BANKRUPTCY, WAIVER OR DEFAULT Sample Clauses

The 'Bankruptcy, Waiver or Default' clause outlines the consequences and procedures that apply if a party to the agreement becomes bankrupt, waives certain rights, or defaults on their obligations. Typically, this clause specifies what constitutes a default, the rights of the non-defaulting party—such as the ability to terminate the contract or seek remedies—and how waivers of rights must be documented to be effective. Its core function is to protect parties from financial or legal harm by clearly defining the steps to take and the rights available in the event of insolvency, non-performance, or the intentional relinquishment of contractual rights.
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BANKRUPTCY, WAIVER OR DEFAULT. In the event Tenant files a voluntary petition in bankruptcy, makes assignment for the benefit of creditors, or is adjudged a bankrupt, or if a receiver, trustee or custodian is appointed for Tenant by any court, or if Tenant files any petition for relief under any section of the bankruptcy laws of the United States now in force or hereafter enacted, or if Tenant takes advantage of any insolvency act, or if the interest of Tenant shall be sold under any execution or other legal process issued out of any court, or if Tenant shall abandon or vacate the Premises during the term of this Lease, or if Tenant shall breach any promise or covenant herein, then in any such event it shall be lawful for Landlord at any time thereafter, at its option upon 10 days written notice to Tenant, to re-enter said premises and again have possession thereof and occupy the same as if this Lease had not been made, and thereupon this Lease shall cease and become null and void.
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BANKRUPTCY, WAIVER OR DEFAULT. In the event Tenant files a voluntary petition in bankruptcy, makes assignment for the benefit of creditors, or is adjudged to be a bankrupt, or if a receiver, trustee, or custodian is appointed for Tenant by any court, or if Tenant files any petition for relief under any section of the bankruptcy laws of the United States now in force or hereafter enacted, or if Tenant takes advantage of any insolvency act, or if the interest of Tenant shall be sold under any execution or other legal process issued out of any court, or if Tenant shall abandon or vacate the Premises during the Prime Term or, if applicable, Additional Term of this Lease, or if Tenant shall breach any promise or covenant herein, than in any such event it shall be lawful for Landlord at any time thereafter, at its option upon 14 days written notice to Tenant, to re-enter said premises and again have possession thereof and occupy the same as if this Lease had not been made, and thereupon this Lease shall cease and become null and void. In the event that Landlord so re-enters or takes possession of the Premises, as provided herein, Landlord shall not be deemed to have accepted a surrender of the Premises, rather Landlord shall be entitled to re-let the Premises to a third party on commercially reasonable terms and to recover from Tenant the difference, if any, in the Rent payable hereunder and the rent received from such re-letting. ARTICLE
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Related to BANKRUPTCY, WAIVER OR DEFAULT

  • Waiver of Event of Default The Majority Certificateholders may, on behalf of all Certificateholders, by notice in writing to the Trustee, direct the Trustee to waive any events permitting removal of any Master Servicer under this Agreement, provided, however, that the Majority Certificateholders may not waive an event that results in a failure to make any required distribution on a Certificate without the consent of the Holder of such Certificate. Upon any waiver of an Event of Default, such event shall cease to exist and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereto except to the extent expressly so waived. Notice of any such waiver shall be given by the Trustee to the Rating Agency.

  • Notification of Event of Default Borrower shall notify Agent immediately of the occurrence of any Event of Default.

  • Notification of Defaults and Events of Default Each Lender hereby agrees that, upon learning of the existence of a Default or an Event of Default, it shall promptly notify the Administrative Agent thereof. The Administrative Agent hereby agrees that upon receipt of any notice under this §14.10 it shall promptly notify the other Lenders of the existence of such Default or Event of Default.

  • Waiver of Events of Default The Holders representing at least 66% of the Voting Rights affected by a default or Event of Default hereunder may waive such default or Event of Default; provided, however, that (a) a default or Event of Default under clause (i) of Section 7.01 may be waived only by all of the Holders of Certificates affected by such default or Event of Default and (b) no waiver pursuant to this Section 7.04 shall affect the Holders of Certificates in the manner set forth in Section 11.01(b)(i) or (ii). Upon any such waiver of a default or Event of Default by the Holders representing the requisite percentage of Voting Rights affected by such default or Event of Default, such default or Event of Default shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. No such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon except to the extent expressly so waived.

  • Events of Default Remedies on Default Events of Default . Each of the following shall be an "Event of Default" if it occurs for any reason whatsoever, whether voluntary or involuntary, by operation of law or otherwise: (a) Borrowers (or any other Obligor, if applicable) fail to pay (i) any principal of any Loan when due (whether at stated maturity, on demand, upon acceleration or otherwise) or (ii) any interest, fee, indemnity or other amount payable under this Agreement or any other Loan Document within 2 Business Days after the date when due; (b) Any representation or warranty of an Obligor made in any Loan Documents or transactions contemplated thereby is incorrect or misleading in any material respect when made or deemed made; (c) Borrowers breach or fail to perform any covenant contained in Section 7.2, 7.3, 9.1.1, 9.