Common use of Default and Early Termination Clause in Contracts

Default and Early Termination. 1. Upon the occurrence of any of the following events on the side of any of the Contracting Parties, each such event shall constitute, for the purposes of this Schedule to the Agreement, an event of default (each, an “Event of Default“): i. The Client fails to effect any payment or provide performance under the Agreement, and the Client fails to remedy the situation within an additional time of two (2) Trading Days following receipt of a notice from AKCENTA to that effect; ii. The Client fails to observe, meet in a due and timely fashion, or is otherwise in breach of, any obligation under the Agreement other than that specified in the foregoing sub-clause a), and the Client fails to comply with such obligation within an additional period of time of two (2) Trading Days following receipt of a notice from AKCENTA to that effect; iii. The value of hedging provided for a Transaction ceases to exist or its value materially deteriorates, and such hedging is not promptly replenished; iv. The Client becomes insolvent or incapable of paying its debts, or the Client admits in writing its inability to pay its debts upon maturity; v. The Client (in case of a Client - individual, also his spouse, if applicable) files a petition seeking the institution of bankruptcy proceedings, reorganization or any other measure against his person under the Insolvency Act or another legislation relating to creditor rights or similar foreign legal regulation, until such petition is rejected by a court having jurisdiction. No filing by a third party of a petition seeking the institution of bankruptcy proceedings in relation the Client or any other measure under the Insolvency Act relating to creditor rights where the Client proves to AKCENTA, to its full satisfaction, that such petition seeking bankruptcy is entirely unsubstantiated and vexatious (in particular, due to submission of an external legal opinion) shall be deemed an Event of Default; vi. The Contracting Party has complied, or may be reasonably expected to comply, with the terms and conditions applicable to the imposition of forced administration (for the purposes hereof, 'forced administration' means any restriction on a Contracting Party's right dispose of its assets in favor of a person appointed by a court or administrative authority, including the CNB and a similar foreign institution); vii. The Contracting Party adopts the decision to wind-up without a legal successor or to transfer any and all of the assets of the Contracting Parties or a material part thereof to other persons or such decision is adopted, in relation to the Contracting Party, by any other Authorized Person (in particular, a court administering the Commercial Register or a similar foreign institution); viii. Any representation made by either of the Contracting Parties in

Default and Early Termination. 1. Upon the occurrence of any of the following events on the side of any of the Contracting Parties, each such event shall constitute, for the purposes of this Schedule to the Agreement, an event of default (each, an “Event of Default“): i. The Client fails to effect effect any payment or provide performance under the Agreement, and the Client fails to remedy the situation within an additional time of two (2) Trading Days following receipt of a notice from AKCENTA to that effecteffect; ii. The Client fails to observe, meet in a due and timely fashion, or is otherwise in breach of, any obligation under the Agreement other than that specified specified in the foregoing sub-clause a), and the Client fails to comply with such obligation within an additional period of time of two (2) Trading Days following receipt of a notice from AKCENTA to that effecteffect; iii. The value of hedging provided for a Transaction ceases to exist or its value materially deteriorates, and such hedging is not promptly replenished; iv. The Client becomes insolvent or incapable of paying its debts, or the Client admits in writing its inability to pay its debts upon maturity; v. The Client (in case of a Client - individual, also his spouse, if applicable) files files a petition seeking the institution of bankruptcy proceedings, reorganization or any other measure against his person under the Insolvency Act or another legislation relating to creditor rights or similar foreign legal regulation, until such petition is rejected by a court having jurisdiction. No filing filing by a third party of a petition seeking the institution of bankruptcy proceedings in relation the Client or any other measure under the Insolvency Act relating to creditor rights where the Client proves to AKCENTA, to its full satisfaction, that such petition seeking bankruptcy is entirely unsubstantiated and vexatious (in particular, due to submission of an external legal opinion) shall be deemed an Event of Default; vi. The Contracting Party has complied, or may be reasonably expected to comply, with the terms and conditions applicable to the imposition of forced administration (for the purposes hereof, 'forced administration' means any restriction on a Contracting Party's right dispose of its assets in favor of a person appointed by a court or administrative authority, including the CNB and a similar foreign institution); vii. The Contracting Party adopts the decision to wind-up without a legal successor or to transfer any and all of the assets of the Contracting Parties or a material part thereof to other persons or such decision is adopted, in relation to the Contracting Party, by any other Authorized Person (in particular, a court administering the Commercial Register or a similar foreign institution); viii. Any representation made by either of the Contracting Parties in