Default Proceedings Clause Samples

The Default Proceedings clause outlines the steps and procedures that will be followed if one party fails to fulfill its contractual obligations, known as a default. Typically, this clause specifies the actions the non-defaulting party may take, such as providing notice of default, allowing a cure period, and, if unresolved, pursuing remedies like termination or legal action. Its core practical function is to provide a clear, structured process for addressing breaches, thereby protecting the interests of both parties and minimizing uncertainty in the event of non-performance.
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Default Proceedings. The Claimant will not institute proceedings against a defaulting Party, nor be entitled to damages if the defaulting Party within fifteen (15) days from receipt of the written notice of default set forth in Section 8.01, commences with due diligence to cure, correct or remedy such failure or delay and completes such cure, correction or remedy within thirty (30) days from the date of receipt of such notice; or if such cure, correction or remedy by its nature cannot be effected within such thirty (30) day period, such cure, correction or remedy is diligently and continuously prosecuted until completion thereof.
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Default Proceedings. (a) Neither Party shall institute proceedings against a defaulting Party, nor be entitled to damages if the defaulting Party, within thirty (30) days from receipt of the written notice of default set forth in Section 10.01, commences with due diligence to cure, correct or remedy such failure or delay and completes such cure, correction or remedy within sixty (60) days from the date of receipt of such notice; or if such cure, correction or remedy by its nature cannot be effected within such sixty (60) day period, such cure, correction or remedy is diligently and continuously prosecuted until the completion thereof. (b) If the Developer fails to cure, correct or remedy a default within the aforementioned sixty (60) day period set forth in Section 10.02(a), or if such cure, correction or remedy cannot be effected within such sixty (60) day period, Developer fails to commence such cure, correction or remedy, or fails to diligently pursue the same to completion, then the City may re-send such written notice of default to the Developer, with the following statement in bold at the beginning of such notice “WARNING: SECOND NOTICE OF DEFAULT. Failure to respond to this request within thirty (30) days shall be an Event of Default.” The City shall not institute proceedings against the Developer, nor be entitled to damages or re-conveyance of any portion of the Development Site unless the Developer fails to cure, correct or remedy such default within such thirty (30) day period or, if such cure, correction or remedy cannot be effected within such thirty (30) day period, Developer fails to commence such cure, correction or remedy, or fails to diligently pursue the same to completion. (c) Notwithstanding anything to the contrary in the foregoing, the failure of Developer to perform within the cure period set forth in a Final Performance Notice in accordance with Section 3.05(d) hereof shall be considered an Event of Default. (d) Any cure effected by a lender or mortgagee of Developer shall be accepted by the City as if effected by the Developer as set forth in Section 10.08 below.
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Default Proceedings. 21.1. If the Contractor neglects to execute the Work with due diligence or defaults in the performance or observance of any condition or stipulation contained in this Agreement or refuses or neglects to carry out any instruction which the Client is entitled to give under this Agreement the Client may call upon the Contractor by notice in writing to show cause. 21.2. Such notice shall not unreasonably be given and must identify the default on the part of the Contractor upon which it is based. If, within seven days after receipt of the notice in writing, the contractor fails to provide the Work or part of the Work, within a reasonable time fails to satisfactorily complete the Work the Client may exercise all or any of the following powers: 21.2.1. Suspend payment under the contract until the default is rectified; or 21.2.2. Cancel the Contract by notice which will take effect from the date of the notice and the cancellation shall be without prejudice to any right that may have accrued to the Client or the Contractor under this Agreement.
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Default Proceedings. 16 Section 7.03. Remedies on Default 16 Section 7.04. Legal Actions. 17 Section 7.05. Rights and Remedies are Cumulative. 18 Section 7.06. Inaction Not a Waiver of Default. 18 Section 7.07. Enforced Delay; Extension of Times of Performance. 18
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Default Proceedings. In the event of a Default, the following procedures shall apply: a) Notification in writing of the Participant’s Default shall be sent to all Covered Clients, the Trust and applicable Regulatory Agencies and ESAC Surety(ies). b) Initiation of procedures to fulfill the obligations of ESAC and the Trust under the affected Client Participation Certificates (Attachment A). c) Initiation of procedures to recover any claim-related losses.
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Related to Default Proceedings

