JCI Default definition
JCI Default means (a) any failure by JCI to comply with a material term of the Agreement that is not caused by an Excusable Delay, and said failure continues for thirty (30) calendar days after Customer provides written notice of such failure to JCI without cure or, if cure cannot reasonably be effected in such thirty (30) calendar days, without commencement of a cure and diligent subsequent completion of such cure within ninety (90) calendar days; and/or (b) institution of any proceeding in bankruptcy, receivership, or insolvency by or against JCI, or appointment of a trustee or receiver for JCI. “JCI Property” has the meaning ascribed to it in Article 16 of these Customer Terms.
Examples of JCI Default in a sentence
Unless the Customer Proposal expressly provides differently, if the Customer Proposal is terminated by Customer as the result of a JCI Default, JCI will refund Customer any prepaid fees covering what would otherwise have been the remainder of the term of the Customer Proposal after the effective date of termination.
Upon the occurrence of a JCI Default under the Agreement, Customer may terminate such Agreement by providing written notice of termination to JCI.