Common use of Termination by Stanford Clause in Contracts

Termination by Stanford. (A) Stanford may also terminate this Agreement on a Licensed Product-by-Licensed product basis if Alexo: (1) is delinquent on any report or payment; (2) is not diligently developing and commercializing Licensed Product with respect to a market or indication and a third party seeks rights with respect to such indication or market and Alexo does not within [***] either (A) [***] or (B) [***]; (3) misses a milestone described in Appendix A; (4) is in breach of any provision of this Agreement; or (5) provides any false report. (B) Termination under this Section 15.2 will take effect 60 days after written notice by Stanford unless Alexo remedies the problem in that 60-day period. *** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.