Common use of Cancellation Upon Default Clause in Contracts

Cancellation Upon Default. (a) This Agreement may be cancelled immediately, and without recourse against MGI, should MGI not be issued any and all permits and licenses which are required by any governmental agency for the installation or operation of the Gaming Devices before or within a reasonable period of time after execution hereof or should any such permit be suspended, revoked, terminated or cancelled, or should any such permit expire during the term of this Agreement. (b) This Agreement may be cancelled by either party upon the Default of the other party. As used herein, the term, "Default" shall mean a breach continuing after any and all applicable cure periods have expired without legal justification. Neither party shall be in Default unless such party fails to perform any one (1) or more obligations required of it (in which case such party shall be deemed to be in breach of the Agreement) and, thereafter, and in response to a notice of breach from the non-breaching party, the party in breach fails to remedy and cure such breach as provided herein.

Cancellation Upon Default. (a) This Agreement may be cancelled immediately, and without recourse against MGIETT, should MGI ETT not be issued any and all permits and licenses which are required by any governmental agency for the installation or operation of the Gaming Devices before or within a reasonable period of time after execution hereof or should any such permit be suspended, revoked, terminated or cancelled, or should any such permit expire during the term of this Agreement. (b) This Agreement may be cancelled by either party upon the Default of the other party. As used herein, the term, "Default" shall mean a breach continuing after any and all applicable cure periods have expired without legal justification. Neither party shall be in Default unless such party fails to perform any one (1) or more obligations required of it (in which case such party shall be deemed to be in breach of the Agreement) and, thereafter, and in response to a notice of breach from the non-breaching party, the party in breach fails to remedy and cure such breach as provided herein.