Common use of Default by Licensee Clause in Contracts

Default by Licensee. The occurrence of any one or more of the following events constitutes an event of default and breach of this License by Licensee: (i) The abandonment (as defined by the BEAUMONT Municipal Code) of the use of the Property by Licensee; (ii) The failure by Licensee to make any payment required to be made by Licensee hereunder, as and when due, where that failure continues for a period of three (3) business days after written notice is sent by Licensor to Licensee; (iii) The failure by Licensee to observe or perform any of the covenants, conditions or provisions of this License to be observed or performed by the Licensee; (iv) the making by Licensee of any general assignment or general arrangement for the benefit of creditors; or unless prohibited by Bankruptcy Law or other paramount law, the filing by or against Licensee of a petition to have Licensee adjudged a bankrupt, or a petition or reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Licensee, the same is dismissed within sixty (60) days); or the appointment of a trustee or a receiver to take possession of substantially all of Licensee’s assets located at the Property or of Licensee’s interest in this License, where possession is not restored to Licensee within 30 days; or the attachment, execution or other judicial seizure of substantially all of Licensee’s assets located at the Property or of Licensee’s interest in this License, where that seizure is not discharged within thirty (30) days.