Common use of Default by Supplier Clause in Contracts

Default by Supplier. Supplier shall be in default under this Agreement should any one or more of the following events or conditions arise or exist: (i) Supplier becomes insolvent, or generally does not pay its debts as they become due, or admits in writing its inability to pay its debts, or makes a general assignment for the benefit of creditors; or (ii) Insolvency, receivership, reorganization, or bankruptcy proceedings are commenced by or against Supplier and, in the case of any such involuntary proceeding, that is not dismissed or stayed within sixty (60) days after it is commenced; or (iii) Supplier fails, for any reason, other than failure of Purchaser to make payments to Supplier when obligated in accordance with this Agreement, to make any undisputed payments required to be made by Supplier to Purchaser, which failure continues for ten (10) Business Days after notice of such non-payment; or (iv) Supplier is in material default of any term or provision of this Agreement or has materially failed to perform its obligations under this Agreement, and such breach or failure continues for thirty (30) Business Days following receipt of written notice from Purchaser to cure such breach or failure; provided, however, if such failure cannot with due diligence be remedied by Supplier within such thirty (30) Business Days period, and Supplier shall have diligently prosecuted the remedying of such failure within such thirty (30) Business Days, such period shall be extended by such additional time period as may be reasonably required by Supplier to cure such failure.

Default by Supplier. Supplier shall be in default under this Agreement should any one or more of the following events or conditions arise or exist: (i) Supplier becomes insolvent, or generally does not pay its debts as they become due, or admits in writing its inability to pay its debts, or makes a general assignment for the benefit of creditors; or (ii) Insolvency, receivership, reorganization, or bankruptcy proceedings are commenced by or against Supplier and, in the case of any such involuntary proceeding, that is not dismissed or stayed within sixty (60) days after it is commenced; or (iii) Supplier fails, for any reason, other than failure of Purchaser to make payments to Supplier when obligated in accordance with this Agreement, to make any undisputed payments required to be made by Supplier to Purchaser, which failure continues for ten (10) Business Days after notice of such non-payment; , or (iv) Supplier is in material default of any term or provision of this Agreement or has materially failed to perform its obligations under this Agreement, and such breach or failure continues for thirty (30) Business Days following receipt of written notice from Purchaser to cure such breach or failure; provided, however, if such failure cannot with due diligence be remedied by Supplier within such thirty (30) Business Days period, and Supplier shall have diligently prosecuted the remedying of such failure within such thirty (30) Business Days, such period shall be extended by such additional time period as may be reasonably required by Supplier to cure such failure.