Common use of Termination for Nonpayment Clause in Contracts

Termination for Nonpayment. In the event of the nonpayment of fees owed to -------------------------- Escrow Agent, Escrow Agent will provide written notice of delinquency to all parties to this Agreement. Any party to this Agreement will have the right to make the payment to Escrow Agent to cure the default. If the past due payment is not received in full by Escrow Agent within one month of the date of such notice, then Escrow Agent will have the right to terminate this Agreement at any time thereafter by sending written notice of termination to all parties. Escrow Agent will have no obligation to take any action under this Agreement so long as any payment due to Escrow Agent remains unpaid.

Appears in 6 contracts

Samples: Escrow Agreement (Corvis Corp), Procurement Agreement (Corvis Corp), Procurement Agreement (Corvis Corp)

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Termination for Nonpayment. In the event of the nonpayment of fees owed to -------------------------- Escrow AgentAgent , Escrow Agent will provide written notice of delinquency to all parties to this Agreement. Any party to this Agreement will have the right to make the payment to Escrow Agent to cure the default. If the past due payment is not received in full by Escrow Agent within one month of the date of such notice, then Escrow Agent will have the right to terminate this Agreement at any time thereafter by sending written notice of termination to all parties. Escrow Agent will have no obligation to take any action under this Agreement so long as any payment due to Escrow Agent remains unpaid.

Appears in 2 contracts

Samples: Procurement Agreement (Corvis Corp), Procurement Agreement (Corvis Corp)

Termination for Nonpayment. In the event of the nonpayment of fees owed to -------------------------- Escrow Agent, Escrow Agent will shall provide written notice of delinquency to all parties to this Agreement. Any party to this Agreement will shall have the right to make the payment to Escrow Agent to cure the default. If the past due payment is not received in full by Escrow Agent within one month of the date of such notice, then Escrow Agent will shall have the right to terminate this Agreement at any time thereafter by sending written notice of termination to all parties. Escrow Agent will shall have no obligation to take any action under this Agreement so long as any payment due to Escrow Agent remains unpaid.

Appears in 2 contracts

Samples: Agreement and Plan of Merger (Kana Communications Inc), Voting Agreement (Broadbase Software Inc)

Termination for Nonpayment. In the event of the nonpayment of fees owed to -------------------------- Escrow Agent, Escrow Agent will shall provide written notice of delinquency to all parties to this Agreement. Any party to this Agreement will shall have the right to make the payment to Escrow Agent to cure the default. If the past due payment is not received in full by Escrow Agent within one month of the date of such notice, then Escrow Agent will shall have the right to terminate this Agreement at any time thereafter by sending written notice of termination to all parties. Escrow Agent will shall have no obligation to take any action under this Agreement so long as any payment due to Escrow Agent remains unpaid.

Appears in 2 contracts

Samples: Distribution and License Agreement (Kana Communications Inc), License Agreement (Kana Communications Inc)

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Termination for Nonpayment. In the event of the nonpayment of fees owed to -------------------------- Escrow Agent, Escrow Agent will provide written notice of delinquency to all parties to this Agreement. Any party to this Agreement will have the right to make the payment to Escrow Agent to cure the default. If the past due payment is not received in full by Escrow Agent within one month of the date of such notice, then Escrow Agent will have the right to terminate this Agreement at any time thereafter by sending written notice of termination to all parties. Escrow Agent will have no obligation to take any action under this Agreement so long as any payment due to Escrow Agent remains unpaid. Confidential materials omitted and filed separately with the Securities and Exchange Commission. Asterisks denote omissions.

Appears in 1 contract

Samples: Procurement Agreement (Corvis Corp)

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