Common use of Technical Events of Default Clause in Contracts

Technical Events of Default. Each of the following events or conditions shall constitute a "Technical Event of Default" by CONTRACTOR: (i) CONTRACTOR has filed a petition, or a petition has been filed against CONTRACTOR with its consent, under any federal or state law concerning bankruptcy, reorganization, insolvency or relief from creditors, or if such a petition is filed against CONTRACTOR without its consent and is not dismissed within sixty (60) calendar days; or if CONTRACTOR is generally not paying its debts as they become due; or if CONTRACTOR becomes insolvent; or if CONTRACTOR consents to the appointment of a receiver, trustee, liquidate, custodian or the like of CONTRACTOR or of all or any substantial portion of its assets and such appointment or possession is not terminated within sixty (60) calendar days; or if CONTRACTOR makes an assignment for the benefit of creditors; (ii) CONTRACTOR has failed to comply with Laws; (iii) CONTRACTOR fails to maintain, or provide to DCAMM evidence of the insurance or bonds required hereby; (iv) Any other failure by CONTRACTOR to maintain DCAMM’S legal protections against failure or nonperformance contained in Sections 47: Indemnification, 48: Insurance Requirements, and 49: Bonding Requirements/Performance and Payment Bonds.

Technical Events of Default. Each of the following events or conditions shall constitute a "Technical Event of Default" by CONTRACTOR: (i) CONTRACTOR has filed a petition, or a petition has been filed against CONTRACTOR with its consent, under any federal or state law concerning bankruptcy, reorganization, insolvency or relief from creditors, or if such a petition is filed against CONTRACTOR without its consent and is not dismissed within sixty (60) calendar days; or if CONTRACTOR is generally not paying its debts as they become due; or if CONTRACTOR becomes insolvent; or if CONTRACTOR consents to the appointment of a receiver, trustee, liquidate, custodian or the like of CONTRACTOR or of all or any substantial portion of its assets and such appointment or possession is not terminated within sixty (60) calendar days; or if CONTRACTOR makes an assignment for the benefit of creditors; (ii) CONTRACTOR has failed to comply with Laws; (iii) CONTRACTOR fails to maintain, or provide to DCAMM CUSTOMER evidence of the insurance or bonds required hereby; (iv) Any other failure by CONTRACTOR to maintain DCAMM’S CUSTOMER’s legal protections against failure or nonperformance contained in Sections 47: IndemnificationSection 37, 48: Insurance RequirementsSection 38, and 49: Bonding Requirements/Performance and Payment BondsSection 39 of the Contract.

Technical Events of Default. Each of the following events or conditions shall constitute a "Technical Event of Default" by CONTRACTOR: (i) CONTRACTOR has filed a petition, or a petition has been filed against CONTRACTOR with its consent, under any federal or state law concerning bankruptcy, reorganization, insolvency or relief from creditors, or if such a petition is filed against CONTRACTOR without its consent and is not dismissed within sixty (60) calendar days; or if CONTRACTOR is generally not paying its debts as they become due; or if CONTRACTOR becomes insolvent; or if CONTRACTOR consents to the appointment of a receiver, trustee, liquidate, custodian or the like of CONTRACTOR or of all or any substantial portion of its assets and such appointment or possession is not terminated within sixty (60) calendar days; or if CONTRACTOR makes an assignment for the benefit of creditors; (ii) CONTRACTOR has failed to comply with Laws; (iii) CONTRACTOR fails to maintain, or provide to DCAMM CUSTOMER evidence of the insurance or bonds required hereby; (iv) Any other failure by CONTRACTOR to maintain DCAMM’S CUSTOMER’s legal protections against failure or nonperformance contained in Sections 47: IndemnificationSections, 48: Insurance Requirements40, 41 and 49: Bonding Requirements/Performance and Payment Bonds42 of the Contract.