Common use of Default by Supplier Clause in Contracts

Default by Supplier. Supplier shall be deemed to be in “Default” under this Agreement or the applicable Purchase Order in the event that: (i) Supplier becomes the subject of a voluntary or involuntary bankruptcy, insolvency, reorganization of liquidation proceeding; (ii) Supplier makes an assignment for the benefit of creditors; (iii) Supplier admits in writing its inability to pay debts when due; or (iv) Supplier fails to observe and perform any material term of this Agreement or an applicable Purchase Order and such failure continues for a period of thirty (30) days after written notice from CENIC or CENIC Member. i. For Defaults under a Purchase Order, CENIC Member may (A) terminate the Purchase Order or SOW in whole or in part, in which event CENIC Member shall have no further duties or obligations, except (i) in the case of partial termination, the rights, duties and obligations shall continue in full force and effect to the extent not terminated and (ii) for those duties or obligations that by their terms survive any termination of the Purchase Order or SOW, and/or (B) pursue any remedies CENIC Member may have under the SOW according to this Agreement, at law or in equity. In such event, CENIC Member shall be responsible for payment to Supplier for all Products and Services delivered or performed and accepted prior to the Default. ii. For Defaults under this Agreement, CENIC may A) terminate this Agreement. In which event CENIC shall have no further duties or obligations, except (i) in the case of partial termination, the rights, duties and obligations shall continue in full force and effect to the extent not terminated and (ii) for those duties or obligations that by their terms survive any termination of this Agreement, and/or (B) pursue any remedies CENIC may have under this Agreement, at law or in equity.

Default by Supplier. Supplier shall be deemed to be in “Default” under this Agreement or the applicable Purchase Order in the event that: (i) Supplier becomes the subject of a voluntary or involuntary bankruptcy, insolvency, reorganization of liquidation proceeding; (ii) Supplier makes an assignment for the benefit of creditors; (iii) Supplier admits in writing its inability to pay debts when due; or (iv) Supplier fails to observe and perform any material term of this Agreement or an applicable Purchase Order and such failure continues for a period of thirty (30) days after written notice from CENIC NJEDGE or CENIC Member. i. For Defaults under a Purchase Order, CENIC NJEDGE Member may (A) terminate the Purchase Order or SOW in whole or in part, in which event CENIC NJEDGE Member shall have no further duties or obligations, except except (i) in the case of partial termination, the rights, duties and obligations shall continue in full force and effect to the extent not terminated and (ii) for those duties or obligations that by their terms survive any termination of the Purchase Order or SOW, and/or (B) pursue any remedies CENIC NJEDGE Member may have under the SOW according to this Agreement, at law or in equity. In such event, CENIC NJEDGE Member shall be responsible for payment to Supplier for all Products and Services delivered or performed and accepted prior to the Default. ii. For Defaults under this Agreement, CENIC NJEDGE may A) terminate this Agreement. In which event CENIC NJEDGE shall have no further duties or obligations, except (i) in the case of partial termination, the rights, duties and obligations shall continue in full force and effect to the extent not terminated and (ii) for those duties or obligations that by their terms survive any termination of this Agreement, and/or (B) pursue any remedies CENIC NJEDGE may have under this Agreement, at law or in equity.