes a xxxx of sale, deed of trust, or a general assignment for the benefit of creditors, ; or (ciii) is dissolved or liquidated dissolved; or (div) has a receiver is appointed for the benefit of its creditors, or has a receiver is appointed on account of insolvency (in the case of clauses (a)–(d), such Party shall be referred to as the “Insolvent Party”), insolvency; then the Insolvent Party shall immediately notify the other Party of such event and such other Party shall be entitled to to: (ia) terminate this Agreement and/or any or any and all Facility Product Addenda for cause immediately upon written notice to the Insolvent Party Party; or (iib) request that the Insolvent Party or its successor provide adequate assurances of continued and future performance in form and substance acceptable to such other Party, which shall be provided by the Insolvent Party within ten (10) calendar days of such request, and the other Party may terminate this Agreement and and/or any or all Facility Product Addenda for cause immediately upon written notice to the Insolvent Party in the event that the Insolvent Party fails to provide such assurances acceptable to the other Party within such ten (10) day period.