1Termination by Licensor. In addition to all other remedies Licensor may have, Licensor may terminate this Agreement and the licenses granted in this Agreement in the event that: (a) Licensee defaults on its payments to Licensor and such default continues without remedy for a period of sixty (60) days after the Due Date of this Agreement; (b) Licensee fails to perform any material obligation, warranty, duty, or responsibility or is in default with respect to any term or condition undertaken by Licensee hereunder, and such failure or default continues without remedy for a period of sixty (60) days after written notice thereof to Licensee by Licensor; (c) Licensee is liquidated or dissolved; (d) Any assignment is made of Licensee's business for the benefit of creditors; (e) Licensee liquidates a substantial portion of its business or engages in a distress sale of substantially all of its assets; (f) Licensee is unable to pay its debts as they mature; or (g) Any petition in bankruptcy is filed by or against Licensee that remains undischarged for sixty (60) days.
Appears in 2 contracts
Sources: Patent License Agreement, Patent License Agreement (Securetech, Inc.)