Common use of Events of Default by Customer Clause in Contracts

Events of Default by Customer. Any of the following will constitute an "EVENT OF DEFAULT" by Customer: 12.5.1 Any failure by Customer to pay any fee, charge or payment that is due and owing under this Agreement; 12.5.2 Any other material breach by Customer of any of its representations, warranties, obligations or covenants under this Agreement; or 12.5.3 If Customer: (i) is adjudicated bankrupt or insolvent by a court of competent jurisdiction, (ii) substantially ceases to do business, (iii) fails to pay its debts generally as they become due, or (iv) takes steps to declare bankruptcy, wind up, dissolve or liquidate, or a receiver, trustee or similar officer is appointed over (or a lien holder takes possession of) all or a substantial part of Customer's property or assets, or anything similar to any of the foregoing occurs in relation to Customer under the laws of any jurisdiction.