Common use of Events Constituting Default Clause in Contracts

Events Constituting Default. ▇▇▇▇▇▇, at its option, may by written notice to the CLIENT, declare this Agreement in default on the occurrence of any of the following: (a) failure by CLIENT to make any payment or perform any of its obligations hereunder in a timely manner; (b) institution by or against the CLIENT of any proceeding in bankruptcy, insolvency or reorganization under any law, or the appointment of a receiver or trustee for CLIENT’s goods and chattels, or assignment for the benefit of creditors; or (c) the expiration, cancellation or failure to renew any insurance policy CLIENT is obligated to maintain.