Common use of Cessation of Payments Clause in Contracts

Cessation of Payments. Without limiting the Company’s rights and remedies hereunder, at law or in equity, the Employee acknowledges and agrees that the right of the Employee to receive and retain any payments otherwise due will be suspended and cancelled if and for so long as the Employee is in breach of any provision of this Section 4. If and when the Employee has cured any such breach and has tendered to the Company any and all economic benefits directly or indirectly received or receivable by the Employee arising therefrom, such right will automatically be reinstated, but only for the remainder of the period, if any, during which such payments are due.

Cessation of Payments. Without limiting the Company’s rights and remedies hereunder, at law or in equity, the Employee acknowledges and agrees that the right of the Employee to receive and retain any payments otherwise due will be suspended and cancelled if and for so long as the Employee is in breach of any provision of this Section 46. If and when the Employee has cured any such breach and has tendered to the Company any and all economic benefits directly or indirectly received or receivable by the Employee arising therefrom, such right will automatically be reinstated, but only for the remainder of the period, if any, during which such payments are due.