Common use of Licensor Termination Clause in Contracts

Licensor Termination. Licensor may terminate this Agreement upon thirty (30) days written notice if (a) Licensee breaches a material term of this Agreement and fails to remedy said breach within fifteen (15) days of its receipt of written notice of the breach; ( b) Licensee becomes insolvent or files a petition in bankruptcy or (c) Licensee permanently discontinues production and distribution of the Product; (d) Licensee fails to make any payments to Licensor due under this Agreement. Should Licensor terminate this Agreement pursuant to this paragraph, the parties agree that Licensee shall have a period of sixty (60) days commencing upon the date of termination, in which Licensee shall be permitted to sell off any existing inventory of the Product that was manufactured prior to the date of termination (the "Sell-Off-Period"). At the conclusion of the Sell-Off- Period, all rights in and to the Licensed Subject Matter shall immediately, automatically, and irrevocably revert to Licensor, and Licensee shall have no further rights in and to the Licensed Subject Matter.