Common use of License Termination Clause in Contracts

License Termination. Licensee may terminate this agreement upon thirty (30) days written notice if (a) Licensor breaches a material term of this Agreement and fails to remedy said breach within fifteen (15) days of his receipt of written notice of the breach; ( b) Licensor is convicted of a felony involving moral turpitude. Should Licensee 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 automatically, and irrevocably revert to Licensor, and Licensee shall have no further rights in and to the Licensed Subject Matter.