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; C. If this is a Lease Agreement, the expiration or cancellation of any insurance policy CLIENT is obligated to maintain, or involuntary transfer of CLIENT'S interest in this Lease Agreement by operation of law; or the assignment of this Lease Agreement and/or the plants and materials without the prior written consent of ▇▇▇▇▇▇.