Common use of Termination for Failure to Develop Clause in Contracts

Termination for Failure to Develop. Manufacture or Commercialize. LipimetiX shall have the right to terminate this Agreement in its entirety, at its sole discretion, in the event that Anji Pharma fails to fulfill its obligations in any material respect under Section 4.3 or Section 5.5; provided, that (a) such breach or failure was not directly attributable to circumstances outside the reasonable control of Anji Pharma (including delays due to regulatory or legal reasons) and (b) Anji Pharma has not cured such breach or failure or is executing a mutually agreed corrective action plan within three (3) months following receipt of written notice by LipimetiX. Any such termination of this Agreement shall become effective at the end of the applicable cure period, unless Anji Pharma has cured any such breach or failure or is executing a mutually agreed corrective action plan prior to the expiration of such three (3) month period.