Cisco Systems Clause Samples

Cisco Systems. On August 21, 2015, Cisco Systems, Inc. (“Cisco”) and Cisco Systems Capital Corporation (“Cisco Capital”) filed an action in Santa ▇▇▇▇▇ County Superior Court for declaratory judgment and breach of contract against Parent in connection with a dispute arising out of a third-party’s termination of a services contract with Parent. As part of that third-party services contract, Parent separately contracted with Cisco on an agreement to utilize Cisco products and services. Parent prepaid the entire amount due Cisco through a financing arrangement with Cisco Capital. Following the termination of Parent’s services contract with the third-party, Parent no longer required Cisco’s products and services, and, accordingly, exercised its contractual termination rights under the agreement with Cisco, and requested that Cisco apply the appropriate credit toward the remaining balance owed Cisco Capital. This lawsuit relates to the calculation of that credit under the agreement between Cisco and Parent. Cisco and Cisco Capital contend that after the credit is applied, Parent still owes Cisco Capital approximately $58 million. Parent contends that under a proper reading of the agreement, Parent owes nothing to Cisco Capital, and that Cisco owes significant amounts to Parent. No responsive pleadings will be filed until after a December 18, 2015 status conference with the court.