Common use of UTILITY EVENT OF DEFAULT Clause in Contracts

UTILITY EVENT OF DEFAULT. 11.2.1. Utility Event of Default means any of the following events, unless such event has occurred as a consequence of the AMISP Event of Default or a Force Majeure event and where Utility has failed to remedy these events within a period of 90 (ninety) days of issuance of a notice by AMISP requiring Utility to remedysuchevent: a) Utility is adjudged bankrupt or insolvent, or if a trustee or receiver is appointed for Utility or for the whole or material part of its assets that has a material bearing on its ability to perform its obligations under this Contract; b) Utility has been, or is in the process of being liquidated, dissolved, wound-up, amalgamated or reconstituted in a manner that in the reasonable opinion of AMISP would adversely affect Utility’s ability to perform its obligations under this Contract; c) A resolution for winding up of Utility is passed, or any petition for winding up of Utility is admitted by a court of competent jurisdiction and a provisional liquidator or receiver is appointed and such order has not been set aside within [90 (Ninety)] days of the date thereof or Utility is ordered to be wound up by a court of competent jurisdiction; d) The breach by Utility of its obligations under this Contract which has an adverse effect on the performance of AMISP’s obligations under this Contract; e) Failure of Utility to pay the Monthly AMISP Fee in accordance with Article 6.2 or any other payment due from Utility under this Contract and more than 90 (ninety) days have elapsed since such payments became due;

UTILITY EVENT OF DEFAULT. 11.2.1. Utility Event of Default means any of the following events, unless such event has occurred as a consequence of the AMISP Event of Default or a Force Majeure event and where Utility has failed to remedy these events within a period of 90 (ninety) days of issuance of a notice by AMISP requiring Utility to remedysucheventremedy such event: a) Failure of Utility to establish Direct Debit Facility through online Consumer payments or pay the Monthly AMISP Fee in accordance with Article 6.2 or any other payment due from Utility under this Contract and more than 90 (ninety) days have elapsed since such payments became due; b) Utility is adjudged bankrupt or insolvent, or if a trustee or receiver is appointed for Utility or for the whole or material part of its assets that has a material bearing on its ability to perform its obligations under this Contract; bc) Utility has been, or is in the process of being liquidated, dissolved, wound-up, amalgamated or reconstituted in a manner that in the reasonable opinion of AMISP would adversely affect Utility’s ability to perform its obligations under this Contract; cd) A resolution for winding up of Utility is passed, or any petition for winding up of Utility is admitted by a court of competent jurisdiction and a provisional liquidator or receiver is appointed and such order has not been set aside within [90 (Ninety)] days of the date thereof or Utility is ordered to be wound up by a court of competent jurisdiction; de) The breach by Utility of its obligations under this Contract which has an adverse effect on the performance of AMISP’s obligations under this Contract; e) Failure of Utility to pay the Monthly AMISP Fee in accordance with Article 6.2 or any other payment due from Utility under this Contract and more than 90 (ninety) days have elapsed since such payments became due;.

UTILITY EVENT OF DEFAULT. 11.2.1. Utility Event of Default means any of the following events, unless such event has occurred as a consequence of the AMISP Event of Default or a Force Majeure event and where Utility has failed to remedy these events within a period of 90 (ninety) days of issuance of a notice by AMISP requiring Utility to remedysuchevent: aremedy such event: Failure of Utility to establish Direct Debit Facility through online Consumer payments or pay the Monthly AMISP Fee in accordance with Article 6.2 or any other payment due from Utility under this Contract and more than 90 (ninety) days have elapsed since such payments became due; Utility is adjudged bankrupt or insolvent, or if a trustee or receiver is appointed for Utility or for the whole or material part of its assets that has a material bearing on its ability to perform its obligations under this Contract; b) ; Utility has been, or is in the process of being liquidated, dissolved, wound-up, amalgamated or reconstituted in a manner that in the reasonable opinion of AMISP would adversely affect Utility’s ability to perform its obligations under this Contract; c) ; A resolution for winding up of Utility is passed, or any petition for winding up of Utility is admitted by a court of competent jurisdiction and a provisional liquidator or receiver is appointed and such order has not been set aside within [90 (Ninety)] days of the date thereof or Utility is ordered to be wound up by a court of competent jurisdiction; d) ; The breach by Utility of its obligations under this Contract which has an adverse effect on the performance of AMISP’s obligations under this Contract; e) Failure of Utility to pay the Monthly AMISP Fee in accordance with Article 6.2 or any other payment due from Utility under this Contract and more than 90 (ninety) days have elapsed since such payments became due;.