Common use of Default Generally Clause in Contracts

Default Generally. A party shall be in default under this Agreement upon the occurrence of any one or more of the following events or conditions: 1) such party (i) files a petition or otherwise commences, authorizes or acquiesces in the commencement of a proceeding or cause of action under any bankruptcy, insolvency, reorganization, debt restructuring, liquidation or similar law, or has any such petition filed or commenced against it, (ii) makes an assignment or any general arrangement for the benefit of creditors, (iii) otherwise becomes bankrupt or insolvent (however evidenced), (iv) has a liquidator, administrator, receiver, trustee, conservator or similar official appointed with respect to it or any substantial portion of its property or assets, or (v) is generally unable to pay its debts as they fall due; or 2) such party fails to perform any material obligation required of it under this Agreement and such nonperformance is not remedied within ninety (90) days after notice thereof (or if such party has promptly commenced to remedy such nonperformance within such ninety (90) day period and is proceeding diligently to remedy such nonperformance but such nonperformance cannot be cured within such ninety (90) day period, then within such longer period of time as may reasonably be necessary to remedy such nonperformance), except for any failure of such party to pay when due any amount owing pursuant to this Agreement, for which no cure period shall be available. In addition to all remedies available at law or in equity (subject, however to the limitations set forth in paragraph 12 of Attachment 5), the non-defaulting party hereunder may terminate this Agreement (and all Services extending beyond the termination date of this Agreement) upon the occurrence of a default by the other party. Upon any such termination by Supplier, Customer shall be liable to Supplier for the amounts determined pursuant to Section 3.D for each Service then in effect as if such Service was terminated by Customer prior to the end of the term established for such Service.