Recipient’s Default Sample Clauses
The 'Recipient’s Default' clause defines the circumstances under which the recipient of goods, services, or funds is considered to be in breach of their obligations under the agreement. Typically, this clause outlines specific events such as failure to make payments, non-compliance with contractual terms, or insolvency that would constitute a default. For example, if the recipient fails to pay an invoice within the agreed timeframe or becomes bankrupt, these actions would trigger the default provisions. The core function of this clause is to clearly identify what constitutes a default, thereby enabling the other party to take remedial actions such as suspending services, demanding immediate payment, or terminating the contract, thus protecting their interests in the event of non-performance.
Recipient’s Default. An Event of Default shall exist with respect to Recipient if Recipient shall:
(a) unless subject to a good faith dispute hereunder, fail to make any monetary payment required under this Agreement on or before the due date recited herein and such failure continues for thirty (30) Business Days after written notice from Service Provider specifying such failure, or
(b) fail to perform or comply with, in any material respect, any of the other covenants, agreements, terms or conditions contained in this Agreement applicable to Recipient and such failure shall continue for a period of thirty (30) days after written notice thereof from Service Provider to Recipient specifying in reasonable detail the nature of such failure, or, in the case such failure is of a nature that it cannot, with due diligence and good faith, cure within thirty (30) days, if Recipient fails to proceed promptly and with all due diligence and in good faith to cure the same and thereafter to prosecute the curing of such failure to completion with all due diligence within ninety (90) days thereafter.
Recipient’s Default. An Event of Default shall exist with respect to Recipient if Recipient shall:
Recipient’s Default. If Recipient shall default under this Agreement and the Closing fails to occur as a result of such default, Contributor shall be entitled to (a) pursue specific performance to cause Recipient to perform its obligations under this Agreement or (b) terminate this Agreement, but in no event shall Contributor seek, or shall Recipient be liable for, any damages in connection with Contributor’s default (unless specific performance is unavailable).