Default by Participant Clause Samples

The "Default by Participant" clause defines the circumstances under which a participant in an agreement is considered to be in default, typically due to failure to fulfill contractual obligations such as payment, delivery, or compliance with terms. This clause outlines specific actions or omissions that constitute a default, and may describe the process for notifying the defaulting party and the remedies available to the non-defaulting party, such as suspension of services or termination of the agreement. Its core function is to provide a clear framework for addressing breaches by a participant, thereby allocating risk and ensuring that all parties understand the consequences of non-performance.
Default by Participant. Each of the following shall constitute a “default” by the Participant under this Power Sales Contract: (a) failure of the Participant to make to UAMPS any of the payments for which provision is made in this Power Sales Contract within five business days after the due date of any such payment; or (b) failure by the Participant to observe any of the covenants, agreements or obligations on its part contained herein and failure to remedy the same for a period of sixty days after written notice thereof, specifying such failure and requiring the same to be remedied, shall have been given by or on behalf of UAMPS; or (c) bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, including without limitation proceedings under Title 11, Chapter 9, United States Code or other proceedings for relief under any federal or state bankruptcy law or similar law for the relief of debtors, are instituted by or against the Participant and, if instituted against the Participant, said proceedings are consented to or are not dismissed within thirty days after such institution.
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Default by Participant. 10.1 If payment of any of the amounts in this Agreement to be paid to the Qualified Contractor are not so made, or in the event that the Participant should default in any of the other covenants or agreements herein, or if the Municipality shall become insolvent or bankrupt or shall make a general assignment for the benefit of creditors, or if the Project is suspended or otherwise delayed for a period of fifteen (15) Business Days or more under an order of a court or other public authority provided that such order is not issued as a result of an act or omission of the Qualified Contractor, the Qualified Contractor may, without prejudice to any other right or remedy it has, terminate the Agreement immediately by providing the Participant and the AMSC written Notice. 10.2 On the occurrence of such default as set out herein: (a) the Qualified Contractor shall be entitled to recover payment from the Participant for the Services already completed proportionately to the Project price. The Participant shall have no right to claim any monies paid to the Qualified Contractor under this Agreement and the same may be retained by the Qualified Contractor as liquidated damages without limiting or prejudicing the Qualified Contractor’s right to claim for damages or seek other remedies. (b) the AMSC shall be entitled to recover payment from the Participant for any and all payments made by AMSC to the Qualified Contractor.
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Default by Participant. If, before the date of the Event, it is found that the Participant has not performed his or her obligations or that the financial credit of the Participant has been impaired, ▇▇▇▇▇▇ ▇▇▇▇▇ may cancel this Agreement.
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Default by Participant. A. Any default by the Participant with respect to the payment of any billing because of any dispute shall be handled accordingly to the provisions of Article 13 of Chapter 70 of the Nebraska Revised Statutes. B. If the Participant fails to comply with any of the terms, conditions and covenants of the Program Rules or the Subscription Confirmation (other than a failure to make a payment Version No. 1.0 Effective Date April 1, 2023 Green Energy Program Terms and Conditions Distribution Restriction: Public Document for which provision is made in subsection A. of this Section) and such failure continues for a period of fifteen (15) days, MEAN shall give notice to the Participant. If such failure is not cured within thirty (30) days from the date of the mailing of such notice, it shall constitute a default on the part of the Participant. In the event of such a default by the Participant, MEAN shall have all of the rights and remedies provided at law or in equity, including mandamus, injunction and action for specific performance, as may be necessary or appropriate to enforce against the Participant any of such terms, conditions and covenants with which the Participant has failed to comply. MUNICIPAL ENERGY AGENCY OF NEBRASKA GREEN ENERGY PROGRAM‌ The Participant hereby agrees to participate in the Green Energy Program of the Municipal Energy Agency of Nebraska (MEAN) under the following terms and conditions: Annual Total kWh per Fiscal Year
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Default by Participant. Upon failure or default of Participant to satisfy any obligation under this Agreement, including, but not limited to, those representations and warranties in Paragraph 3, Organization may, fifteen (15) days after providing Participant with written notice by certified mail of such failure or default, declare this Agreement to be null and void and of no further force and effect. If such failure or default has not been cured by Participant to Organization’s satisfaction within such time period, Participant shall repay or authorize repayment to Organization of all amounts previously paid by Organization to Participant pursuant to this Agreement, if any. In addition to such declaration of nullity and return to Organization of all amounts previously paid to Participant, Organization shall be entitled to seek specific performance of this Agreement.
