Default Procedures Clause Samples

Default Procedures. Upon the occurrence of an Event of Default which can be cured by the immediate payment of money to the City or a third party, the Franchisee shall have thirty (30) days from written notice of the occurrence of the Event of Default from the Director to cure the Default before the City may exercise any of the default remedies provided for in Section X. Upon the occurrence of an Event of Default by the Franchisee which cannot be cured by the immediate payment of money to the City or a third party, the Franchisee shall have thirty (30) days from the date of written notice from the City to the Franchisee of the occurrence of the Event of Default to cure the Event of Default before the City may exercise any of its rights or remedies provided for in Section X, unless the Director, the City Manager, or the Council authorizes a longer cure period upon a showing of good cause to extend the cure period. If an Event of Default is not cured within the time period allowed for curing the Event of Default, as provided above, the Event of Default becomes, without additional notice, an Uncured Event of Default, which shall entitle the City to exercise the remedies provided for in Section X.

Default Procedures. Program agreements shall be submitted to the authority via the 260G data system. Program agreements shall document the findings of the community college that all program and employer eligibility requirements have been met. The authority will review agreements for issues of quality. The authority will maintain a record of all approved agreements.

Default Procedures. 2.1. If for any reason whatsoever the Company: (a) fails or neglects, even though the Company is not at fault and whether intentional or unintentional, timely (as extended by Force Majeure) to commence construction and diligently and expeditiously continue construction, and complete the Phase I and II Construction within the time period and in the manner specified in the GDA free of liens arising from the furnishing of labor, materials, supplies, furnishings or equipment for the Phase I and II Construction, other than Permitted Liens; or (b) otherwise fails to satisfy and fulfill the Completion Obligations in a timely manner in accordance with the time periods set forth in Section 1.1(a)(i) hereof; or (c) fails timely to pay any of the Carry Obligations; or (d) shall have filed against it a petition for relief under any bankruptcy law, or any petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future statute, law or regulation shall be filed against the Company, and so long as the Completion Guarantors are not otherwise in default under this Completion Guarantee, in any such event the Company shall fail to remedy such default to the Administrative Agent's satisfaction within sixty (60) days after the Company's receipt of a written notice of default with respect thereto from the Administrative Agent; or (e) shall be adjudged bankrupt or insolvent, the Company shall make a general assignment for the benefit of creditors, or the Company shall admit in writing its inability to pay its debts as they become due, or the Company shall file a petition for relief under any bankruptcy law, or any petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future statute, law or regulation shall be filed by the Company, or the Company shall file an answer admitting or not contesting the material allegations of a petition filed against it in any such proceeding, or the Company shall seek or consent to or acquiesce in the appointment of a trustee, liquidator of the Company or a material part of its properties, or the Company shall voluntarily liquidate or dissolve; then in any such event or at any time thereafter, the Administrative Agent may give written notice to the Completion Guarantors, the Company and the Surety of the occurrence of such event; provided, that if any of the Completion Guarantors,...

Default Procedures. If Rich Dad chooses to declare Licensee in default after the occurrence of any event under Section 7.1 or for any other material breach, then Rich Dad shall provide to Licensee a written notice of default (“NOD”). Licensee shall have the right to cure such default within 30 days of receipt of the NOD, unless such default event cannot be cured in such 30-day period in which case Licensee must demonstrate to Rich Dad’s satisfaction within such 30-day period that it has taken reasonable steps to cure such default event. If Licensee fails to cure the default event within the allotted time, Rich Dad may, at its sole and absolute discretion, declare a material breach of this Agreement and terminate this Agreement effective immediately. Notwithstanding the foregoing, any default under Section 7.1 (a) though (e) are not subject to any cure period, and create an immediate option to terminate for Rich Dad or deem this Agreement terminated for purposes of terminating the Escrow Account created pursuant to the Account Agreement.