  • Court Proceedings (a) Each of Canopy Growth, Canopy Rivers and the JW Entities shall cooperate with and assist the Company in, and consent to the Company, seeking the Interim Order and the Final Order, including by providing the Company on a timely basis with any information regarding itself or its affiliates as reasonably requested by the Company or as required by Law to be supplied by it in connection therewith. (b) In connection with all Court proceedings relating to obtaining the Interim Order and the Final Order, and in each case subject to Law, the Company shall: (i) diligently pursue, and cooperate with Canopy Growth, Canopy Rivers and the JW Entities in diligently pursuing, the Interim Order and the Final Order; (ii) provide Canopy Growth, Canopy Rivers, the JW Entities and their respective legal counsel with a reasonable opportunity to review and comment upon drafts of all material to be filed with the Court in connection with pursuing the Interim Order or the Final Order, and give reasonable consideration to all such comments; (iii) provide legal counsel to each of Canopy Growth, Canopy Rivers and the JW Entities with copies of any notice of appearance, evidence or other documents served on the Company or its legal counsel in respect of the application for the Interim Order or the Final Order or any appeal from them, and any notice, written or oral, indicating the intention of any Person to appeal, or oppose the granting of, the Interim Order or the Final Order; (iv) not object to legal counsel to Canopy Growth, Canopy Rivers or the JW Entities making such submissions on the hearing of the motion for the Interim Order and the application for the Final Order as such counsel considers appropriate, provided that the Company is advised of the nature of any submissions on a timely basis prior to the hearing and such submissions are consistent in all material respects with this Agreement and the Plan of Arrangement; (v) ensure that all material filed with the Court in connection with pursuing the Interim Order or the Final Order is consistent in all material respects with this Agreement and the Plan of Arrangement; (vi) oppose any proposal from any Person that the Final Order contain any provision inconsistent with this Agreement; (vii) if at any time after the issuance of the Final Order and prior to the Effective Date, the Company is required by the terms of the Final Order or by Law to return to Court with respect to the Final Order, it shall do so after notice to, and in consultation and cooperation with, Canopy Growth, Canopy Rivers and the JW Entities; and (viii) not file any material with the Court in connection with pursuing the Interim Order or the Final Order or serve any such material, or agree to modify or amend any material so filed or served, except as contemplated by this Agreement or with the prior consent of Canopy Growth, Canopy Rivers and the JW Entities, which consent may not be unreasonably withheld, conditioned or delayed, provided that consent may be withheld with respect to any modification or amendment to such filed or served materials that expands or increases the obligations of the Party withholding consent or diminishes or limits the rights of the Party withholding consent set forth in any such filed or served materials or under this Agreement.

  • Enforcement Proceedings A distress, attachment, execution or other legal process is levied, enforced or sued out on or against the assets of the Borrower and is not discharged or stayed within 14 Business Days.

  • Litigation; Proceedings Except as specifically disclosed in the Disclosure Materials, there is no action, suit, notice of violation, proceeding or investigation pending or, to the best knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries or any of their respective properties before or by any court, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) which (i) adversely affects or challenges the legality, validity or enforceability of any Transaction Document or the Securities or (ii) could, individually or in the aggregate, have or result in a Material Adverse Effect.

  • Criminal Proceedings Any criminal complaint, indictment or criminal proceedings;

  • Actions; Proceedings There are no actions, suits or proceedings pending or, to the knowledge of the Assignor, threatened, before or by any court, administrative agency, arbitrator or governmental body (A) with respect to any of the transactions contemplated by this Assignment Agreement or (B) with respect to any other matter that in the judgment of the Assignor will be determined adversely to the Assignor and will, if determined adversely to the Assignor, materially adversely affect its ability to perform its obligations under this Assignment Agreement.