Default and Termination for Default Clause Samples

Default and Termination for Default. Each of the following shall be an "Event of Default":
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Default and Termination for Default. Landlord or Tenant shall be in default of this Lease if either party breaches any material provision hereof and said breach is not cured by the breaching party within sixty (60) days of receipt of notice of said breach from the non- breaching party, or if such cure cannot reasonably be had within said sixty (60) day period, then if cure of such breach is not commenced within thirty (30) days of receipt of such notice and not thereafter completed using diligent efforts. Upon the breaching party’s failure to cure its breach within such time, as applicable, the non-breaching party shall have the right to terminate this Lease for default, and to pursue such remedies as may be available in law or equity.
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Default and Termination for Default. The Buyer or the Seller shall be in default of this Agreement if either breaches any provision of this Agreement and the breach is not cured by the breaching party within thirty (30) days of receipt of notice of said breach from the non-breaching party, unless the parties agree in writing to a different time to cure the breach. Upon the breaching party’s failure to timely cure a breach, the non-breaching party shall have the right to terminate this Agreement for default, and to pursue such remedies as may be available in law or equity. A. In the event of a termination due to the Seller’s breach, the Seller shall return any money paid by the Buyer for Credits that are unable to be utilized by the Buyer and shall pay all costs incurred by the Buyer to replace any Credits promised and mutually agreed upon, as indicated by both parties on Exhibit A, that were not provided. B. In the event of a termination due to Buyer’s breach which is not timely cured, the Seller shall have the right to sell the Credits to another qualified buyer. C. The Parties agree that they have a duty to mitigate damages. Parties will use reasonable efforts to minimize any damages incurred as a result of the other Party's non-performance of this Agreement. Such reasonable efforts may include, but shall not be limited to, requesting reserve credits from governmental agencies and/or purchasing credits from another trading partner.
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Default and Termination for Default. If an order for relief is entered against a Party in any bankruptcy proceeding, or if a Party makes a general assignment for the benefit of creditors, or if a receiver is appointed for all or a portion of a Party’s property, or if a Party otherwise defaults in the performance of its material obligations under this Agreement, then the non-defaulting Party may, upon notice and the defaulting Party’s failure to cure such default within thirty (30) days after the non-defaulting Party receives notice, terminate the Agreement without prejudice to any other right or remedy the non-defaulting Party may have. Notwithstanding the foregoing, no default shall be deemed to have occurred hereunder with respect to the actions or inaction of a Party during the pendency of a good faith dispute as to the compliance of those actions or inaction with that Party’s obligations hereunder; provided, however, that if such dispute concerns the payment of money owed (or allegedly owed) by one Party to the other, the amount in dispute shall be deposited in an escrow account with a national or state chartered banking institution pending resolution of the dispute. In the event of a default by CPI of its material obligations under this Agreement, and subject to the notice, cure, and dispute provisions set forth above, CPI shall waive and have no claim to any amounts otherwise owed to it from the Monthly Services Account established pursuant to Exhibit B. For purposes of this Agreement, any failure of a Party to abide by the respective obligations established in Sections 1 through 7 and Exhibit B hereof shall constitute a default of a material obligation hereunder. In the event of an event of default by the Town of its material obligations, CPI agrees that it will not discontinue wastewater treatment service to Town provided all payments for wastewater treatment service and reclaimed water service required hereunder are made by the Town and until such time as a court of competent jurisdiction has rendered an adjudication of default. In the event Town disputes amounts payable for Services pursuant to this Agreement, Town shall continue to make such payments, but may make such payments under protest. Termination of this Agreement before the end of the Term shall require prior notice to and approval of DEQ.
