Licensor Default definition

Licensor Default has the meaning set forth in Section 18.01.

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Licensor Default shall occur if Licensor defaults in the performance of any of its obligations hereunder and such default is not cured within fifteen (15) calendar days after receipt from Licensee of written notice of such default; provided that if: (i) such default cannot be cured with reasonable diligence during such fifteen (15) calendar day period; and (ii) Licensor takes reasonable steps during such fifteen (15) calendar days to cure of such default, then such default shall not constitute a Licensor Default.

Licensor Default means the occurrence of either or both of the following events: (a) failure by Licensor at any time to pay, when due, any sums payable by Licensor hereunder within ten (10) days after notice of such failure is given to Licensor by Licensee and (b) failure by Licensor to observe or perform any other covenant, agreement, condition or provision of this Agreement or any License, if such failure shall continue for more then thirty (30) days after notice of such failure is given to Licensor by Licensee, provided that there shall not be a Licensor Default under this clause (b) with respect to matters that cannot be reasonably cured within such 30 day period so long as within such 30 day period Licenser has commenced such cure and diligently proceeds in a reasonable manner thereafter to complete the same. NOTICE ADDRESS -- as defined in the Schedules. PAST DUE RATE -- as defined in Section 6.4.

Examples of Licensor Default in a sentence

Licensee shall have the right to terminate this Agreement (without prejudice to any rights which it may have either under the provisions herein or otherwise), upon a Licensor Default.
A solatium of twenty percent (20%) of DRV plus DRV shall be paid, in case of Licensor Default, from the beginning of sixteenth till the end of twenty fifth year.
Notwithstanding the foregoing, there shall be no Grace Period applicable to a Licensor Default based upon a breach of a representation or warranty of Licensor.
If subsequent to the foregoing requisite periods of time, there continues to be an event of Licensor Default or Licensee Default, the non-defaulting party may, upon thirty (30) days written notice to the other party, terminate this Agreement with respect to the applicable License and institute any other proceedings at law or in equity to recover damages from the other party.
If subsequent to the foregoing requisite periods of time, there continues to be an event of Licensor Default or Licensee Default, the non-defaulting party may, upon thirty (30) Days written notice to the other party, terminate this Agreement with respect to the applicable License and institute any other proceedings at law or in equity to recover damages from the other party.
If any Licensor Default occurs, the Licensee shall have the right, at the Licensee’s election, to exercise any one or more of the remedies described below.
Licensee’s Continued Rights in the Event of Licensor Default or Bankruptcy; Refund of License Fee.
The Parties hereby waive any and all rights to consequential, punitive or exemplary damages for a Licensee Default or a Licensor Default, as the case may be.
The following (unless arising as a result of a Force Majeure Event or Change in Law which results in consequences set out in 12.3 (a) or a Licensor Default) shall constitute Licensee Events of Default.
If subsequent to the foregoing requisite periods of time, there continues to be an event of Licensor Default or Licensee Default, the non-defaulting party may upon thirty (30) days written notice, terminate this Agreement with respect to the applicable Schedule and institute any other proceedings at law or in equity to recover damages from the other party.

More Definitions of Licensor Default

Licensor Default shall have the meaning given to such term in Section 12.1 (b) of this Agreement.

Licensor Default means, collectively or individually, (i) any material breach by Licensor of any representation, covenant, warranty, or term of this Agreement that is not cured (if able to be cured) within sixty (60) consecutive days after the date of such Termination Notice; and (ii) upon six months prior written notice to Licensor in accordance with Section 14.9.

Licensor Default means Licensor’s failure to perform or observe any of its obligations under this License after a period of thirty (30) days (or the additional time, if any, that is reasonably necessary to promptly and diligently cure the failure) after receiving notice from Licensee setting forth in reasonable detail the nature and extent of such failure. If Licensor commits a Licensor Default, Licensee, as its sole and exclusive remedies may enforce specific performance by Licensor of the terms of this License and ▇▇▇▇▇ any and all rent payments owed to Licensor until the date that such Licensor Default is cured by Licensor (at which time Licensee shall resume making rental payments owed for the period after the date of cure) or terminate this License upon written notice to Licensor after the expiration of any applicable cure period.

Licensor Default means the occurrence of any of the following events: (a) failure by Licensor at any time to pay, when due, any sums payable by Licensor hereunder within the cure period set forth in Section 12.2 and (b) failure by Licensor to observe or perform any other covenant, agreement, condition or provision of this Agreement or any License, subject to the cure periods in accordance with Section 12.2 and (c) if Licensor files a petition in bankruptcy or for reorganization or any other similar act by or against Licensor under any bankruptcy or insolvency law (and, in the case of any involuntary filing, if such filing is not vacated or removed within sixty (60) days).

Licensor Default shall have the meaning set forth in Section 20.3.