Common use of Immediate Right of Termination Clause in Contracts

Immediate Right of Termination. YAMAHA 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) unless otherwise prohibited by law, if a petition in bankruptcy is filed by or against Licensee and such petition is not vacated within sixty (60) days, or if Licensee becomes insolvent, or makes an assignment for the benefit of its creditors or an arrangement pursuant to any bankruptcy law, or if Licensee discontinues its business or if a receiver is appointed for it or its business, to the fullest extent permitted by law at the time of the occurrence, the license hereby granted shall automatically terminate forthwith without any notice whatsoever being necessary. In the event this Agreement is terminated as a result of the bankruptcy or insolvency of Licensee, Licensee, its receivers, agents, representatives, trustees, administrators, successors, and/or assignees shall have no right to sell, exploit or in any way deal with or in any Articles covered by this Agreement or any carton, container, packing, or wrapping material, advertising, promotional or display material pertaining thereto, except with and under the special consent and instructions of Licensor in writing, which they shall be obligated to follow; 2) after having commenced sale of the License Articles, fails to continuously sell Licensed Products for three (3)