Common use of DEFAULT Clause in Contracts

DEFAULT. Licensor shall have the right to immediately terminate the Standard License Agreement without prejudice to any other rights which Licensor may have at law or in equity if (i) Licensee commits a breach of this Agreement and such breach is not remedied within seven days of receipt of written notice from Licensor; (ii) Licensee does not respect the payment terms provided in Article 8 of the Special Terms and Conditions and such breach is not remedied within 7 days of receipt of written notice from Licensor; (iii) Licensee is unable to pay its debts as and when they fall due or suffers the making of any administrative order or the appointment of any manager over its assets by court order; (iv) an order shall be made for winding up or bankruptcy of Licensee, or it shall enter into any composition or arrangement with its creditors; or (v) it ceases to carry on business (collectively, “Default”). Upon the occurrence of any Default, Licensor may, in addition to any other rights it may have at law and in equity, demand all amounts of monies payable to Licensor hereunder which shall immediately become due and payable to Licensor. Licensor will communicate in writing to Licensee its intention to exercise such right of termination.

DEFAULT. Licensor shall have the right to immediately terminate the Standard License Agreement without prejudice to any other rights which Licensor may have at law or in equity if (i) Licensee commits a breach of this Agreement and such breach is not remedied within seven days of receipt of written notice from Licensor; (ii) Licensee does not respect the payment terms provided in Article 8 10 of the Special Terms and Conditions and such breach is not remedied within 7 3 days of receipt of written notice from Licensor; (iii) Licensee is unable to pay its debts as and when they fall due or suffers the making of any administrative order or the appointment of any manager over its assets by court order; (iv) an order shall be made for winding up or bankruptcy of Licensee, or it shall enter into any composition or arrangement with its creditors; or (v) it ceases to carry on business (collectively, “Default”). Upon the occurrence of any Default, Licensor may, in addition to any other rights it may have at law and in equity, demand all amounts of monies payable to Licensor hereunder which shall immediately become due and payable to Licensor. Licensor will communicate in writing to Licensee its intention to exercise such right of termination.