Common use of Material Default Clause in Contracts

Material Default. In the event of a default under these provisions of the agreement, specific therein, to constitute a "material default": a. By Ataraxia, all right, title and i▇▇▇▇▇▇▇ in the technology and related intellectual property rights transferred to Ataraxia under the agreement shall revert back to Estancia Limited; or b. By Estancia Limited, Ataraxia shall have the right to cure or cause a third party to cure such material default and deduct the cost thereof from the amounts due to Estancia Limited pursuant to sections 4 and 5 above.

Material Default. In the event of a default under these provisions of the agreement, specific therein, to constitute a "material default": a. By Ataraxia▇▇▇▇▇▇▇▇, all right, title and i▇▇▇▇▇▇▇ interest in the technology and related intellectual property rights transferred to Ataraxia under the agreement shall revert back to Estancia Limited; or b. By Estancia Limited, Ataraxia shall have the right to cure or cause a third party to cure such material default and deduct the cost thereof from the amounts due to Estancia Limited pursuant to sections 4 and 5 above.