Common use of Default by User Clause in Contracts

Default by User. An Event of Default by User occurs when User: (a) suffers an Insolvency Event; (b) defaults in performance of a material obligation under this Agreement (Default) and, where the Default is capable of being remedied, does not remedy the Default within a period of 21 Days from the date of User's receipt of Notice from Service Provider requiring the Default to be remedied; or (c) fails to pay any amount due to Service Provider and that amount, plus interest accrued at the Interest Rate plus 2% per annum, is still outstanding 7 Days after the date of User's receipt of Notice of the outstanding amount from Service Provider (Payment Default).

Default by User. ‌ An Event of Default by User occurs when User: (a) suffers an Insolvency Event; (b) defaults in performance of a material obligation under this Agreement (Default) and, where the Default is capable of being remedied, does not remedy the Default within a period of 21 Days from the date of User's receipt of Notice from Service Provider requiring the Default to be remedied; oror‌ (c) fails to pay any amount due to Service Provider and that amount, plus interest accrued at the Interest Rate plus 2% per annum, is still outstanding 7 Days after the date of User's receipt of Notice of the outstanding amount from Service Provider (Payment Default).Default).‌