Common use of Licensor Default Clause in Contracts

Licensor Default. Licensor shall be in default of this Agreement if (a) Licensor fails or refuses to perform any of its material obligations hereunder or breaches any material provision hereof, or (b) Licensor goes into receivership or liquidation other than for purposes of amalgamation or reconstruction, or becomes insolvent, appoints a receiver, or a petition under any bankruptcy act shall be filed by or against Licensor (which petition, if filed against Licensor, shall not have been dismissed within thirty (30) days thereafter), or Licensor commences an assignment for the benefit of creditors, or Licensor takes advantage of any applicable insolvency, bankruptcy or reorganization or any other like statute, or experiences the occurrence of any event analogous to the foregoing (each of the above acts is hereinafter referred to as a “Licensor Event of Default”). Subject to Section 15.4, if Licensor fails to cure a Licensor Event of Default within thirty (30) days after delivery by Licensee to Licensor of written notice of such Licensor Event of Default, then Licensee’s rights will be limited to an action at law for damages as a result thereof, and in no event will Licensee be entitled to injunctive or other equitable relief of any kind requiring delivery of the Programs. Any breach by Licensor is limited to the particular Program to which the breach applies; provided that in the case of willful, repeated and substantial defaults by Licensor, Licensee may immediately terminate this Agreement.

Licensor Default. Licensor shall be in default of this Agreement if (aA) if Licensor fails or refuses to perform any of its material obligations hereunder or breaches any material provision hereof, or (bB) (i) if Licensor goes into receivership or liquidation other than for purposes of amalgamation or reconstruction, or (ii) if Licensor becomes insolvent, appoints a receiver, takes advantage of any applicable insolvency, bankruptcy or reorganization or any other like or analogous statute, or a petition under any bankruptcy act shall be is filed by or against Licensor (which petition, if filed against Licensor, shall not have been dismissed within thirty (30) days thereafter), or (iii) if Licensor commences an assignment for the benefit of creditors, or Licensor takes advantage of any applicable insolvency, bankruptcy or reorganization or any other like statute, or experiences (iv) the occurrence of any event analogous to the foregoing (each of the above acts is hereinafter referred to as a “Licensor Event of Default”). Subject to Section 15.416.4, if Licensor fails to cure a Licensor Event of Default within thirty (30) days after delivery by Licensee to Licensor of written notice of such Licensor Event of Default, then Licensee’s rights will be limited to an action at law for damages as a result thereof, and in no event will Licensee be entitled to injunctive or other equitable relief of any kind requiring delivery of the Programs. Any breach by Licensor is limited to the particular Program to which the breach applies; provided that in the case of willful, repeated and substantial defaults by Licensor, Licensee may immediately terminate this Agreement.