Common use of Events of Default of Jurisdictions Clause in Contracts

Events of Default of Jurisdictions. Each of the following shall constitute an Event of Default on the part of the Jurisdictions toward the Company under this Agreement: (a) A Jurisdiction fails to timely pay the Acceptance Fee, the Excess Tonnage Fee, if applicable, or any other amount due and payable hereunder in accordance with this Agreement within the timeframe specified for such payment and such failure continues for a period of sixty (60) days after written demand from the Company to the Jurisdictions for such payment; (b) A Jurisdiction fails to comply with and perform any other material term, covenant or agreement contained in this Agreement and such failure continues for a period of thirty (30) days (which period shall be extended if requested by the Jurisdiction and the Jurisdiction(s) demonstrate that it or they are pursuing a cure but such cure cannot reasonably be effected within thirty (30) days) after written notice to the Jurisdictions specifying the nature of such failure and requesting that it be remedied; or (c) A Jurisdiction makes a general assignment for the benefit of creditors, files a petition in bankruptcy, is adjudicated insolvent or bankrupt, petitions or applies to any tribunal for any custodian, receiver or trustee for it or any substantial part of its property, commences any proceeding relating to it under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction whether now or hereafter in effect, or if there shall have been filed any such proceeding, in which an order for relief is entered or which is not dismissed for a period of sixty (60) days or more or if by any act indicates its consent to, approval of or acquiescence in any such petition, application or proceeding or order for relief or the appointment of any custodian, receiver of or any trustee for it or any substantial part of its property or suffers any such custodianship, receivership or trusteeship to continue undischarged for a period of sixty (60) days or more.