Common use of Licensee Termination Clause in Contracts

Licensee Termination. Subject to Section 17.4, Licensee shall be entitled to terminate this Agreement immediately upon written notice to Licensor: (a) if Licensor becomes insolvent, admits in writing its inability to pay debts as they mature, institutes or has instituted against it any bankruptcy, reorganization, debt arrangement, assignment for the benefit of creditors, or other proceeding under any bankruptcy or insolvency law or dissolution, receivership, or liquidation proceeding (and, if such proceeding is instituted against it, such proceeding is not dismissed within sixty (60) days); or (b) if Licensor otherwise breaches in any manner the terms of this Agreement.