Common use of GUVNL’s Default Clause in Contracts

GUVNL’s Default. The occurrence of any of the following at any time during the Term of this Agreement shall constitute an Event of Default by GUVNL: a. Failure or refusal by GUVNL to pay any portion of undisputed monthly xxxx for a period of 90 days after due date. b. GUVNL repudiates this Agreement. c. If GUVNL becomes voluntarily or involuntarily the subject of proceeding under any bankruptcy or insolvency laws or goes into liquidation or dissolution or has a receiver appointed over it or liquidator is appointed, pursuant to Law, except where such dissolution of GUVNL is for the purpose of a merger, consolidation or reorganization and where the resulting entity has the financial standing to perform its obligations under this Agreement and creditworthiness similar to GUVNL and expressly assumes all obligations under this agreement and is in a position to perform them.

GUVNL’s Default. The occurrence of any of the following at any time during the Term of this Agreement shall constitute an Event of Default by GUVNL: a. Failure or refusal by GUVNL to pay any portion of undisputed monthly xxxx bill for a period of 90 days after due date. b. GUVNL repudiates this Agreement. c. If GUVNL becomes voluntarily or involuntarily the subject of proceeding under any bankruptcy or insolvency laws or goes into liquidation or dissolution or has a receiver appointed over it or liquidator is appointed, pursuant to Law, except where such dissolution of GUVNL is for the purpose of a merger, consolidation or reorganization and where the resulting entity has the financial standing to perform its obligations under this Agreement and creditworthiness similar to GUVNL and expressly assumes all obligations under this agreement and is in a position to perform them.