Common use of Default in Payments Clause in Contracts

Default in Payments. If any payment is due and payable to the Executive under Section 21 and such payment is not made when due and such non-payment continues for a period of ten (10) days after written notice thereof from the Executive to the Corporation, which notice describes such payment default and references this Section 22, the following shall occur: (a) The Executive shall be immediately released from Section 13 hereof regarding non-competition; and (b) The Executive shall retain all other rights and remedies against the Corporation.

Default in Payments. If any payment is due and payable to the Executive under Section 21 following a termination of this Agreement and such payment is not made when due and such non-payment continues for a period of ten (10) days after written notice thereof from the Executive to the Corporation, which notice describes such payment default and references this Section 22, the following shall occur: (a) The Executive shall be immediately released from Section 13 hereof regarding non-competition; and (b) The Executive shall retain all other rights and remedies against the Corporation.

Default in Payments. If any payment is due and payable to the Executive under Section 21 and such payment is not made when due or Section 22 and such non-payment continues for a period of ten (10) days after written notice thereof from the Executive to the Corporation, which notice describes such payment default and references this Section 2223, the following shall occur: (a) Any Put Payments shall be accelerated and shall be immediately due and payable and shall be paid in full. (b) The Executive shall be immediately released from Section 13 hereof regarding non-competition; and (bc) The Executive shall retain all other rights and remedies against the Corporation.. 20 21

Default in Payments. If any payment is due and payable to the Executive under Section 21 following a termination of this Agreement and such payment is not made when due and such non-payment continues for a period of ten (10) days after written notice thereof from the Executive to the Corporation, which notice describes such payment default and references this Section 22, the following shall occur: (a) The Executive shall be immediately released from Section 13 hereof regarding non-competition; and (b) The Executive shall retain all other rights and remedies against the Corporation.