DEFAULT AND RECOURSE Clause Samples

DEFAULT AND RECOURSE. 15.1 A default shall occur in the following cases: a) if the Lessee does not fulfil any of its obligations pursuant to the Lease and if this default continues: i) in the cases of a pecuniary obligation, for more than five (5) days following the receipt by the Lessee of a written notice from the Lessor;
View SourceView Similar (4)
DEFAULT AND RECOURSE. 28.1 Events of Default - The Lessee shall be in default hereunder in the following events: 28.1.1 if the Lessee fails to pay to Lessor any amount due under this Lease; 28.1.2 if the Lessee fails to pay any taxes on the Equipment when due; 28.1.3 if the Lessee or any other person using the Equipment becomes insolvent in whole or in part, or makes any assignment of property for the benefit of creditors; if the Lessee is placed in bankruptcy or liquidation, or takes the benefit of any legislation relating to bankruptcy or insolvency, or attempts to do so, if a receiver or a sequestrator is appointed for the Lessee’s property or any part of such property, or if a writ of execution or seizure is issued against the Lessee; 28.1.4 if the Lessee’s property is transferred, transmitted or otherwise passed to any other physical person or moral person, by mutual agreement or by the operation of the law, except where such physical person or moral person has, in writing, assumed this Lease toward Lessor and where the conditions described in Article 32 herein below have been observed; 28.1.5 if the Lessee fails to take possession of the Equipment, or, after taking possession, abandons the Equipment for any reason whatsoever, or if said Equipment is used by any physical person or moral person not so authorized under this Lease; 28.1.6 if the Lessee alters or modifies the use of the Equipment; 28.1.7 if the Lessee is in default under the Premises Leases or under the Asset Purchase Agreement executed on this date between the Parties to this Lease; 28.1.8 if any application is made or action taken for the winding-up or dissolution or liquidation of the Lessee or the Lessee’s assets; 28.1.9 if the Lessee is in default in fulfilling any other term, condition or obligation of this Lease. 28.2 Termination of Lease - Subject to an event of default described in Article 31.1.3 above, in which event termination of the Lease shall be automatic, in the event of any default by the Lessee as defined in this Article 31, Lessor may give the Lessee written notice of Lessor’s intentions to terminate the Lease, and the Term of the Lease shall end automatically on (i) the 30th day after this notice, in the case of default of any provisions relating to the payment of any amount of money, or (ii) the 60th day after the notice in all other events of default; this termination shall have the same effect and the same force as if it were the date of expiration of the Term of the Lease, without any l...
View SourceView Similar (4)
DEFAULT AND RECOURSE. 13.1 The following situations constitute a default: 13.1.1 Nova Scotia, directly or through its representatives, makes or made, other than in good faith, a false declaration or a misrepresentation to Canada; or 13.1.2 One of the conditions or commitments included in this Agreement has not been fulfilled; or 13.1.3 Canada suspends or withholds for no legitimate reason payments of its financial contribution with respect to amounts already owing or future payments; or 13.1.4 Nova Scotia suspends or withholds for no legitimate reason payments of its financial contribution with respect to amounts already owing or future payments. 13.2 In the event of a default committed by Nova Scotia, if Canada determines that Nova Scotia’s default is capable of cure and that a delay for these purposes is appropriate, Canada reserves the right to send a written notice of default to Nova Scotia specifying a cure period of no fewer than ninety (90) days from the date of Nova Scotia’s deemed receipt of the notice, requiring that Nova Scotia provide Canada with proof of the cure within that delay. Nova Scotia’s proof that the default is cured shall be to Canada’s satisfaction. 13.3 If Nova Scotia does not act accordingly to the notice of default, Canada may avail itself of the following remedies: 13.3.1 Reduce Canada’s financial contribution to Nova Scotia and notify Nova Scotia of the reduced amount of the contribution; 13.3.2 Suspend the payment of any amount in respect of Canada’s financial contribution, regardless of whether the amount is owing prior to or after the date of such suspension or future payments and inform Nova Scotia accordingly; and 13.3.3 Terminate this Agreement by means of a written notice of termination given to Nova Scotia after the delay provided in the notice of default has expired and the default has not been remedied to Canada’s satisfaction. The notice of termination may include reimbursement of all or part of Canada’s financial contribution as debt owing to Canada and will terminate any financial obligation of Canada to continue to contribute funding to the Project under this Agreement. 13.4 In the event of a default committed by Canada, if Nova Scotia determines that Canada’s default is capable of cure and that a delay for these purposes is appropriate, Nova Scotia reserves the right to send a written notice of default to Canada specifying a cure period of no fewer than ninety (90) days from the date of Canada’s deemed receipt of the notice, requirin...
View SourceView Similar (3)
DEFAULT AND RECOURSE. 5.1 In the event of breach or default in the obligations and covenants of the Owner under this Agreement, the CA may take any action available to it at law, in equity, by statute or under this Agreement provided that the CA shall first give to the Owner written notice of the default, which notice shall specify the nature of the non-compliance and the measures necessary to secure compliance with the terms of this Agreement. If notice of default is given, the Owner shall have sixty (60) days following receipt of the notice of default to complete the required measures and to rectify the non-compliance or default. 5.2 In the event that the Owner has failed to comply within the sixty-day period allowed, the CA shall be entitled to enter onto the Lands and to complete those works and measures necessary to provide compliance and to remedy the default at the expense of the Owner. 5.3 If the CA in its sole discretion determines that circumstances require immediate action to prevent or mitigate damage to the natural features of the Lands, the CA may pursue its remedies under this Article 5 without prior notice to the Owner or without waiting for expiry of the sixty- day notice period as otherwise required under Article 5.1. 5.4 The parties recognize that damages based on market value may not be adequate or effective to compensate for destruction of or restoration of the natural features of the Lands as they existed prior to default or breach of the Agreement. Accordingly, the parties agree that: a) compensation to the CA in the event of default or breach of the Agreement may be based on market value or the restoration or replacement costs, whichever, in the opinion of the court, shall better compensate the CA; and b) in addition, and without limiting the scope of the other enforcement rights available to the CA under this Agreement, the CA may bring an action or an application for injunctive relief to prohibit or prevent default or the continuance of default under this Agreement. 5.5 All reasonable costs incurred by the CA in enforcing the terms of this Agreement, including without limitation legal costs and expenses, and any costs of restoration required to remedy any violation of the terms of this Agreement by the Owner shall be paid by the Owner to the CA. Until paid, such costs of remedy incurred by the CA shall be a debt owed by the Owner to the CA and shall be a charge upon the Lands enforceable in the same manner as a mortgage and recoverable by the CA in a c...
View SourceView Similar (2)
DEFAULT AND RECOURSE. 19 Article 19 NOTICE 22.......................................................21 Article 20
View Source
DEFAULT AND RECOURSE. 16 NOTICE......................................................................18
View Source
DEFAULT AND RECOURSE. If the Participant fails to make payments for two consecutive months, the account will be considered in default, and benefits will be terminated. ● The NPAA reserves the right to recover unpaid balances through collections or legal action. If the Participant fails to comply with any other obligation set out in Section 5, including any obligation relating to enrollment of employees in the Plan or the provision of any information or records, and such failure is not remedied within fifteen (15) days or if such failure cannot be remedied, the account will be considered in default, and benefits may be terminated, at the NPAA or RWAM’s discretion. ● The NPAA reserves the right to commence legal action against the Participant for any breach of the terms of this Agreement or the Schedules attached thereto.
View Source
DEFAULT AND RECOURSE 
View SourceView Similar (3)

