Common use of Agreement Default Clause in Contracts

Agreement Default. a. The Company agrees to fully execute and abide by the terms and covenants as will be found in Exhibit B, the Consulting Agreement, attached hereto. In the event that the Company defaults on any term or suspends the Consulting Agreement for any reason (known collectively with 5(b) below as an "Agreement Default"); including but not limited to, "for cause" (as it is defined in Section 7 - Exhibit A of the Consulting Agreement); the Company agrees that the aggregate and full cash value of all outstanding and unpaid Fees, Salary, Loans, Expenses, Severance Package and any interest thereto shall become due and owing to the Executive immediately and will be paid by the Company via irrevocable SWIFT wire transfer within five (5) business days of written notification to the Company of said Agreement Default. b. In the event that the Company defaults on any term or suspends this Agreement for any reason or in any way (known collectively with 5(a) above as an "Agreement Default") , including but not limited to "for cause" (as it is defined in Section 7 - Exhibit A of the Consulting Agreement); the Company agrees that the aggregate and full cash value of all outstanding and unpaid Salary, Loans, Expenses, Severance and any interest thereto shall become due and owing to the Executive immediately and paid by the Company by irrevocable wire transfer (via SWIFT should the funds be transferred from an entity outside the United States) within five (5) business days of written notification to the Company of said Agreement Default. c. In the event that the Company wishes to dispute the validity of an Agreement Default, the Company hereby agrees to: i. File such Notice of Dispute in writing with the Executive within five (5) business days of the receipt of written notification of Agreement Default ii. In any event, not later then five (5) business days from the receipt of a notification of Agreement Default from the Executive, deposit via wire transfer (via SWIFT should the funds be transferred from an entity domiciled outside the United States), the entire cash amount due and owing to the Executive declared in said Agreement Default into an Escrow Account at a bank so designated and administered by Baxter, Strohauer & Mannion P.A. i▇ ▇▇▇▇rw▇▇▇▇, ▇▇ for ▇▇▇▇ ▇urpose. iii. Submit the dispute to binding Alternative Dispute Resolution (ADR) under the terms of Section 8 - Settlement hereunder, no later then thirty (30) calendar days from the Notice, or at the earliest date that such ADR adjudication is available, with no delay unreasonably sought or imposed by either party.

Agreement Default. a. The Company agrees to fully execute and abide by the terms and covenants as will be found in Exhibit B, the Consulting Agreement, attached hereto. In the event that the Company defaults on any term or suspends the Consulting Agreement for any reason (known collectively with 5(b4(b) below as an "Agreement Default"); including but not limited to, "for cause" (as it is defined in Section 7 - Exhibit A of the Consulting Agreement); the Company agrees that the aggregate and full cash value of all outstanding and unpaid Fees, Salary, Loans, Expenses, Expenses and Severance Package and any interest thereto shall become due and owing to the Executive immediately and will be paid by the Company via irrevocable SWIFT wire transfer within five (5) business days of written notification to the Company of said Agreement Default. b. In the event that the Company defaults on any term or suspends this Agreement for any reason or in any way (known collectively with 5(a4(a) above as an "Agreement Default") ), including but not limited to "for cause" (as it is defined in Section 7 - Exhibit A of the Consulting Agreement); the Company agrees that the aggregate and full cash value of all outstanding and unpaid Salary, Loans, Expenses, and Severance and any interest thereto shall become due and owing to the Executive immediately and paid by the Company by irrevocable wire transfer (via SWIFT should the funds be transferred from an entity outside the United States) within five (5) business days of written notification to the Company of said Agreement DefaultCompany. c. In the event that the Company wishes to dispute the validity of an Agreement Default, the Company hereby agrees to: : i. File such Notice of Dispute in writing with the Executive within five (5) business days of the receipt of written notification of Agreement Default Default ii. In any event, not later then five (5) business days from the receipt of a notification of Agreement Default from the Executive, deposit via wire transfer (via SWIFT should the funds be transferred from an entity domiciled outside the United States), the entire cash amount due and owing to the Executive declared in said Agreement Default into an Escrow Account at a bank so designated and administered by Baxter, Strohauer & Mannion P.A. i▇ ▇▇▇▇rw▇▇▇▇, ▇▇ for ▇▇▇▇ ▇urpose. iii. Submit the dispute to binding Alternative Dispute Resolution (ADR) under the terms of Section 8 6 - Settlement hereunder, no later then thirty (30) calendar days from the Notice, or at the earliest date that such ADR adjudication is available, with no delay unreasonably sought or imposed by either party.