Second Licensor Termination Right. If Net Sales of Licensed Products for the twelve (12) month period ending March 31, 2031 do not equal or exceed USD$*, Licensor shall have the option to terminate the License by giving notice to Licensee no later than June 1, 2031. Such termination shall be effective as of March 31, 2032. Without limiting the generality of the foregoing, if Licensor exercises the Second Licensor Termination Right, the last season for which Licensee shall be entitled to receive designs and, during the term hereof, to import and sell Licensed Products shall be the Fall 2031 season, and Licensor shall at all times be entitled to undertake, directly or through a successor licensee, all activities associated with the design, manufacture and sale of Licensed Products commencing with the Spring 2032 season.
Appears in 4 contracts
Samples: Licensing Agreement, License and Distribution Agreement, License and Distribution Agreement (Michael Kors Holdings LTD)
