Common use of Default by VENDOR Clause in Contracts

Default by VENDOR. The following events shall constitute events of default by Vendor which give School District the right to receive for its own and sole use only, a single copy of the Escrow Materials from the Escrow Agent pursuant to Paragraph 8 (“Delivery of Escrow Materials to School District”): (a) Vendor breaches its warranty in Section 6 Warranties and Remedies (“Performance”) of the License Agreement or fails to meet its maintenance or support commitments as set forth in Exhibit [designation of Exhibit A] (“Vendor Maintenance and Support Services”) to the License Agreement for a period of fifteen (15) days, or Vendor notifies School District at any time subsequent to [date] of its election to discontinue such support; (b) Vendor becomes insolvent, or files or has filed against it any proceeding in bankruptcy or for reorganization under any federal bankruptcy law or similar state law, or has any receiver appointed for all or a substantial part of Vendor's assets or business, or makes any assignment for the benefit of its creditors, or enters into any other proceeding for debt relief; (c) Vendor ceases to do business or institutes any proceedings for the liquidation or winding up of its business or for the termination of its corporate charter; (d) Vendor or Vendor's business is acquired by a competitor of School District.

Default by VENDOR. The following events shall constitute events of default by Vendor which give School District the right to receive for its own and sole use only, a single copy of the Escrow Materials from the Escrow Agent pursuant to Paragraph 8 (“Delivery of Escrow Materials to School District”): (a) Vendor breaches its warranty in Section 6 Warranties and Remedies (“Performance”) of the License Agreement or fails to meet its maintenance or support commitments as set forth in Exhibit [designation of Exhibit A] A+ (“Vendor Maintenance and Support Services”) to the License Agreement for a period of fifteen (15) days, or Vendor notifies School District at any time subsequent to [date] of its election to discontinue such support; (b) Vendor becomes insolvent, or files or has filed against it any proceeding in bankruptcy or for reorganization under any federal bankruptcy law or similar state law, or has any receiver appointed for all or a substantial part of Vendor's assets or business, or makes any assignment for the benefit of its creditors, or enters into any other proceeding for debt relief; (c) Vendor ceases to do business or institutes any proceedings for the liquidation or winding up of its business or for the termination of its corporate charter; (d) Vendor or Vendor's business is acquired by a competitor of School District.