TERM, TERMINATION, AND MODIFICATION OF RIGHTS. 12.01 This Agreement is effective when signed by all Parties and shall extend to the expiration of the last to expire of the Licensed Patent Rights unless sooner terminated as provided in this Article 12. 12.02 In the event that Licensee is in default in the performance of any material obligations under this Agreement, including but not limited to the obligations listed in Article 5, 7, and 8, then this Agreement shall immediately terminate, unless CDI agrees by written notice that it shall remain in effect. 12.03 In the event that Licensee becomes insolvent, files a petition in bankruptcy, has such a petition filed against it, determines to file a petition in bankruptcy, or receives notice of a third party's intention to file an involuntary petition in bankruptcy, Licensee shall immediately notify CDI in writing. 12.04 Licensee shall have a unilateral right to terminate this Agreement giving CDI sixty (60) days notice to that effect, and thereafter all licenses granted hereunder to Licensee shall terminate.
Appears in 3 contracts
Sources: License Agreement, License Agreement, License Agreement