Default and Forfeiture Clause Samples

The "Default and Forfeiture" clause defines the consequences and procedures that apply when one party fails to fulfill their contractual obligations. Typically, this clause outlines what constitutes a default, the notice requirements, and the steps the non-defaulting party may take, such as terminating the agreement or reclaiming property or payments. Its core function is to protect the interests of the non-breaching party by providing clear remedies and deterring non-performance, thereby ensuring accountability and reducing the risk of unresolved breaches.
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Default and Forfeiture. 14.1 If at any time Anadolun is in default by failure to pay any payment when due or is in breach of any provision of this Lease Agreement, and such default is not cured within ninety (90) days after written notice of default is given to Anadolun, (a) at the election of Black Sea: (i) the 95% Karasu Royalty Interest shall vest in Black Sea, free and clear of all charges, encumbrances or claims and (ii) Anadolun will transfer, assign and convey its interests in Karasu to Black Sea or any party that Black Sea may nominate, subject to Anadolun receiving a 5% Karasu Royalty Interest, which shall be calculated in accordance with Section 12.2(a)-(e) of this Lease Agreement, substituting references to Black Sea with Anadolun or (b) Anadolun shall, upon written demand, execute and deliver to Black Sea, or its designee, a legally sufficient written commitment conveying to Black Sea, or its designee, all of its rights, titles and interest in and to the Karasu Property and the License, as applicable, subject to Anadolun receiving a 5% Karasu Royalty Interest, which shall be calculated in accordance with Section 12.2(a)-(e) of this Lease Agreement, substituting references to Black Sea with Anadolun. However, if there is a bona fide dispute as to whether a payment default or breach has occurred, then there shall be no termination unless after an adverse final determination by a the arbitrator under Article 19, if Anadolun fails to cure such default or breach within ninety (90) days of said final determination. 14.2 Default by Karasu in performance of any obligation arising hereunder, other than performing the annual work requirements or the obligation to make payments when due, shall not work a forfeiture or termination of this Lease, nor cause a forfeiture, termination or revision of the estate created hereby. Anadolun's sole remedy shall be recovery of actual compensatory damages determined by final determination by a the arbitrator under Article
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Default and Forfeiture. Time and the strict and faithful performance of each and every one of the conditions of this Lease are expressly made the essence of this Lease. If Lessee defaults in the keeping, performing or observing of any of the covenants and agreements herein contained and such default shall remain uncured for a period of thirty (30) days after written notice shall have been sent by certified or registered mail to Lessee as hereinafter provided, then in such event the Lessor may, at Lessor's election, either in law or equity, seek specific performance of this Lease or may declare said Lease forfeited and terminated and may re-enter the Leased Premises to repossess and enjoy the same as in their first estate, and the effect of such default shall in itself, at the election of Lessor, without further notice or demand constitute a forfeiture and termination of this Lease, and if thereafter the Lessee shall fail to surrender possession of the Leased Premises to Lessor, the Lessee shall be deemed guilty of an unlawful and forcible detention of the Leased Premises. If Lessee shall abandon or vacate the Leased Premises, or if this Lease be terminated for default of any of the covenants and agreements herein contained, Lessee hereby agrees to pay all reasonable expenses incurred by ▇▇▇▇▇▇ in obtaining possession of the Leased Premises from Lessee and in removing the improvements thereon, including reasonable legal expenses and attorney's fees, and to pay such other expenses as the Lessor may incur in putting the Leased Premises in good order and condition as herein provided. In the event of notification of default by Lessor to Lessee and Lessee does in fact cure such default, then and in that event Lessee shall pay, in addition to all arrearages as existing under the notice of default, the reasonable attorney fees incurred by Lessor in determination of the default and the notification to the defaulting Lessee.
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Default and Forfeiture. The parties hereto agree that: 5.1 The deposit shall be forfeited to the Town as liquidated damages and not as a penalty and this Agreement shall become null and void, at the Town's option, if:  The Purchaser shall fail to pay the adjusted balance of the purchase price on or before the date given in this agreement.  The Purchaser shall fail to apply for and obtain a Development Permit and to commence construction according to the terms of the Development Permit. 5.2 The Town, may, in its sole discretion, waive any of the covenants or grant any indulgences or allow any extensions of the time limited herein without prejudice to its right to insist upon fulfillment or compliance of any other covenant or, upon reasonable notice being provided, fulfillment or compliance of the covenant for which waiver, indulgence or extension had originally been granted. 5.3 Where this Agreement is declared Null and Void upon default by the Purchaser, then the Town shall refund to the Purchaser all sums of money represented by the amount paid in towards the purchase price, less the Deposit. The Deposit shall be forfeited to the Town as liquidated damages for breach of Contract.
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Default and Forfeiture. TOWN OF HAMDEN may enforce the performance of this Agreement upon knowledge of any default hereof in any manner provided by law and this Agreement shall be forfeited on a declaration of forfeiture by the TOWN at its option, if UDS shall by failure to comply with the terms, covenants and conditions of the Agreement default thereon and the default shall continue for thirty (30) days as follows:
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Default and Forfeiture. Time and the strict and faithful performance of each and every one of the conditions of this agreement are expressly made the essence of this agreement. If default be made by LESSEE in payment of any part of LESSEE’S rent when the same shall become due or default be made by the LESSEE in keeping, performing, or observing any of the covenants and agreements herein contained, and said default shall remain so for a period of thirty (30) days after written notice shall have been sent as set forth below in the paragraph entitled “Notice,” then in such event the CITY shall have any and all rights and remedies available in law or equity including, but not limited to, the following: A. CITY may terminate ▇▇▇▇▇▇’S right to possession of the Premises, and re-enter the Premises, which LESSEE shall peacefully relinquish; B. CITY may rent the Premises to any other party under at least the same terms and conditions as required under the Lease. LESSEE shall be liable for any costs and expense to re-enter and restore the Premises so they may be rented and LESSEE shall be liable for any loss sustained by CITY as direct result thereof; or C. CITY may terminate the Lease and all of the LESSEE’s right thereunder.
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Default and Forfeiture. 14.1 If at any time Anadolun is in default by failure to pay any payment when due, and such default is not cured within sixty (60) days after written notice of default is given to Anadolun, Lessor may terminate this Lease by written notice to Anadolun. However, if there is a bona fide dispute as to whether a payment default has occurred, then there shall be no termination unless after an adverse final determination by a the arbitrator under
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Default and Forfeiture. Should Assignee fail to make any payment within ten (10) days of its due date, or fail to perform any other of the Assignee’s obligation, herein described, upon thirty (30) days written notice, or should Assignee be or become insolvent or be a party to any bankruptcy receivership proceeding prior to full payment of all amounts payable hereunder, Assignor/Operator may regain the full ownership and privileges of 35% additional working interest from Assignee in all assets covered hereunder, and Assignee, by virtue of this Agreement, hereby pledges to facilitate such transfer with all speed and diligence. If, however, Assignee, remedies its financial obligation within thirty (30) days of written notice, Assignee must immediately pay to Assignor/Operator 10% of the value of the amount in arrears as penalty for default. The remedies provided herein shall be cumulative and in addition to all other remedies provided by law or equity or under the Uniform Commercial Code.
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Default and Forfeiture 
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Related to Default and Forfeiture

