Common use of TTL Default Clause in Contracts

TTL Default. Each of the following shall constitute a TTL Default: (a) the occurrence of an Insolvency Event in relation to TTL; (b) failure by TTL to pay any amount which: (i) is not the subject of a Dispute; (ii) is due and payable by TTL under this Contract; and (iii) remains unpaid thirty (30) Business Days after service of a formal written demand by the Sponsor. (c) a material or persistent breach of TTL's obligations under this Contract which, if capable of remedy, is not rectified within thirty (30) days of notice to rectify such breach; (d) TTL, an employee, sub-contractor or agent has committed any Prohibited Act or fraudulent activity.

TTL Default. Each of the following shall constitute a TTL Default: (a) the occurrence of an Insolvency Event in relation to TTL; (b) failure by TTL to pay any amount which: (i) is not the subject of a Dispute; (ii) is due and payable by TTL under this Contract; and (iii) remains unpaid thirty (30) Business Days after service of a formal written demand by the Sponsor. (c) a material or persistent breach of TTL's obligations under this Contract which, if capable of remedy, is not rectified within thirty (30) days of notice to rectify such breach; (d) TTL, an employee, sub-contractor or agent has committed any Prohibited Act or fraudulent activity; (e) there is a material breach of clause 9 by TTL; (f) there is a breach of clause 19.8 by TTL.

TTL Default. Each of the following shall constitute a TTL Default: (a) the occurrence of an Insolvency Event in relation to TTL; (b) failure by TTL to pay any amount which: (i) is not the subject of a Dispute; (ii) is due and payable by TTL under this Contract; and (iii) remains unpaid thirty sixty (3060) Business Days after service of a formal written demand by the Sponsor. (c) a material or persistent breach of TTL's obligations under this Contract which, if capable of remedy, is not rectified within thirty (30) days of notice to rectify such breach; (d) TTL, an employee, sub-contractor or agent has committed any Prohibited Act or fraudulent activity.