Passage of Time Clause Samples

Passage of Time. By either the Seller and the Shareholders on the one hand or the Buyer on the other hand (the "Terminating Party"), if the Closing has not occurred on or before July 18, 1998 (the "Termination Date") other than as the result of a material breach of any covenant or agreement contained in this Agreement by the Terminating Party;

Passage of Time. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on one-third of the Shares will lapse on each of the first three anniversaries of the Grant Date until, on the third anniversary of the Grant Date, 100% of the Shares are no longer subject to the Restrictions.

Passage of Time. While the Employee is employed with the Company or its Subsidiaries, the Restrictions on one-third of the Units will lapse on each of the first three anniversaries of the Grant Date (each a “Delivery Date”) until, on the third anniversary of the Grant Date, 100% of the Units are no longer subject to Restrictions. Subject to subsections (b) and (c) below, Units for which Restrictions have lapsed, as described in this subsection 4(a), shall be settled in the form of Shares on the Delivery Date(s). Unless indicated otherwise, Shares shall be delivered in an equal number (subject to rounding) as of each Delivery Date.

Passage of Time. If Tenant does not exercise its Right of First Refusal within the required 5 Business Day period, if Landlord does not enter into a lease for the Refusal Space within 120 days after the expiration of such 5-Business-Day period, then Landlord shall again be obligated to offer the Refusal Space to Tenant in the same manner as set forth in Sections A, B, and C above if Landlord is prepared to enter into a letter-of-intent with another Prospect.

Passage of Time. This agreement shall terminate on the date --------------- that is five years from its date unless previously extended by the parties.

Passage of Time. By either Z-Tel or Touch 1 in the event that the --------------- Effective Time has not occurred, or it has become highly likely that the Effective Time will not occur, or it is the case that any of the conditions precedent to the obligations of such party to consummate the Merger is highly unlikely to be satisfied or fulfilled on or before May 31, 2000; provided, however, that the right to terminate this Agreement pursuant to this paragraph will not be available to any party whose breach of its obligations under this Agreement has been the cause of or resulted in the failure of the Effective Time to occur or a condition to be satisfied on or before such date.

Passage of Time. With respect to any Milestone or other reference of time herein, if the last day of such period falls on a Saturday, Sunday, or a “legal holiday,” as defined in Rule 9006(a) of the Federal Rules of Bankruptcy Procedure, such Milestone or other reference of time shall be extended to the next such day that is not a Saturday, Sunday, or a “legal holiday,” as defined in Rule 9006(a) of the Federal Rules of Bankruptcy Procedure; provided, for the avoidance of doubt, that any Milestone with respect to a hearing date shall be subject to the Bankruptcy Court’s availability.

Passage of Time. In the event that the Company has not been dissolved, wound up or liquidated on the date specified in Section 2.4, then this Agreement will terminate on that date and the Company shall be dissolved in accordance with the provisions of the LLC Agreement.

Passage of Time. If a Party is required to fulfill an obligation under this Contract within an establish time limit, the simple passage of that time shall result in that Party being in default.