  • Default and Foreclosure 5 3.1 Remedies....................................................... 5 3.2

  • Default and Consequences of Default 10.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and one half percent (2.5%) per calendar month and such interest shall compound monthly at such a rate after as well as before any judgment. 10.2 If the Customer defaults in payment of any invoice when due, the Customer shall indemnify the Creditor from and against all costs and disbursements incurred by the Creditor in pursuing the debt including legal costs on a solicitor and own client basis and the Creditor’s debt collection costs. 10.3 Without prejudice to any other remedies the Creditor may have, if at any time the Customer is in breach of any obligation (including those relating to payment), the Creditor may suspend or terminate the supply of Goods and/or Services to the Customer and any of its other obligations under the terms and conditions. The Customer acknowledges and agrees that the Creditor will not be liable to the Customer for any loss or damage the Customer suffers because the Creditor has exercised its rights under this clause. 10.4 If any account remains overdue after thirty (30) days then an amount of the greater of twenty dollars ($20.00) or ten percent (10.00%) of the amount overdue (up to a maximum of two hundred dollars ($200.00)) shall be levied for administration fees which sum shall become immediately due and payable. 10.5 Without prejudice to the Creditor’s other remedies at law the Creditor shall be entitled to cancel all or any part of any order of the Customer which remains unfulfilled and all amounts owing to the Creditor shall, whether or not due for payment, become immediately payable in the event that; (a) any money payable to the Creditor becomes overdue, or in the Creditor’s opinion the Customer will be unable to meet its payments as they fall due; or (b) the Customer becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (c) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customer.

  • Performance Default and Remedies Subsection B. DEFAULT AND REMEDIES, second paragraph of the Contract is modified as follows (underlined language is added and stricken language is deleted): “Written notice of default and a reasonable 30-day opportunity to cure must be issued by the party claiming default.”

  • Events of Default and Acceleration If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8, 9 or 10; (d) the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties shall fail to pay at maturity, or within any applicable period of grace, any obligations for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

  • Default and Remedies Either of the following constitutes cause to declare this Contract, or any Participating Entity order under this Contract, in default: 1. Nonperformance of contractual requirements, or 2. A material breach of any term or condition of this Contract. The party claiming default must provide written notice of the default, with 30 calendar days to cure the default. Time allowed for cure will not diminish or eliminate any liability for liquidated or other damages. If the default remains after the opportunity for cure, the non-defaulting party may: • Exercise any remedy provided by law or equity, or • Terminate the Contract or any portion thereof, including any orders issued against the Contract.