Common use of Immediate Right of Termination Clause in Contracts

Immediate Right of Termination. SUBLICENSOR shall have the right to immediately terminate this Agreement by giving written notice to SUBLICENSEE in the event that SUBLICENSEE does any of the following: (i) 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 SUBLICENSEE discontinues its business or a receiver is appointed for the SUBLICENSEE or the SUBLICENSEE'S business and such receiver is not discharged within thirty (30) days; or (ii) breaches any of the provisions of this Agreement relating to the unauthorized assertion of right in the Trademark; or (iii) fails, after receipt of written notice from SUBLICENSOR, 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 (iv) fails to make timely payment of the Percentage Royalty when due two or more times during any twelve month period 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. SUBLICENSOR Licensor shall have the right to immediately terminate this Agreement by giving written notice to SUBLICENSEE Licensee in the event that SUBLICENSEE Licensee does any of the following: : 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 (i2) consecutive Royalty Periods; or 10.1.3 fails to obtain or maintain general liability insurance in the amount and of the type provided for herein; or 10.1.4 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 SUBLICENSEE Licensee discontinues its business or a receiver is appointed for the SUBLICENSEE Licensee or for the SUBLICENSEE'S Licensee’s business and such receiver is not discharged within thirty (30) days; or (ii) or 10.1.5 breaches any of the provisions of this Agreement relating to the unauthorized assertion of right rights in the Property and/or the Trademark; or (iii) or 10.1.6 fails, after receipt of written notice from SUBLICENSORLicensor, 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 (iv) or 10.1.7 fails to make timely payment of the Percentage Royalty Royalties when due two or more times during any twelve month period five if not cured within ten (510) 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 $150,000upon notification.

Immediate Right of Termination. SUBLICENSOR LICENSOR shall have the right to immediately terminate this Agreement by giving written notice to SUBLICENSEE LICENSEE in the event that SUBLICENSEE LICENSEE does any of the following: : (i1) 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 SUBLICENSEE LICENSEE discontinues its business or a receiver is appointed for the SUBLICENSEE LICENSEE or for the SUBLICENSEELICENSEE'S business and such receiver is not discharged within thirty (30) days; or or (ii5) breaches Breaches any of the provisions of this Agreement relating to the unauthorized assertion of right rights in the Property and/or the Trademark; or or (iii6) failsFails, after receipt of written notice from SUBLICENSORLICENSOR, 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 (iv7) fails Fails to make timely payment of the Percentage Royalty Royalties when due two or more times during any twelve twelve-month period 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 $150,000period.

Immediate Right of Termination. SUBLICENSOR LICENSOR shall have the right to immediately terminate this Agreement by giving written notice to SUBLICENSEE LICENSEE in the event that SUBLICENSEE LICENSEE does any of the following: : (i1) 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; 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 SUBLICENSEE LICENSEE discontinues its business or a receiver is appointed for the SUBLICENSEE LICENSEE or the SUBLICENSEE'S for LICENSEE’s business and such receiver is not discharged within thirty (30) days; or or (ii5) breaches any of the provisions of this Agreement relating to the unauthorized assertion of right rights in the TrademarkTrademarks; or or (iii6) fails, after receipt of written notice from SUBLICENSORLICENSOR, 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 (iv7) fails to make timely payment of the Percentage Royalty Royalties when due two or more times during any twelve twelve-month period 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 $150,000period.

Immediate Right of Termination. SUBLICENSOR Licensor shall have the right to immediately terminate this Agreement by giving written notice to SUBLICENSEE in Licensee upon the event that SUBLICENSEE does occurrence any of the following: following events: (i1) 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 a as bankrupt or insolvent, or makes an assignment for the benefit of creditors, or an arrangement pursuant to any bankruptcy law, or if the SUBLICENSEE Licensee discontinues its business or a receiver is appointed for the SUBLICENSEE Licensee or for the SUBLICENSEE'S Licensee's business and such receiver is not discharged within thirty sixty (3060) days; or or (ii3) Licensee breaches any of the provisions of this Agreement relating to the unauthorized assertion of right rights in the Trademark; or (iii) failsFilm, after receipt of written notice from SUBLICENSORthe Property, to immediately discontinue the distribution or sale of the Licensed Products or and/or the use of any packaging or promotional material which does not contain the requisite legal legendsProtections; or or (iv4) Licensee fails to make timely payment of the Percentage Royalty when due two or more times during any twelve month period five and such failure continues for thirty (530) days after receipt of notice thereof, it 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.understood that interest accruing from the original date is not hereby waived; or

Immediate Right of Termination. SUBLICENSOR shall have the right to immediately terminate this Agreement by giving written notice to SUBLICENSEE in the event that SUBLICENSEE does any of the following: : (i) 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 SUBLICENSEE discontinues its business or a receiver is appointed for the SUBLICENSEE or the SUBLICENSEE'S business and such receiver is not discharged within thirty (30) days; or or (ii) breaches any of the provisions of this Agreement relating to the unauthorized assertion of right in the Trademark; or or (iii) fails, after receipt of written notice from SUBLICENSOR, 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 (iv) fails to make timely payment of the Percentage Royalty when due two or more times during any twelve month period five (5) days after being notified by SUBLICENSOR;or 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.