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 in the event that LICENSEE does any of the following: (1) 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 two (2) consecutive Royalty Periods; or (3) Fails to obtain or maintain product liability insurance in the amount and of the type provided for herein; or (4) files a petition in bankruptcy or is adjudicated 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 business and such receiver is not discharged within thirty (30) days; or (5) Breaches any of the provisions of this Agreement relating to the unauthorized assertion of rights in the Property and/or the Trademark; or (6) 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 Royalties when due two or more times during any twelve-month period.

Immediate Right of Termination. LICENSOR SUBLICENSOR shall have the right to immediately terminate this Agreement by giving written notice to LICENSEE SUBLICENSEE in the event that LICENSEE SUBLICENSEE does any of the following: (1) 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 two (2) consecutive Royalty Periods; or (3) Fails to obtain or maintain product liability insurance in the amount and of the type provided for herein; or (4i) files a petition in bankruptcy or is adjudicated 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 SUBLICENSEE discontinues its business or a receiver is appointed for the LICENSEE SUBLICENSEE or for the LICENSEESUBLICENSEE'S business and such receiver is not discharged within thirty (30) days; or (5ii) Breaches breaches any of the provisions of this Agreement relating to the unauthorized assertion of rights right in the Property and/or the Trademark; or (6iii) Failsfails, after receipt of written notice from LICENSORSUBLICENSOR, 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 (7iv) Fails fails to make timely payment of Royalties the Percentage Royalty when due two or more times during any twelve-twelve month periodperiod five (5) days after being notified by SUBLICENSOR;or (v) fails to sell through Authorized Sellers during any Contract Year, Licensed Products which generate an aggregate Percentage Royalty of at least $150,000.

Immediate Right of Termination. LICENSOR SUBLICENSOR shall have the right to immediately terminate this Agreement by giving written notice to LICENSEE SUBLICENSEE in the event that LICENSEE SUBLICENSEE does any of the following: : (1) 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 two (2) consecutive Royalty Periods; or (3) Fails to obtain or maintain product liability insurance in the amount and of the type provided for herein; or (4i) files a petition in bankruptcy or is adjudicated 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 SUBLICENSEE discontinues its business or a receiver is appointed for the LICENSEE SUBLICENSEE or for the LICENSEESUBLICENSEE'S business and such receiver is not discharged within thirty (30) days; or or (5ii) Breaches breaches any of the provisions of this Agreement relating to the unauthorized assertion of rights right in the Property and/or the Trademark; or or (6iii) Failsfails, after receipt of written notice from LICENSORSUBLICENSOR, 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 or (7iv) Fails fails to make timely payment of Royalties the Percentage Royalty when due two or more times during any twelve-twelve month periodperiod five (5) days after being notified by SUBLICENSOR;or (v) fails to sell through Authorized Sellers during any Contract Year, Licensed Products which generate an aggregate Percentage Royalty of at least $150,000.