Common use of Failure to Meet Obligations Clause in Contracts

Failure to Meet Obligations. If (i) GROWER fails to meet the obligations set forth in Section 5 above; (ii) GROWER is in default on payment of Annual Royalties (iii) GROWER has willfully made a false statement or willfully omitted a material fact in any report required by this Agreement; (iv) GROWER commits a substantial breach of any other covenant or agreement contained in this Agreement; and (v) GROWER is adjudged bankrupt or has its assets placed in the hands of receiver or makes any assignment or other accommodation for the benefit of creditors, PVMI may modify or terminate this Agreement and/or may refuse to license future PVMI varieties to GROWER (“Blacklisting”). Prior to any modification or termination of this Agreement or Blacklisting under this Section 6, PVMI shall furnish GROWER a written notice of intention to modify, terminate and/or Blacklist, and GROWER shall be allowed thirty (30) days after the date of such notice to remedy any breach or default of any covenant or agreement of this Agreement to PVMI’s satisfaction.

Failure to Meet Obligations. If (i) GROWER fails to meet the obligations set forth in Section 5 above; (ii) GROWER is in default on payment of Annual Royalties (iii) GROWER has willfully made a false statement or willfully omitted a material fact in any report required by this Agreement; (iv) GROWER commits a substantial breach of any other covenant or agreement contained in this Agreement; and or (v) GROWER is adjudged bankrupt or has its assets placed in the hands of receiver or makes any assignment or other accommodation for the benefit of creditors, PVMI may may, at its sole option and discretion, modify or terminate this Agreement and/or may refuse to license future PVMI varieties Varieties to GROWER (“Blacklisting”). Prior to any modification or termination of this Agreement or Blacklisting under this Section 66.2, PVMI shall furnish GROWER a written notice of intention to modify, terminate and/or Blacklistsubject GROWER to Blacklisting, and GROWER shall be allowed thirty (30) days after the date of such notice to remedy any breach or default of any covenant or agreement provision of this Agreement to PVMI’s satisfaction.