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Default and Termination for Default. In the event Subcontractor, in Contractor’s judgment, (i) becomes unable to fulfill its financial obligations, becomes insolvent, or files or has filed against it any petition in bankruptcy, makes an assignment for the benefit of creditors, or has a receiver asked or appointed for it; (ii) changes, alters or transfers the ownership of its organization; (iii) fails to supply enough properly skilled supervisors or workers or proper materials; (iv) fails to pay, when due, for materials, supplies, labor, payroll taxes or contributions, or other items purchased or used in connection with the Work; (v) fails to observe and comply with applicable laws, regulations, or ordinances, or instructions of Contractor; (vi) fails to diligently prosecute the Work; (vii) interferes with or disrupts, or threatens to interfere with or disrupt the work of others; or (viii) otherwise fails in the performance of any of its obligations under this Agreement or the Contract Documents, Subcontractor will be in default. Contractor may give Subcontractor written notice of default and if Subcontractor fails to cure the default within forty-eight (48) hours of its receipt of said written notice, Contractor may terminate this Agreement for default and take control over all of Subcontractor’s materials and equipment on site and take all steps reasonably required to complete the Work at Subcontractor’s cost. Costs, which will be charged against Subcontractor, will include, without limitation, all reasonably necessary materials, labor and supervision, equipment, rentals, transportation and lodging, indirect field, and general and administration costs reasonably related to the Work, including, without limitation, engineering fees, accounting fees, attorney fees, liquidated damages, and field and home office overhead. Contractor's failure to exercise its rights under this provision will not waive its right to do so in the future or sanction or excuse Subcontractor’s contractual breach. In the case of a default termination, Subcontractor will not be entitled to receive further payments under this Agreement until the Work is fully completed and accepted by the Owner and the Architect. At such time, if the unpaid balance under this Agreement exceeds the expenses incurred by Contractor (including all damages of any nature, overhead, and attorney fees related to the termination or Subcontractor's default) in completing the Work, then the difference will be paid to Subcontractor. If the expenses in...
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Default and Termination for Default. Each of the following shall be an “Event of Default”: a. Lessee shall fail to pay rent when due, the Lessor, at his option, may terminate all rights of the Lessee herein and demand surrender of the premises, after not less than five (5) days, written notice of such default, given in a manner required by law unless Lessee rectifies or cures the default within the said time; b. If Lessee shall fail to pay any other payment of money, costs or expenses to be paid by Lessee under this Lease, when due, and the continuance of such failure for a period of ten (10) days, or lesser time if allowed by applicable law, after written notice from Lessor specifying such failure; c. If ▇▇▇▇▇▇ fails to perform any other of the terms of this Lease to be observed or performed by ▇▇▇▇▇▇, after not less than ten (10) days, written notice of such default, given in a manner required by law unless Lessee rectifies or cures the default within the said time; Lease Agreement for EALIXIR INC ▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ 9 The filing or execution or occurrence of any of the following will be considered a Default on the part of Lessee unless assurances are provided to the Lessor that Lessee will continue to pay rent, and Lessee does in fact continue to pay rent: a. A petition in bankruptcy by or against ▇▇▇▇▇▇; b. A petition against or answer by ▇▇▇▇▇▇ seeking a reorganization, arrangement, composition, re-adjustment, liquidation, dissolution or other relief of the same or different kind under any provision of any bankruptcy laws; c. Adjudication of Lessee as a bankrupt or insolvent; d. An assignment by ▇▇▇▇▇▇ for the benefit of creditors; e. A petition against or proceeding by ▇▇▇▇▇▇ for, or the appointment of, a trustee, receiver, guardian, conservator or liquidator of Lessee with respect to the premises or with respect to all or substantially all of ▇▇▇▇▇▇’s property; or f. A petition against or proceeding by or against Lessee for its dissolution or liquidation or the taking of possession of ▇▇▇▇▇▇’s property by any governmental authority in connection with dissolution or liquidation. g. Where in the case of a petition filed against Lessee under (1), (2), (5) or (6) above, such petition is not dismissed within ninety (90) days after the filing thereof; h. Entry of an order, judgment or decree by any court of competent jurisdiction granting any prayer or demand contained in any petition under (1), (2), (5) or (6) above, which order, judgment or decree is not reversed o...
