Critical Default definition

Critical Default means any of the following:

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Critical Default occurs if: (i) the Client goes into bankruptcy, liquidation, receivership or a resolution to place it in liquidation or receivership is passed or proposed or an administrator, other controller or trustee in bankruptcy is appointed to the Client or any of its assets; (ii) the Client enters into a scheme of arrangement with its creditors; or (iii) there has been a fraud on the part of the Client;

Critical Default has the meaning given to it in clauses A20.1(d), A20.2, A26.3 and A27.3. 1 after a period of twelve (12) months from the Date of Delivery; or 2 the period specified in Schedule A -, whichever period is the longer.

Examples of Critical Default in a sentence

Termination shall not constitute a Party’s exclusive remedy for such a Critical Default, and such Party shall not be deemed to have waived any of its rights accruing hereunder prior to such Critical Default.
Termination shall not constitute a Party's exclusive remedy for such a Critical Default, and such Party shall not be deemed to have waived any of its rights accruing hereunder prior to such Critical Default.
If Sprint ends the Term as a result of a claimed Critical Default by Amdocs and it is determined by the Arbitrator that no Critical Default was committed, then the termination shall be deemed a termination for convenience, pursuant to Section 6.2.1 (For Convenience), and Amdocs shall have all remedies available to it, in accordance with Section 10.2 (Remedies) hereof, in connection with such determination that no Default was committed.
A party may, by written notice to the other party, terminate this Contract with immediate effect if the other party suffers an Insolvency Event or a Critical Default occurs due to the other party.
Sprint will not be required to pay Amdocs any Exit Fee or other termination fees if Sprint terminates the Term for Critical Default.
Clearwire shall not be required to pay Amdocs any exit fee or other termination fees if Clearwire terminates this Agreement for Critical Default.
Sprint shall not be required to pay Amdocs any Exit Fee or other termination fees if Sprint terminates the Term for Critical Default.
Each Grantor shall, at such Grantor’s cost and expense, upon the Secured Party’s demand made at any time after the occurrence and during the continuance of any Critical Default, deliver all tangible evidence of Accounts, including all documents evidencing Accounts and any books and records relating thereto to the Secured Party or to its representatives (copies of which evidence and books and records may be retained by such Grantor).
If Sprint ends the Term as a result of a claimed Critical Default by Amdocs and it is determined by the Arbitrator that no Critical Default was committed, then the termination will be deemed a termination for convenience, pursuant to Section 6.2.1 (Termination for Convenience), and Amdocs will have all remedies available to it, in accordance with Section 10.2 (Remedies) hereof, in connection with such determination that no Default was committed.
If there is a Critical Default at the time the First Portion of Key Money and/or Second Portion of Key Money, as applicable, is payable to Sonder, then the First Portion of Key Money and/or Second Portion of Key Money, as applicable, will be paid by Marriott within 3 days after ▇▇▇▇▇▇▇▇ has confirmed that ▇▇▇▇▇▇ has cured all such Critical Defaults and there are no further uncured Critical Defaults by ▇▇▇▇▇▇ at such time.

More Definitions of Critical Default

Critical Default of Sprint shall mean the default described in clause (f) of Section 12.1.57 (Default) hereunder, i.e., Sprint's failure to pay Amdocs in accordance with the provisions of this Agreement more than [**] percent ([**]%) of Amdocs' charges relating to a period of [**] days or more hereunder; provided that (x) such charges are at least [**] days past due; (y) Amdocs has advised Sprint's Program Manager in writing of Sprint's failure to make timely payment of such amounts and that Amdocs reserves the right to terminate or suspend the Services in accordance with the Agreement if such amounts are not fully paid within [**] days of Amdocs' above written notice, and (z) Sprint has not paid such amounts in full by the later of the [**] day period specified in (x) above or the [**] day period specified in (y) above; and provided further, however, that, notwithstanding anything to the contrary provided above, there shall not be deemed to have occurred a "Critical Default" of Sprint hereunder in the event that Sprint has failed to pay Amdocs, in accordance with this Agreement, any portion (i.e., up to [**] percent ([**]%)) of Amdocs' charges relating to such period of [**] days or more, if with respect to any amount greater than [**] percent ([**]%) of Amdocs' charges relating to such period of [**] days or more, Sprint's Chief Information Officer or Chief Operations Officer shall have determined such amount is a "disputed amount" in accordance with Section 5.3.10 (Payments) hereof.

Critical Default means those Defaults under the Lease listed as such in Schedule 1.

Critical Default means any Default, except for an Event of Default specified in Section 9.01(e) that with notice or lapse of time or both, in accordance with Article IX, would become an Event of Default.

Critical Default is defined in Section 4.8.A.