Common use of General Default Clause in Contracts

General Default. A Party shall be deemed in default of this Agreement upon the occurrence of any one or more of the following events (a "DEFAULT"): (i) the filing of bankruptcy or making a general assignment for the benefit of creditors; (ii) a Party fails to make a payment of money when due, which failure continues for more than 30 days after receipt of written notice from the other Party; or (iii) a Party fails to comply with any other covenant or agreement set forth in this Agreement, which failure either (A) continues for a period of more than 30 consecutive days after receipt of written notice from the non-breaching Party specifying the breach in reasonable detail, or (B) is of a nature which requires more than 30 consecutive days (after receipt of written notice from the non-breaching Party specifying the breach in reasonable detail) to cure and continues for a period of time greater than the shorter of (x) 60 consecutive days after notice or (y) the period of time reasonably required to cure; provided, that this extended cure period is only available if the breaching Party diligently works toward a cure.

General Default. A Party shall be deemed in default of this Agreement upon the occurrence of any one or more of the following events (a "DEFAULT"): (i) the filing of bankruptcy or making a general assignment for the benefit of creditors; (ii) a Party fails to make a payment of money when due, which failure continues for more than 30 ten days after receipt of written notice from the other Party; or (iii) a Party fails to comply with any other covenant or agreement set forth in this Agreement, which failure either (A) continues for a period of more than 30 consecutive days after receipt of written notice from the non-breaching Party specifying the breach in reasonable detail, or (B) is of a nature which requires more than 30 consecutive days (after receipt of written notice from the non-breaching Party specifying the breach in reasonable detail) to cure and continues for a period of time greater than the shorter of (x) 60 consecutive days after notice or (y) the period of time reasonably required to cure; provided, that this extended cure period is only available if the breaching Party diligently works toward a cure.