Common use of Default by Licensee Clause in Contracts

Default by Licensee. A. LICENSEE shall default under this Agreement if: 1. LICENSEE fails to make payment of any amount due hereunder and such payment has not been received by LICENSOR within ten (10) days after written notice to LICENSEE, or 2. LICENSEE fails to perform pursuant to this Agreement and such failure does not involve the payment of money and LICENSEE shall not commence curing the same within ten (10) days after written notice to LICENSEE, or if such default is not thereafter completely cured within thirty (30) days thereof, or 3. A Receiver is appointed or one or more creditors takes possession of all or substantially all of the assets of the LICENSEE, or if LICENSEE shall make a general assignment for the benefit of creditors, or if LICENSEE resolves to go into voluntary liquidation or if proceedings in voluntary or involuntary bankruptcy are commenced by or against LICENSEE. B. In the event of a default by LICENSEE, LICENSOR may at its option, immediately or at any time thereafter cancel and terminate this Agreement. In such event, LICENSEE shall not be relieved of any of its obligations which have accrued or will accrue hereunder and LICENSOR shall retain all of its right to damages therefor in law or in equity, including but not limited to loss of profits during the unexpired portion of this Agreement. In addition, all monies due or to become due as Minimum Guaranteed Royalties hereunder shall become immediately due and payable.