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Default and Termination for Default. Landlord or Tenant shall be in default of this Lease if either party breaches any material provision hereof and said breach is not cured by the breaching party within thirty (30) days in the case of a Monetary Default or sixty (60) days in the case of a non-Monetary Default, following receipt of notice of said breach from the non- breaching party, or if such cure cannot reasonably be had within said sixty (60) day period, then if cure of such breach is not commenced within thirty (30) days of receipt of such notice and not thereafter completed using diligent efforts. Upon the breaching party’s failure to cure its breach within such time, as applicable, the non-breaching party shall have the right to a) terminate this Lease for default, and to pursue such remedies as may be available in law or equity or b) perform the defaulting Party’s duty or obligation on the defaulting Party’s behalf, including but not limited to the obtaining of required insurance policies; the costs and expenses of any such performance by the non-defaulting Party shall be due and payable by the defaulting Party upon invoice therefor (and the non-defaulting Party shall have the right to set such amount off against any future payments due to the breaching Party such amount has not been reimbursed); provided however that Landlord shall not be permitted to operate the Solar Facility or perform any maintenance or repairs thereto.
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Default and Termination for Default. Each of the following shall be an “Event of Default”: a. Lessee shall fail to pay rent when due, the Lessor, at his option, may terminate all rights of the Lessee herein and demand surrender of the premises, after not less than five (5) days, written notice of such default, given in a manner required by law unless Lessee rectifies or cures the default within the said time; b. If Lessee shall fail to pay any other payment of money, costs or expenses to be paid by Lessee under this Lease, when due, and the continuance of such failure for a period of ten (10) days, or lesser time if allowed by applicable law, after written notice from Lessor specifying such failure; c. If ▇▇▇▇▇▇ fails to perform any other of the terms of this Lease to be observed or performed by ▇▇▇▇▇▇, after not less than ten (10) days, written notice of such default, given in a manner required by law unless Lessee rectifies or cures the default within the said time; Lease Agreement for EALIXIR INC ▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ 9 The filing or execution or occurrence of any of the following will be considered a Default on the part of Lessee unless assurances are provided to the Lessor that Lessee will continue to pay rent, and Lessee does in fact continue to pay rent: a. A petition in bankruptcy by or against ▇▇▇▇▇▇; b. A petition against or answer by ▇▇▇▇▇▇ seeking a reorganization, arrangement, composition, re-adjustment, liquidation, dissolution or other relief of the same or different kind under any provision of any bankruptcy laws; c. Adjudication of Lessee as a bankrupt or insolvent; d. An assignment by ▇▇▇▇▇▇ for the benefit of creditors; e. A petition against or proceeding by ▇▇▇▇▇▇ for, or the appointment of, a trustee, receiver, guardian, conservator or liquidator of Lessee with respect to the premises or with respect to all or substantially all of ▇▇▇▇▇▇’s property; or f. A petition against or proceeding by or against Lessee for its dissolution or liquidation or the taking of possession of ▇▇▇▇▇▇’s property by any governmental authority in connection with dissolution or liquidation. g. Where in the case of a petition filed against Lessee under (1), (2), (5) or (6) above, such petition is not dismissed within ninety (90) days after the filing thereof; h. Entry of an order, judgment or decree by any court of competent jurisdiction granting any prayer or demand contained in any petition under (1), (2), (5) or (6) above, which order, judgment or decree is not reversed o...
