Common use of Termination Upon Material Default Clause in Contracts

Termination Upon Material Default. (a) This Agreement may be terminated by LICENSOR immediately, and without recourse against LICENSOR, should the permits and licenses held by OPERATOR in connection with its gaming operations at the Stores expire and not be renewed on a timely basis or be revoked as a result of OPERATOR’s noncompliance with applicable laws. (b) This Agreement may be terminated by either party upon a Material Default of this Agreement by the other party. As used herein, the term “Material Default” shall mean a breach of a material obligation of a party continuing after notice of “Material Default” has been given and any applicable cure periods have expired without legal justification. Neither party shall be in Material Default unless such party fails to perform 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.