Common use of STI IN DEFAULT Clause in Contracts

STI IN DEFAULT. MDC, at its option, may by written notice to STI declare STI in default on the occurrence of any of the following: i) failure by STI to make payments or perform any of its obligations under this Agreement; ii) institution by or against STI of any proceeding in bankruptcy or insolvency, or the reorganization of STI under any law, or the appointment of a receiver or trustee for the goods and property of STI, or any assignment by STI for the benefit of creditors; iii) expiration or cancellation of any insurance policy to be paid by STI as provided for under the terms of this Agreement; or iv) involuntary transfer of STI's interest in this Agreement by operation of law.