Default Procedures. If a party believes a default has occurred, it may notify the other party in writing of such alleged default, specifying its nature. The parties shall meet within thirty (30) days to attempt to agree in whether there is such a default and, if so, on an appropriate remedy. If the parties are unable to agree, the complaining party may, within sixty (60) days after giving notice of such default, begin arbitration proceedings as provided for in this Exploration Agreement.

Default Procedures. If Lessee defaults in any of the following particulars: Fails to pay the fees prescribed in this Agreement with reasonable promptness as the same shall become due following no less than ten (10) days written notice from City of such delinquency; or Breaches any other term or condition of this Agreement; then City shall give Lessee written notice, either by mail or personal service, setting forth the nature of the default and a demand that said default be cured and remedied. If Lessee fails, neglects or refuses within thirty (30) days after the giving of said notice to cure or remedy the default, or commence and diligently continue such cure, then City, upon notice and without suit or other proceedings, may terminate this Agreement and cancel and annul the rights and privileges granted herein.

Default Procedures. Lender shall undertake the following procedures for a Loan in Default: 11.2.1 For a Loan for which a Guarantee has been issued, the Loss Reserve shall be used to pay the guaranteed percent for unrecovered losses of the Loan. Lender shall be reimbursed for only the guaranteed portion of principal and interest of a Loan that is in Default. The Guarantee shall be paid solely from the Loss Reserve. The State of Utah and USBGI shall not be liable or obligated beyond money allocated from the Loss Reserve for the amount of the Guarantee. 11.2.2 Failure of the Borrower to comply with any terms or conditions, other than non-payment as stated above, of the Note and related Loan documents executed by Borrower in favor of Lender shall not constitute a Default for the purposes of filing a Claim against the Guarantee by Lender. A Lender shall not be authorized to file a Claim unless and until it has fully complied with this Section 11. The requirements in this section are in addition to the requirements contained in the preceding sections. 11.2.3 In the event of a Default, Lender must liquidate all Collateral, but shall not be required to file a lawsuit against any Borrower or Guarantor. “Liquidation” as used in this Section means that the Lender has exhausted all Collateral by one of the following methods:

Default Procedures. 1) The transactions conducted by the Member in the Market shall become due and payable in the following situations. a. Expiry of the settlement positions of the transactions it has conducted in the Market. b. Failure of the Member to fulfill its margin call and guarantee fund contribution depositing obligations despite to the call being issued in accordance with the principles and procedures stipulated in the relevant legislation. c. Decision made by Takasbank for liquidation of the liabilities of the Member due to occurrence of any situation necessitating the restriction of the Member’s activities pursuant to the relevant legislation. 2) If the Member fails to fulfill its obligations in accordance with the principles and procedures set forth in the relevant legislation on the date on which the debt has become due and payable, it would have been defaulted without requiring Takasbank to issue a protest, serve any warning and grant an extension nor to initiate any legal proceeding and take any action thereof. 3) In case the Member falls into default, it shall be obliged to pay a default interest at a rate set forth in the relevant legislation. If Takasbank incurs any loss exceeding the default interest due to default of the Member, the Member shall also be obliged to indemnify such losses. Takasbank shall have the right of settlement, off-set and retention on the Member’s accounts at Takasbank and all of its rights and receivables against the Member’s debts that have become due and payable, all types of interest and other costs arising from such debt and any loss exceeding the default interest. 4) In the event the receivables are required to be covered from collateral due to default of the Member in the payment to Takasbank of its debts arising from the transactions it has conducted in the Market or because of reasons referred to in this Agreement or the relevant legislation, Takasbank shall be entitled to sell the asset/foreign currency subject to the collateral in the exchange or other organized markets, if such asset is listed in any of these markets, provided that it shall be not less than its value in these markets, and cover its receivable from the sale proceeds thereof without having any obligation to fulfill any precondition such as serving any notice or warning, allotting time, obtaining a permission or approval from the administrative or judicial authorities, turning collateral into cash through an auction or another way, etc. and set-off its recei...

Default Procedures. The following procedures shall be used by Lender for a Default and Workout. The performance of the procedures shall be a condition precedent to USBGI’s further obligations for a Participation or on a Guarantee: