Common use of Default Event Definition Clause in Contracts

Default Event Definition. The occurrence of any of the following events in respect to a Participant (the “Defaulting Participant”) shall constitute a Default Event under this Agreement. 1. Participant fails to make, when due, any payment or delivery under this Agreement or the TCA, if applicable; 2. Participant violates, or fails to comply with, any covenant made under this Agreement or the TCA, if applicable, in any material respect, unless such Participant cures such violation or failure within five calendar days after receiving notice thereof; 3. Participant is legally dissolved (other than pursuant to a consolidation, amalgamation or merger); 4. Participant becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; 5. Participant makes a general assignment, arrangement or composition with or for the benefit of its creditors; 6. Participant institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over such Participant, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or a proceeding is instituted against Participant seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for the Participant winding-up or liquidation and either (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;

Default Event Definition. The occurrence of any of the following events in respect to a Participant (the “Defaulting Participant”) shall constitute a Default Event under this Agreement. 1. Participant fails to make, when due, any payment or delivery under this Agreement or the TCA, if applicable; 2. Participant violates, or fails to comply with, any covenant made under this Agreement or the TCA, if applicable, in any material respect, unless such Participant cures such violation or failure within five calendar days after receiving notice thereof; 3. Participant is legally dissolved (other than pursuant to a consolidation, amalgamation or merger); 4. Participant becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; 5. Participant makes a general assignment, arrangement or composition with or for the benefit of its creditors; 6. Participant institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over such Participant, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or a proceeding is instituted against Participant seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for the Participant winding-up or liquidation and either either (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;