DEFAULT BY EITHER PARTY. A party shall be in default under this Agreement (the “Breaching Party”) and the other party (the “Nondefaulting Party”) shall have the remedies therefor set forth in Section 15.2 below, if: the Breaching Party materially defaults or materially breaches any of its promises, covenants, or agreements contained in this Agreement, and such breach has not been (i) waived in writing by the Nondefaulting Party or (ii) cured by the Breaching Party to the reasonable satisfaction of the Nondefaulting Party within thirty (30) business days after service by the Nondefaulting Party upon the Breaching Party of a written notice which describes the nature of such breach.
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