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Related to Default and Termination for Default

  • Default and Termination (a) In the event that either Party (the “Non-defaulting Party”) determines that the other Party (the “Defaulting Party”) is in breach of any term or condition of this Agreement, unless the breach is a Substantial Breach, the Non- defaulting Party shall give the Defaulting Party fourteen (14) days from the day of written notification of the breach for the Defaulting Party to remedy the breach or if the breach cannot reasonably be cured within such period, provided the Defaulting Party proceeds to diligently remedy the default, such additional period of time as is reasonably required to remedy the breach, as determined by the Non-defaulting Party, acting reasonably. (b) In the event that: (i) the Non-defaulting Party determines that the Defaulting Party is in breach pursuant to Section 3.3(a); (ii) the breach was not a Substantial Breach at the time such breach occurred; and (iii) the Defaulting Party disputes the determination of the breach made by the Non-defaulting Party, the provisions of Schedule H shall apply with respect to the dispute. (c) In the event of a Substantial Breach, the Non-defaulting Party shall, without limiting any other rights it may have in law or equity, have the right to terminate this Agreement without cost, penalty, or process of law with a minimum of forty-eight (48) hours prior written notice to the Defaulting Party. (d) If the Service Provider materially defaults in the observation or performance of any term or condition of this Agreement, and fails to remedy such default within the period provided for herein, AHS shall be entitled, but not obligated, to take such steps as may be available or desirable to remedy such default, and all costs of AHS in that regard shall be paid by the Service Provider to AHS on demand. (e) The rights and remedies of the Parties as set forth in this Agreement are cumulative and shall in no way be deemed to limit any of the other provisions of this Agreement or otherwise to deny the Parties any other remedy at law or in equity which the Parties may have under any law in effect at the date hereof or which may hereinafter be enacted or become effective, it being the intent hereof that such rights and remedies of the Parties shall supplement or be in addition to or in aid of the other provisions of this Agreement and of any right or remedy at law or in equity which the Parties may possess.

  • Events of Default and Termination 12.1 A material breach of this Agreement by the Lessee shall constitute an "Event of Default" under this Agreement. Without limiting the generality of the foregoing provision, the Parties agree that the following cases are of essential interests for the Lessor, and shall be deemed to constitute an Event of Default under this Agreement: 12.1.1 The Lessee fails to pay the Outstanding Amounts, when they fall due pursuant to this Agreement; and/or 12.1.2 The Lessee is in breach of the provisions under Article 6 and Article 11 of this Agreement; and/or 12.1.3 The Lessee is in default under any other agreement that the Lessee may have entered into with the Lessor. 12.2 In case of an Event of Default, the Lessor shall send a written rectification notice (the “Rectification Notice”) to the Lessee requesting the immediate rectification of the Event of Default. The Rectification Notice shall also include any Penalty applied in relation to the breach, as well as the value of other overdue amounts at the date (jointly the Overdue Amounts). The Lessor shall also apply the relevant Late Payment Interest on such Overdue Amounts pursuant to this Agreement. 12.3 If within a period of 20 (twenty) days from the Rectification Notice the Lessee fails to comply with the Rectification Notice, or fails to offer an adequate compensation acceptable to the Lessor, if the Event of Default is impossible to be cured, the Lessor is entitled to terminate this Agreement by Notice to the Lessee (the “Termination Notice”). 12.4 The Termination Notice shall also include the value of the Termination Penalty applied by the Lessor, as well as the value of the other Overdue Amounts at that date (jointly the Overdue Amounts). The Lessor shall apply the relevant Late Payment Interest on such Outstanding Amounts pursuant to this Agreement. 12.5 A Termination Notice shall be issued by the Lessor not later than 7 (seven) days before the start of the repossession procedures pursuant to Article 13; unless within said period the Lessee voluntarily pays all of the Outstanding Amounts and accrued Late Payment Interest, the Termination Notice shall have the effect of terminating this Agreement immediately or, if appropriate, by any later date specified in the Termination Notice.

  • Termination for Default The Commonwealth may terminate this Agreement by notice where it reasonably believes the Grantee: (a) has breached this Agreement; or (b) has provided false or misleading statements in their application for the Grant; or (c) has become bankrupt or insolvent, entered into a scheme of arrangement with creditors, or come under any form of external administration.

  • Events of Default and Termination Events The following Events of Default and Termination Events shall apply to Party A and Party B as set forth below:

  • Erroneous Termination for Default If, after notice of termination of Vendor’s right to proceed under the provisions of this clause, it is determined for any reason that the contract was not in default, or that the delay was excusable under the provisions of the prior paragraph (Excuse for Nonperformance or Delayed Performance), the rights and obligations of the parties shall be the same as if the notice of termination had been one of termination for convenience.