Termination Upon Bankruptcy. This Agreement may be terminated at the option of either Party upon written notice to the other, if such other Party is adjudged bankrupt, files or has filed against it any petition under any bankruptcy, insolvency or similar law, which petition is not dismissed within sixty (60) days, has a receiver appointed for its business or property or makes a general assignment for the benefit of its creditors.
Appears in 3 contracts
Samples: Collaborative Development and Licensing Agreement (Signal Pharmaceuticals Inc), Collaborative Development and Licensing Agreement (Signal Pharmaceuticals Inc), Collaborative Development and Licensing Agreement (Signal Pharmaceuticals Inc)
Termination Upon Bankruptcy. This Agreement may be terminated at (a) If either party files for protection under bankruptcy laws, makes an assignment for the option benefit of either Party upon written notice to the othercreditors, if such other Party is adjudged bankruptappoints or suffers appointment of a receiver or trustee over its property, files a petition under any bankruptcy or insolvency act or has any such petition filed against it any petition under any bankruptcy, insolvency or similar law, which petition is not dismissed discharged within sixty (60) daysdays of the filing thereof, has a receiver appointed for its business or property or makes a general assignment for then the benefit of its creditorsother party may terminate this Agreement by notice to such party.
Appears in 2 contracts
Samples: Collaborative Research and License Agreement (Curagen Corp), Collaborative Research and License Agreement (Curagen Corp)
Termination Upon Bankruptcy. This Agreement may be terminated at the option of (a) If either Party upon written notice to the other, if such other Party party is adjudged bankruptdissolved or liquidated, files for protection under bankruptcy laws, makes an assignment for the benefit of creditors, appoints or suffers appointment of a receiver or trustee over its property, files a petition under any bankruptcy or insolvency act or has any such petition filed against it any petition under any bankruptcy, insolvency or similar law, which petition is not dismissed discharged within sixty (60) daysdays of the filing thereof, has a receiver appointed for its business or property or makes a general assignment for then the benefit of its creditorsother party may terminate this Agreement by notice to such party.
Appears in 2 contracts
Samples: Collaboration Agreement (Martek Biosciences Corp), Collaboration Agreement (Martek Biosciences Corp)
Termination Upon Bankruptcy. This Agreement may be terminated at the option of by either Party with immediate effect upon written notice to the other, if such other Party is adjudged bankrupt, files or has filed against it any filing of a petition under any in bankruptcy, insolvency or similar lawreorganization against or by the other Party, which petition is not dismissed within sixty (60) daysor such other Party becoming subject to a composition for creditors, has a receiver appointed for its business whether by law or property agreement, or makes a general assignment for the benefit of its creditorssuch other Party going into receivership or otherwise becoming insolvent.
Appears in 1 contract
Samples: Marketing and Distribution Agreement (Medicines Co/ Ma)
Termination Upon Bankruptcy. This Either party may immediately terminate this Agreement may be terminated at the option of either Party upon written notice to the other, if such other Party in the event that: (a) a petition or action is adjudged bankrupt, files filed or has filed taken by or against it any petition the other party under any bankruptcy, insolvency or similar law, which petition bankruptcy law that is not dismissed within sixty (60) days, has days; (b) a receiver is appointed for its business over the assets or property or makes a general assignment for undertaking of the benefit of its creditors.other party;
Appears in 1 contract
Samples: PDF Underlay Agreement
Termination Upon Bankruptcy. This Either Party may terminate this Agreement may be terminated at the option effective upon issuance of either Party upon written notice if, at any time, the other Party files a petition in bankruptcy, or enters into an arrangement with its creditors, or applies for or consents to the other, if such other Party is adjudged bankrupt, files or has filed against it any petition under any bankruptcy, insolvency or similar law, which petition is not dismissed within sixty (60) days, has appointment of a receiver appointed for its business or property trustee, or makes a general an assignment for the benefit of its creditors, or suffers or permits the entry of an order adjudicating it to be bankrupt or insolvent.
Appears in 1 contract
Samples: Supply Agreement (MonoSol Rx, Inc.)
Termination Upon Bankruptcy. This Either party may immediately terminate this Agreement may be terminated at the option of either Party upon written notice to the other, if such other Party in the event that: (a) a petition or action is adjudged bankrupt, files filed or has filed taken by or against it any petition the other party under any bankruptcy, insolvency or similar law, which petition bankruptcy law that is not dismissed within sixty (60) days, has (b) a receiver is appointed for its business over the assets or property or makes a general assignment for undertaking of the benefit of its creditors.other party,
Appears in 1 contract
