Provider Default Defined Sample Clauses
The 'Provider Default Defined' clause establishes the specific circumstances under which a service provider is considered to be in default under the agreement. Typically, this clause outlines actions or omissions—such as failure to deliver services on time, not meeting agreed performance standards, or breaching material terms—that would trigger a default status. By clearly defining what constitutes a default, the clause provides both parties with a shared understanding of unacceptable conduct and the potential consequences, thereby reducing ambiguity and helping to manage risk in the contractual relationship.
Provider Default Defined. The following events shall be defaults with respect to Provider (each, a “Provider Default”):
(i) Provider breaches any material term of this Agreement and (i) if such breach can be cured within thirty (30) days after Customer’s notice of such breach and Provider fails to so cure, or (ii) Provider fails to commence and diligently pursue and complete said cure within a reasonable period of time if a cure period longer than 30 days is needed;
(A) Provider admits in writing its inability to pay its debts generally as they become due; (B) Provider files a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any state, district or territory thereof; (C) Provider makes an assignment for the benefit of creditors; (D) Provider consents to the appointment of a receiver of the whole or any substantial part of its assets; (E) Provider has a petition in bankruptcy filed against it, and such petition is not dismissed within ninety (90) days after the filing thereof; (F) a court of competent jurisdiction enters an order, judgment, or decree appointing a receiver of the whole or any substantial part of Provider’s assets, and such order, judgment or decree is not vacated or set aside or stayed within ninety (90) days from the date of entry thereof; or (G) under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction shall assume custody or control of the whole or any substantial part of Provider’s assets and such custody or control is not terminated or stayed within ninety (90) days from the date of assumption of such custody or control;
(iii) Provider fails to provide or maintain in full force and effect any required insurance, or the occurrence of a default by the insurer of Provider under any insurance policy provided hereunder, if such failure or default is not remedied within fifteen (15) Business Days after receipt of written notice from the Customer;
(iv) In the event that the financial sureties (including, but not limited to, the additional security under Section 11.06) furnished by Provider in connection with this Agreement are revoked, terminated or otherwise fail and are not replaced within fifteen
Provider Default Defined. If Provider breaches any material term of this Agreement and (i) if such breach can be cured within thirty (30) days after Provider’s receipt of Customer’s notice of such breach and Provider fails to so cure, or (ii) Provider otherwise fails to commence and diligently pursue and complete said cure within ninety (90) days of receipt of Customer’s notice, then a “Provider Default” shall have occurred.