Common use of Default of Customer Clause in Contracts

Default of Customer. 36.1 BIL may give the Customer a notice of default if the Customer breaches any of its obligations under this Agreement. 36.2 The notice of default must specify in reasonable detail the breach complained of and stipulate a reasonable time for the breach to be rectified and in the case of the failure to pay any monies payable under this Agreement the period of 14 days is deemed to be reasonable. 36.3 If the Customer disputes the default the Customer must give a Dispute Notice to BIL within the time stipulated for the breach to be rectified upon which that time will be deemed to be extended until the Dispute Resolution Procedure expires. 36.4 The Customer may not give a Dispute Notice in relation to any notice of default received from BIL except in accordance with Clause 36.3. 37 Events of Default of Customer The Customer commits an event of default if : 37.1 it fails to rectify the default within the time stipulated in a notice of default given by BIL under Clause 36; or 37.2 it becomes Insolvent.

Default of Customer. 36.1 BIL may give the Customer a notice of default if the Customer breaches any of its obligations under this Agreement. 36.2 The notice of default must specify in reasonable detail the breach complained of and stipulate a reasonable time for the breach to be rectified and in the case of the failure to pay any monies payable under this Agreement the period of 14 days is deemed to be reasonable. 36.3 If the Customer disputes the default the Customer must give a Dispute Notice to BIL within the time stipulated for the breach to be rectified upon which that time will be deemed to be extended until the Dispute Resolution Procedure expires. 36.4 The Customer may not give a Dispute Notice in relation to any notice of default received from BIL except in accordance with Clause 36.3. 37 Events of Default of Customer The Customer commits an event of default if if: 37.1 it fails to rectify the default within the time stipulated in a notice of default given by BIL under Clause 36; or 37.2 it becomes Insolvent.