Second Licensor Termination Right Sample Clauses
The Second Licensor Termination Right is a contractual provision that grants the licensor an additional opportunity to terminate the agreement under specified circumstances. Typically, this right may be triggered if the licensee fails to meet certain obligations, such as payment deadlines or performance milestones, even after an initial cure period or first termination right has been exercised or expired. By providing a secondary mechanism for ending the contract, this clause ensures the licensor retains leverage and flexibility to exit the agreement if the licensee's non-compliance persists, thereby protecting the licensor from ongoing breaches or unsatisfactory performance.
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.
Second Licensor Termination Right. If Net Sales of Licensed Products for the subsequent (12) month periods after the first Contract Year of the term do not equal or exceed USD$400,000, Licensor shall have the option to terminate the License by giving one hundred twenty days (120) written notice to Licensee.