Common use of Default Defined Clause in Contracts

Default Defined. 18 The occurrence of one or more of the following shall constitute an event of “Default”: 19 A. A Party voluntarily commences bankruptcy, insolvency, reorganization, stay, moratorium or 20 similar debtor-relief proceedings, or becomes insolvent or generally does not pay its debts as they 21 become due, or admits in writing its inability to pay its debts, or makes an assignment for the 22 benefit of creditors. 23 B. Insolvency, receivership, reorganization, bankruptcy, or similar proceedings shall have been 24 commenced against a Party and such proceedings remain undismissed or unstayed for a period of 25 180 days. 26 C. A Party is in material breach of its obligations under this Agreement and such material breach 27 continues uncured for thirty (30) days after receipt of written notice from the other Party; provided 28 that so long as the first Party is exercising diligent efforts to cure such breach, the first Party shall 29 be entitled to an additional (60) days period of time required to cure such breach. 30 D. With respect to the Provider only, all wind turbines at the Site are determined to be Terminal.

Default Defined. 18 The occurrence of one or more of the following shall constitute an event of “Default”: 19 A. A Party voluntarily commences bankruptcy, insolvency, reorganization, stay, moratorium or 20 similar debtor-relief proceedings, or becomes insolvent or generally does not pay its debts as they 21 become due, or admits in writing its inability to pay its debts, or makes an assignment for the 22 benefit of creditors. 23 B. Insolvency, receivership, reorganization, bankruptcy, or similar proceedings shall have been 24 commenced against a Party and such proceedings remain undismissed or unstayed for a period of 25 180 days. 26 C. A Party is in material breach of its obligations under this Agreement and such material breach 27 continues uncured for thirty (30) days after receipt of written notice from the other Party; provided 28 that so long as the first Party is exercising diligent efforts to cure such breach, the first Party shall 29 be entitled to an additional (60) days period of time required to cure such breach. 30 D. With respect to the Provider only, all wind turbines at the Site are determined to be Terminal.