Common use of Insolvency or Dissolution Clause in Contracts

Insolvency or Dissolution. Owner, at its sole discretion, may terminate this Agreement if: a. Licensee becomes insolvent, declares bankruptcy, has a petition in bankruptcy filed for or against it, or fails to make any payment required by this Agreement within thirty (30) days of its due date; b. Licensee dissolves or attempts to dissolve either voluntarily or involuntarily; c. Licensee becomes a wholly owned subsidiary of another business entity and Owner’s written consent is not first obtained; d. Licensee has a corporate merger with another business entity and Owner’s written consent is not first obtained; or e. There is a liquidation, dissolution, or winding up of Licensee. A reorganization or other consolidation, or merger of Licensee with or into another Corporation or entity shall be deemed to be a liquidation, dissolution or winding up of Licensee and this license Agreement will terminate if the prior written consent of Owner has not been obtained.