Related to DEFAULT AND RECOURSE

  • 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.

  • DEFAULT AND POSSESSION In the event that the Lessee shall fail to pay said rent, and expenses as set forth herein, or any part thereof, when the same are due and payable, or shall otherwise be in default of any other terms of said Lease for a period of more than 15 days, after receiving notice of said default, then the parties hereto expressly agree and covenant that the Lessor may declare the Lease terminated and may immediately re-enter said Premises and take possession of the same together with any of Lessee’s personal property, equipment or fixtures left on the Premises which items may be held by the Lessor as security for the Lessee’s eventual payment and/or satisfaction of rental defaults or other defaults of Lessee under the Lease. It is further agreed, that if the Lessee is in default, that the Lessor shall be entitled to take any and all action to protect its interest in the personal property and equipment, to prevent the unauthorized removal of said property or equipment which threatened action would be deemed to constitute irreparable harm and injury to the Lessor in violation of its security interest in said items of personal property. Furthermore, in the event of default, the Lessor may expressly undertake all reasonable preparations and efforts to release the Premises including, but not limited to, the removal of all inventory, equipment or leasehold improvements of the Lessee’s, at the Lessee’s expense, without the need to first procure an order of any court to do so, although obligated in the interim to undertake reasonable steps and procedures to safeguard the value of Lessee’s property, including the storage of the same, under reasonable terms and conditions at Lessee’s expense, and, in addition, it is understood that the Lessor may ▇▇▇ the Lessee for any damages or past rents due and owing and may undertake all and additional legal remedies then available. In the event any legal action has to be instituted to enforce any terms or provisions under this Lease, then the prevailing party in said action shall be entitled to recover a reasonable attorney's fee in addition to all costs of said action. Rent which is in default for more than days after due date shall accrue a payment penalty of one of the following: ☐ - Interest at a rate of percent ( %) per annum on a daily basis until the amount is paid in full. ☐ - Late fee of dollars ($ ) per day until the amount is paid in full. In this regard, all delinquent rental payments made shall be applied first toward interest due and the remaining toward delinquent rental payments.

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

  • Event of Default and Illegality If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default.

  • 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.