Common use of Release of Deposit Clause in Contracts

Release of Deposit. The escrow agreement described in this Section will provide that, upon the happening of any of the following events (the “Triggering Events”), Publisher will give written notice to YPS and the escrow agent, specifying the event, and YPS or the escrow agent will thereupon promptly deliver to Publisher all deposited Rendering Programs and related escrowed materials: (a) YPS is unable or unwilling to correct, within thirty (30) days of YPS’s receipt of notice thereof, any material breach of this Agreement; (b) YPS is unable or unwilling to provide the updates, upgrades, modifications, or revisions to the Rendering Programs or the other support services required under this Agreement; (c) any sale, assignment, or other transfer of YPS’s rights to the Rendering Programs without the prior written consent of Publisher, if such transfer would prevent YPS from discharging its obligations under this Agreement; or (d) YPS becomes insolvent, makes a general assignment for the benefit of creditors, or becomes the subject of a voluntary or involuntary petition in bankruptcy, or if a receiver, trustee, or custodian is appointed for YPS’s business, or if YPS’s assets become subject to any proceedings under any bankruptcy or insolvency law, or if YPS has wound up or liquidated its business.