Common use of Immediate Right of Termination Clause in Contracts

Immediate Right of Termination. Licensor shall have the right to immediately terminate this Agreement by giving written notice to Licensee upon the occurrence any of the following events: (1) Licensee fails to obtain or maintain product liability insurance in the amount and of the type provided for herein and fails to cure such failure within thirty (30) days of receipt of notice thereof; or (2) Licensee files a petition in bankruptcy or is adjudicated as bankrupt or insolvent, or makes an assignment for the benefit of creditors, or an arrangement pursuant to any bankruptcy law, or if the Licensee discontinues its business or a receiver is appointed for the Licensee or for the Licensee's business and such receiver is not discharged within sixty (60) days; or (3) Licensee breaches any of the provisions of this Agreement relating to the unauthorized assertion of rights in the Film, the Property, the Licensed Products and/or the Protections; or (4) Licensee fails to make timely payment of Royalty when due and such failure continues for thirty (30) days after receipt of notice thereof, it being understood that interest accruing from the original date is not hereby waived; or

Immediate Right of Termination. Licensor LICENSOR shall have the right to immediately terminate this Agreement by giving written notice to Licensee upon LICENSEE in the occurrence event that LICENSEE does any of the following eventsfollowing: (1) Licensee fails to meet the Product Introduction Date or the Initial Shipment Date as specified in Schedule A; or (2) after having commenced sale of the Licensed Products, fails to continuously sell Licensed Products for three (3) consecutive Royalty Periods; or (3) fails to obtain or maintain product liability insurance in the amount and of the type provided for herein and fails to cure such failure within thirty (30) days of receipt of notice thereofherein; or (24) Licensee files a petition in bankruptcy or is adjudicated as bankrupt or insolvent, or makes an assignment for the benefit of creditors, or an arrangement pursuant to any bankruptcy law, or if the Licensee LICENSEE discontinues its business or a receiver is appointed for the Licensee LICENSEE or for the Licensee's LICENSEE’s business and such receiver is not discharged within sixty thirty (6030) days; or (35) Licensee breaches any of the provisions of this Agreement relating to the unauthorized assertion of rights in the Film, the Property, the Licensed Products and/or the ProtectionsTrademarks; or (46) Licensee fails, after receipt of written notice from LICENSOR, to immediately discontinue the distribution or sale of the Licensed Products or the use of any packaging or promotional material which does not contain the requisite legal legends; or (7) fails to make timely payment of Royalty Royalties when due and such failure continues for thirty (30) days after receipt of notice thereof, it being understood that interest accruing from the original date is not hereby waived; ortwo or more times during any twelve-month period.

Immediate Right of Termination. Licensor shall have the right to immediately terminate this Agreement by giving written notice to Licensee upon in the occurrence event that Licensee does any of the following eventsfollowing: 10.1.1 fails to meet the Product Introduction Date or the Initial Shipment Date as specified in Schedule A; 10.1.2 after having commenced sale of the Licensed Products, fails to sell Licensed Products for two (12) Licensee consecutive Royalty Periods; or 10.1.3 fails to obtain or maintain product general liability insurance in the amount and of the type provided for herein and fails to cure such failure within thirty (30) days of receipt of notice thereofherein; or (2) Licensee 10.1.4 files a petition in bankruptcy or is adjudicated as a bankrupt or insolvent, or makes an assignment for the benefit of creditors, or an arrangement pursuant to any bankruptcy law, or if the Licensee discontinues its business or a receiver is appointed for the Licensee or for the Licensee's ’s business and such receiver is not discharged within sixty thirty (6030) days; or (3) Licensee 10.1.5 breaches any of the provisions of this Agreement relating to the unauthorized assertion of rights in the FilmProperty and/or the Trademark; or 10.1.6 fails, after receipt of written notice from Licensor, to immediately discontinue the Property, distribution or sale of the Licensed Products and/or or the Protectionsuse of any packaging or promotional material which does not contain the requisite legal legends; or (4) Licensee 10.1.7 fails to make timely payment of Royalty Royalties when due and such failure continues for thirty if not cured within ten (3010) days after receipt of notice thereof, it being understood that interest accruing from the original date is not hereby waived; orupon notification.