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Default by Participant. A. Any default by the Participant with respect to the payment of any billing because of any dispute shall be handled accordingly to the provisions of Article 13 of Chapter 70 of the Nebraska Revised Statutes. B. If the Participant fails to comply with any of the terms, conditions and covenants of the Program Rules or the Subscription Confirmation (other than a failure to make a payment for which provision is made in subsection A. of this Section) and such failure continues for a period of fifteen (15) days, MEAN shall give notice to the Participant. If such failure is not cured within thirty (30) days from the date of the mailing of such notice, it shall constitute a default on the part of the Participant. In the event of such a default by the Participant, MEAN shall have all of the rights and remedies provided at law or in equity, including mandamus, injunction and action for specific performance, as may be necessary or appropriate to enforce against the Participant any of such terms, conditions and covenants with which the Participant has failed to comply. The Participant hereby agrees to participate in the Green Energy Program of the Municipal Energy Agency of Nebraska (MEAN) under the following terms and conditions: Annual Total kWh per Fiscal Year
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Default by Participant. (a) Should any Participant at any time be in default (the "Defaulting Participant") of any monetary obligation of such Participant to FIHOP or to any other Participants (the "Nondefaulting Participants), arising out of or related to this Agreement or a Loan Participation Agreement, including by way of illustration but without limitation, the failure to fund its Percentage Interest of any Loan disbursement or to repay the other Participants for any disbursement made by them due to Defaulting Participant's default, or the failure to contribute its share of costs and expenses that are to be shared by the Participants, in each case in accordance with the terms hereof, then, in addition to any other rights and remedies that the Nondefaulting Participants may have against the Defaulting Participant under applicable law, Agent, at the direction of the Loan Committee, shall have and may exercise the following rights and remedies against the Defaulting Participant: (i) the right to collect principal and interest from the Defaulting Participant on the amounts in default for the period of such default at the rate of interest as stated in the Note(s) evidencing the particular Loan(s) at issue; and (ii) the right to receive the Defaulting Participant's share of any principal and interest payments, distributions or collections from the particular Loan(s) at issue, or any amounts that would otherwise be payable to the Defaulting Participant under this Agreement, any Loan Participation Agreement, or any Loan Participation Certificate and to disburse the same to the Non-Defaulting Participants (after deduction of Agent's servicing fee and any escrow amounts) in reimbursement of amounts which have been disbursed by such Nondefaulting Participant's as a result of the Defaulting Participant's default, until such time as the monetary default shall have been cured. (iii) It is the intent of this section that disbursements of a Defaulting Participant's share of principal and interest on the particular Loan(s) at issue will not be made to such Defaulting Participant until the Nondefaulting Participants have received full repayment of the principal (and interest thereon) advanced by them as a result of the default of Defaulting Participant. (b) If a Participant shall fail to cure any default under this Agreement within ten (10) days after notice from Agent, or if any proceeding is commenced which involves the dissolution, termination of existence, insolv­ency, or business failure ...
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Default by Participant. In the event Participant fails to timely pay to Bank One any amount required to be made available by Participant hereunder, or upon the breach by Participant of any of its other obligations hereunder, Participant shall be liable to Bank One for all such amounts advanced hereunder by Bank One which Participant does not pay to Bank One, together with interest thereon at the "Prime Rate" referred to in the Loan Agreement from the date so advanced by Bank One until repaid, and all amounts payable with respect to the Note and other Loan Documents (whether with respect to or allocable to Tranche A, Tranche B or otherwise) shall be paid to and retained by Bank One until all such obligations of Participant to Bank One have been satisfied and no default by Participant exists hereunder. Once all obligations of Participant to Bank One shall have been satisfied, so that no default by Participant exists hereunder, Participant shall be entitled to receive all amounts payable hereunder with respect to its interest described herein, subject to its continued compliance with the terms hereof.
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Default by Participant 
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Related to Default by Participant

