Common use of DECLARATION OF DEFAULT Clause in Contracts

DECLARATION OF DEFAULT. The Recipient may declare default if: a) One or more of the Events of Default occurs; b) The Recipient gave notice to the Ultimate Recipient of the event which in the Recipient or Canada’s opinion constitutes an Event of Default; and c) The Ultimate Recipient has failed, within thirty (30) business days of receipt of the notice, either to remedy the Event of Default or to notify and demonstrate, to the satisfaction of the Recipient or Canada, that it has taken such steps as are necessary to remedy the Event of Default.