Default Procedure Clause Samples

Default Procedure. In the event that Customer fails to make the accelerated advance payments in the amounts and on the dates established by the parties, or if the parties are unable to agree on the dates and amounts for the accelerated advance payments, the Customer shall pay interest as described in paragraph 5, above.

Default Procedure. Where either party fails to comply with the provisions of the Agreement (except where this failure entitles the party not so failing to proceed to termination pursuant to Section 10 (Termination)), the party not in default will serve notice in writing stating:

Default Procedure. (a) If a Default occurs, the Administrative Agent shall promptly after becoming aware of the same notify the Lenders in writing of such occurrence. (b) The Administrative Agent shall use commercially reasonable endeavors to promptly comply with the instructions of Majority Lenders as to the exercise or enforcement by it, following a Default, of any of its rights in respect of the Trust Collateral, upon and subject to the terms and conditions hereof and pursuant to the terms and conditions in the Security Documents. (c) The Administrative Agent, if applicable, shall at any time after the occurrence of a Default be entitled (but not obliged) to request instructions from the Secured Parties as to whether it should endeavor to enforce any of the Trust Collateral and/or as to the manner in which it should endeavor to do so, and to convene on reasonable notice a meeting of the Secured Parties to discuss such matters.

Default Procedure. If a Member (or other Distributee, if applicable) does not make a timely election whether or not to directly roll over his Eligible Rollover Distribution within a reasonable period permitted by the Committee for making such election, such distribution shall be made directly to the Member (or other Distributee, if applicable). Notwithstanding the foregoing, effective March 28, 2005, such Eligible Rollover Distributions made to a Member prior to Normal Retirement Date that exceed $1,000 but do not exceed $5,000 will be automatically rolled over to an individual retirement account, as described in Section 8.1.2.

Default Procedure. (1). Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this Article. [PL 1991, c. 805, §4 (NEW).] (2). If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and remedies as provided in this Article and, except as limited by this Article, as provided in the lease agreement. [PL 1991, c. 805, §4 (NEW).] (3). If the lessor or the lessee is in default under the lease contract, the party seeking enforcement may reduce the party's claim to judgment, or otherwise enforce the lease contract by self-help or any available judicial procedure or nonjudicial procedure, including administrative proceeding, arbitration or the like, in accordance with this Article. [PL 1991, c. 805, §4 (NEW).] (4). Except as otherwise provided in section 1‑1305, subsection (1), this Article or the lease agreement, the rights and remedies referred to in subsections (2) and (3) are cumulative. [PL 2009, c. 325, Pt. B, §9 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).] (5). If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under this Part as to the goods or under other applicable law as to both the real property and the goods in accordance with that party's rights and remedies in respect of the real property, in which case this Part does not apply. [PL 1991, c. 805, §4 (NEW).] SECTION HISTORY PL 1991, c. 805, §4 (NEW). PL 2009, c. 325, Pt. B, §9 (AMD). PL 2009, c. 325, Pt. B, §27 (AFF). The State of Maine claims a copyright in its codified statutes. If you intend to republish this material, we require that you include the following disclaimer in your publication: The Office of the Revisor of Statutes also requests that you send us one copy of any statutory publication you may produce. Our goal is not to restrict publishing activity, but to keep track of who is publishing what, to identify any needless duplication and to preserve the State's copyright rights.

Default Procedure. The Charge shall become immediately enforceable: (A) automatically upon the occurrence of any Event of Default described in sections 8.1(f) or 8.1(g) of the Facility Agreement (except with respect to Excluded Subsidiaries); and (B) at the request of (or with the consent of) the Requisite Lenders and upon notice to the Borrower by the Administrative Agent, upon the occurrence of any other Event of Default (including those described in sections 8.1(f) or 8.1(g) of the Facility Agreement with respect to Excluded Subsidiaries).

Default Procedure. Unless an alternate reporting arrangement is agreed upon in accordance with Section 5.13.2, the Reviewing IRB/Reviewing IRB Institution will draft the rReport and will provide the involved Relying Institution(s) the opportunity (no fewer than five (5) business days, whenever possible) to review and comment on the draft rReport before the Reviewing IRB/Reviewing IRB Institution sends the final rReport to the external recipients (such final Report will also be copied to the Relying Institution). The Relying Institution(s) will promptly provide any comments on the draft rReport to the Reviewing IRB/Reviewing IRB Institution as provided in Section 6.16 hereof. Nothing in this Agreement requires the Reviewing IRB/Reviewing IRB Institution to be in violation of any legally required timeframes for submission of its Report, and Tthe Reviewing IRB/Reviewing IRB Institution is under no obligation to adopt or concur with the comments of a Relying Institution. However, nothing in this Agreementherein shall prevent a Relying Institution from making its own rReport in addition to any rReport prepared by the Reviewing IRB/Reviewing IRB Institution; if a Relying Institution so elects, it will provide a copy of such rReport to the Reviewing IRB/Reviewing IRB Institution as provided in Section 6.16.

Default Procedure. In the event of such a default, the Grantor/Cable Board through their designated agent shall proceed according to the procedure set forth in this Franchise, and any Applicable Law.‌‌

Default Procedure. If you breach this Master Lease or violate the terms of the TSP Documentation, then Ryder may send you a notice of default. You will have 48 hours from the time that Ryder sends you the notice to cure the default. If you fail to cure a default as required by this Paragraph, then Ryder may, at its option, without prejudice to Ryder’s other remedies under the TSP Documentation, at law or in equity: (i) immediately return any or all TSP Vehicles to the proper TSP Vehicle Drop-Off Location, without further demand or notice (unless required by law in the relevant jurisdiction); (ii) remove all TSP Vehicles from any available vehicle listings in the TSP; (iii) terminate your access to the TSP Software; and/or (iv) terminate the Master Lease or individual Short-Term TSP Leases as to any or all of the TSP Vehicles. Default related to uncertified or unsafe TSP Vehicles shall not be subject to the 48 hour cure period and may be immediately removed from the TSP at Ryder’s sole discretion.