  • Default by Owner If one or more of the following Events of Default shall occur and be continuing, that is to say: (a) breach by Owner of the representations, warranties and covenants of the Owner as set forth in Section 6.02 above); then, and in each and every such case (except in instances where the Event of Default has been cured within thirty (30) days after the date on which written notice of such default, requiring the same to be remedied, shall have been given to the Owner by the Servicer), the Servicer, by notice in writing to the Owner, may immediately terminate all of its responsibilities, duties and obligations as servicer under this Agreement. On or after the receipt by the Owner of such written notice, all responsibilities, duties and obligations of the Servicer to service the Mortgage Loans under this Agreement shall on the date set forth in such notice pass to and be vested in the successor appointed pursuant to Section 10 herein.

  • Default by Contractor To the maximum extent permitted by applicable law, failure to comply with any of the terms and/or conditions of this Contract, including these General Conditions, shall constitute default by Contractor and grounds for termination of this Contract. Contractor shall be liable for any and all damages suffered by District due to the failure by Contractor or Contractor’s subcontractor(s) to comply with this Contract.

  • Default by Buyer THE PARTIES HAVE AGREED THAT SELLER’S ACTUAL DAMAGES IN THE EVENT OF A FAILURE TO CONSUMMATE THE SALE DUE TO BUYER’S DEFAULT WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE ▇▇▇▇▇▇▇ MONEY IS A REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR IN THE EVENT OF BUYER’S DEFAULT. IN THE EVENT BUYER FAILS, WITHOUT LEGAL EXCUSE, TO COMPLETE THE PURCHASE OF THE PROPERTY, THE ▇▇▇▇▇▇▇ MONEY MADE BY BUYER SHALL BE FORFEITED TO SELLER AS LIQUIDATED DAMAGES AND THE SOLE AND EXCLUSIVE REMEDY AVAILABLE TO SELLER FOR SUCH FAILURE. BY PLACING THEIR INITIALS BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE STATEMENTS MADE ABOVE AND THE FACT THAT EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION. THIS SECTION 8.1 IS NOT INTENDED TO LIMIT SELLER’S RIGHTS UNDER SECTIONS 2.2, 2.3 AND 10.2 OF THIS AGREEMENT.

  • Default by Seller Except as specifically provided elsewhere in this Contract, in the event that Seller fails to consummate this Contract or if Seller fails to perform any of Seller's other material obligations hereunder either prior to or at the Closing and such failure or refusal results from any reason other than the termination of this Contract by Purchaser pursuant to a right to terminate expressly set forth in this Contract or Purchaser's failure to perform Purchaser's obligations under this Contract, Purchaser may as its only remedy either (i) terminate this Contract by giving written notice thereof to Seller prior to or at the Closing, in which event Purchaser will be entitled to a return of the Deposit Note, whereupon neither party hereto will have any further rights or obligations hereunder, except (a) that Seller will authorize the Title Company to deliver to Purchaser the Deposit Note and Title Company will deliver the Deposit Note to Purchaser free of any claims by Seller or any other person with respect thereto, (b) that Seller shall reimburse Purchaser for its out of pocket costs associated with the negotiation and preparation of this Agreement and its examination of the Property, including, the fees and disbursements of its counsel, advisers, and agents, and (c) for provisions which survive Closing by their terms or (ii) enforce specific performance of Seller's duties and obligations under this Contract, provided that the right to enforce specific performance shall not require Seller to remove any title encumbrances placed on the Property after the Effective Date or require Seller to perform any covenant beyond the then current ability of Seller. In the event Purchaser fails to file an action for specific performance of this Contract on or before ninety (90) days after the date of such non-performance, Purchaser shall be deemed to have elected to proceed under clause (i) above and shall be deemed to have waived its right to enforce specific performance of this Contract.

  • Default by Developer Developer shall be in default under this Agreement (a) Developer fails to make any of the payments of money required by the terms of this Agreement, and Developer fails to cure or remedy the same within ten (10) days after the City has given Developer written notice specifying such default; or (b) Developer fails to keep or perform any covenant or obligation herein contained on Developer's part to be kept or performed, and Developer fails to remedy the same within thirty (30) days after the City has given Developer written notice specifying such failure and requesting that it be remedied; provided, however, that if any event of default shall be such that it cannot be corrected within such period, it shall not constitute an event of default if corrective action is instituted by Developer within such period and diligently pursued until the default is corrected; or (c) Without limiting the generality of the foregoing, Developer shall assign or transfer the Project and/or this Agreement in violation of the terms and conditions set forth in Article V; or (d) Developer shall file a voluntary petition under any bankruptcy law or an involuntary petition under any bankruptcy law is filed against any such party in a court having jurisdiction and said petition is not dismissed within thirty (30) days or Developer, makes an assignment for the benefit of its creditors; or a custodian, trustee or receiver is appointed or retained to take charge of and manage any substantial part of the assets of Developer and such appointment is not dismissed within sixty (60) days; or any execution or attachment shall issue against Developer whereupon the District, or any part thereof, or any interest therein of Developer under this Agreement shall be taken and the same is not released prior to judicial sale thereunder (each of the events described in this subsection being deemed a default under the provisions of this Agreement); or (e) Developer breaches the representations and warranties set forth in this Agreement and fails to cure or correct same within thirty (30) days of notice from the City.