Common use of Cancellation for Cause Clause in Contracts

Cancellation for Cause. If either party fails to perform or violates any material obligation pursuant to this Agreement, then, upon thirty (30) days written notice to the breaching party specifying such default (the "Default Notice"), the non-breaching party may terminate or suspend this Agreement, without liability, unless: 8.3.3.1 The breach specified in the Default Notice has been cured within the thirty (30) day period; or 8.3.3.2 The default reasonably requires more than thirty (30) days to correct (specifically excluding any failure to pay money), and the defaulting party has begun substantial corrective action to remedy the default within such thirty (30) day period and diligently pursues such action, in which event, termination shall not be effective unless ninety (90) days has expired from the date of the Default Notice without such corrective action being completed and the default remedied.

Appears in 2 contracts

Samples: Technology License Agreement (PMC Sierra Inc), Technology License Agreement (PMC Sierra Inc)

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Cancellation for Cause. If either party fails fail to perform or violates any material obligation pursuant to under this Agreement, then, upon thirty (30) days written notice to the breaching party specifying such default (the "Default Notice"), the non-breaching party may terminate or suspend this Agreement, without liability, unless: 8.3.3.1 (a) The breach specified in the Default Notice has been is cured within the thirty (30) day period; or 8.3.3.2 (b) The default reasonably requires more than thirty (30) days to correct (specifically excluding any failure to pay money), and the defaulting party has begun substantial corrective action to remedy the default within such thirty (30) day days period and diligently pursues such action, in which event, termination shall not be effective unless ninety (90) days has expired from the date of the Default Notice without such corrective action being completed and the default remedied.

Appears in 1 contract

Samples: Technology License Agreement (Integrated Device Technology Inc)

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Cancellation for Cause. If either party fails to perform or violates any material obligation pursuant to this Agreement, then, upon thirty (30) days written notice to the breaching party specifying such default (the "Default Notice"), the non-breaching party may terminate or suspend this Agreement, without liability, unless:: 8. 8.3.3.1 3.3.1 The breach specified in the Default Notice has been cured within the thirty (30) day period; oror 8. 8.3.3.2 3.3.2 The default reasonably requires more than thirty (30) days to correct (specifically excluding any failure to pay money), and the defaulting party has begun substantial corrective action to remedy the default within such thirty (30) day period and diligently pursues such action, in which event, termination shall not be effective unless ninety (90) days has expired from the date of the Default Notice without such corrective action being completed and the default remedied.

Appears in 1 contract

Samples: Technology License Agreement

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