Innovation Pharmaceuticals Inc (IPIX)

[CHUNKY44]

Has a "Trigger Event" happened?

PATENT LICENSE AGREEMENT BETWEEN POLYMEDIX, INC.
AND
THE TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA
https://www.sec.gov/Archives/edgar/data/1355250/000117152013000616/ex10-20.htm

1.25 “Trigger Event” means any of the following:

1.25.1 If Licensee: becomes insolvent, bankrupt or generally fails to pay its debts as such debts become due; is adjudicated insolvent or bankrupt; admits in writing its inability to pay its debts; or shall suffer a custodian, receiver or trustee for it or substantially all of its property to be appointed and, if appointed without its consent, not be discharged within sixty (60) days; makes an assignment of all or substantially all of its assets for the benefit of creditors; or suffers proceedings under any law related to bankruptcy, insolvency, liquidation or the reorganization, readjustment or the release of debtors to be instituted against it and, if contested by it, not dismissed or stayed within thirty (30) days;

1.25.2 If proceedings under any law related to bankruptcy, insolvency, liquidation, or the reorganization, readjustment or the release of debtors are instituted or commenced by Licensee; or

1.25.3 If any order for relief is entered relating to any of the proceedings described in Sections 1.25.1 or 1.25.2; or

1.25.4 If Licensee shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; or

1.25.5 If Licensee shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of the proceedings described in Sections 1.25.1, 1.25.2, 1.25.3 or 1.25.4.