Common use of Default by the Client Clause in Contracts

Default by the Client. 15.1 The Client shall be deemed to be in default by operation of law and its (remaining) debts to IHC Hytech B.V. shall become immediately due and payable, if and when: a. The Client applies for its own bankruptcy or moratorium, is declared bankrupt or is granted a suspension of payment; b. All or a part of the Client’s assets are attached and said attachment is not lifted within ten (10) days of having been levied; c. The Client fails to pay (part of) an invoice within the period agreed; d. The Client proceeds or resolves to liquidate its business, to cease doing business, to sell all or part of its business, to alter the objects of its business or to dissolve its business; e. A direct or indirect change of control in (part of) the Client’s business occurs. f. The Client fails, after having been notified of its default in writing by IHC Hytech B.V. and thereby granted a reasonable period to remedy the default, to comply in full or in part with any other obligation under the Agreement not already mentioned in this clause 15.1; 15.2 In the situations described in clause 15.1 of these Conditions, IHC Hytech B.V. may, without any obligation on its part to pay compensation, without prejudice to its other statutory and contractual rights, without notice of default and without the requirement for the intervention of a court of law or arbitrators, at its own discretion: a. Postpone the performance of any obligation it may have towards the Client until the lat- ter has met all of its obligations towards IHC Hytech B.V.;