Common use of Client Default Clause in Contracts

Client Default. Netrix may terminate this Agreement or an applicable SOW for breach, or suspend Services until the default is cured, for the following reasons: If any amount is past due more than thirty (30) days; the assignment by Client of its business for the benefit of creditors, or the filing of a petition under the Bankruptcy Code or any similar statute, or the filing of such a petition which is not discharged or stayed within sixty (60) days, or the appointment of a receiver or similar officer to take charge of Client’s property, or any other act indicative of bankruptcy or insolvency that can be reasonably expected to place Client in payment default. Upon any termination for cause, Client will remain responsible for payment of the full amount of the remaining monthly service fees for all months remaining in the Agreement’s then current Term.

Client Default. Netrix may terminate this Agreement or an applicable SOW for breach, or suspend Services until the default is cured, for the following reasons: If any amount is past due more than thirty (30) days; the assignment by Client of its business for the benefit of creditors, or the filing of a petition under the Bankruptcy Code or any similar statute, or the filing of such a petition which is not discharged or stayed within sixty (60) days, or the appointment of a receiver or similar officer to take charge of Client’s property, or any other act indicative of bankruptcy or insolvency that can be reasonably expected to place Client in payment default. Upon any termination for cause, Client will remain responsible for payment of the full amount of the remaining monthly service fees for all months remaining in the Agreement’s then current Term.