Common use of Termination by Global BioLife Clause in Contracts

Termination by Global BioLife. Global BioLife shall have the right to terminate this Agreement only for uncured material breach by Prophase as follows: if Global BioLife believes that the Prophase is in material breach of its obligations under this Agreement, then Global BioLife may provide written notice to the Prophase setting forth a description of the asserted material breach. Prophase shall then have the option to cure such asserted material breach within sixty (60) days after actual receipt of such written notice (or such longer period as may be agreed by the Parties). If Prophase does not cure such breach by the end of the sixty (60) days period to the satisfaction of Global BioLife after the other Party provides notice of such breach as above, then Global BioLife may then terminate the Agreement immediately on written notice to Prophase.