Common use of Licensee’s Default Clause in Contracts

Licensee’s Default. The occurrence of any one or more of the following shall constitute a default hereunder by Licensee: (i) failure to pay Base Annual Fee or Additional Fees when due if the failure continues for twenty (20) days after written notice has been received by Licensee; (ii) failure to perform any other provision of this Agreement if such failure to perform is not cured within thirty (30) business days after written notice has been received by Licensee, provided that, if the default cannot reasonably be cured within thirty (30) business days, Licensee shall not be in default of this Agreement if Licensee commences to cure the default within the thirty (30) business day period and diligently and in good faith continues to cure the default; (iii) any proceeding is begun by or against Licensee to subject the assets of Licensee to any bankruptcy or insolvency law or for an appointment of a receiver of Licensee or of any of Licensee’s assets and is not dismissed within ninety (90) days; or (iv) Licensee makes a general assignment of Licensee’s assets for the benefit of creditors. Notices given under this Article shall specify the alleged default and the applicable Agreement provision(s), and shall demand that Licensee perform the provisions of this Agreement or pay the Base Annual Fee or Additional Fees that is in arrears, as the case may be, within the applicable period of time.