Common use of Termination for Monetary Default Clause in Contracts

Termination for Monetary Default. 8.2.1 If the Company is in breach of the terms governing the payment of any fees or other amounts due hereunder to Radial (each, a “Monetary Default”), Radial may (i) upon five (5) Business Days prior written notice, cease performing any or all Services hereunder until Company cures the Monetary Default, and/or (ii) upon fifteen (15) days prior written notice, terminate this Agreement in the event the Monetary Default remains unpaid as of such termination effective date. Any such termination shall not be deemed to limit any other remedies available to Radial. 8.2.2 A Monetary Default shall be deemed to be cured upon payment of any fees or other amounts due hereunder, except that where there have been three (3) or more instances of Monetary Default, in addition to paying all fees or other amounts due hereunder, in order to cure such Monetary Default, Company must also (i) issue to Radial an Irrevocable Letter of Credit with a bank reasonably acceptable to Radial in an amount sufficient to cover six (6) months of estimated ▇▇▇▇▇▇▇▇ that provides for Radial to draw proceeds sufficient to cover current ▇▇▇▇▇▇▇▇ without any separate approval, or (ii) provide a cash deposit to Radial (to be held in an imprest fund) sufficient to cover six (6) months of estimated ▇▇▇▇▇▇▇▇ and which may be drawn on by Radial in its reasonable discretion to satisfy current ▇▇▇▇▇▇▇▇ as they come due. In no event will be Company receive the benefit of any performance related remedies based on ▇▇▇▇▇▇’s performance during any period of Monetary Default. 8.2.3 During any period that Radial is in physical possession of the Company’s inventory or other assets, Company acknowledges that Radial’s warehouseman's lien covers storage, transportation, insurance, labor or other charges, present or future, in relation to the products, and for expenses necessary for the preservations of the merchandise or reasonably incurred in their sale. In addition to other rights and remedies available to Radial, following termination for Monetary Default, Radial has the right, after reasonable notice to Company, to sell, or otherwise dispose of Company’s merchandise or other assets in any manner Radial may think fit to satisfy its lien.