Default Process Clause Samples

Default Process. If a Student defaults in the payment of rent or other housing charges, the Student may be charged a 5% late fee on the outstanding balance, remain liable for the agreed amount and any other housing charges. In addition, the Student’s University records may be placed on administrative hold.
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Default Process. If a resident defaults in the payment of rent or other housing charges, the resident may be charged a 5% late fee on the outstanding balance, remain liable for the agreed amount and other housing charges, and the resident’s University records may be placed on Administrative Hold.
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Default Process. Agents If the appointment of any of the persons mentioned in Clause 39.4 (Service of Process in England) ceases to be effective, the relevant Obligor shall immediately appoint another person in England to accept service of process on its behalf. If an Obligor fails to do so (and such failure continues for a period of not less than fourteen days), the Administrative Agent shall be entitled to appoint such a person by notice to such Obligor. Nothing contained herein shall restrict the right to serve process in any other manner allowed by law. Clause 39.4 (Service of Process in England) and this Clause 39.5 apply to Proceedings in England and elsewhere. AS WITNESS the hands of the duly authorised representatives of the parties hereto the day and year first before written. SCHEDULE 1 The Companies
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Default Process. The following default process will be followed, should the Borrower be in default: 3.18.1 If the Borrower defaults in his/her obligations under this agreement, IMATU will: 3.18.1.1 Provide the Borrower with written notice of such default requesting that the Borrower rectify the default and advising that the Borrower may refer this agreement to a Debt Counsellor, an alternative dispute resolution agent, consumer court or ombud with jurisdiction with a view to resolving any dispute under this agreement or agreeing on a plan to bring the outstanding repayments under this agreement up to date; and/or 3.18.1.2 Approach a court for an order to enforce this agreement if the Borrower is and has been in default under this agreement for at least 20 (twenty) business days and at least 10 (ten) business days have lapsed since the delivery of the notice referred to in clause 3.18.1 above without the Borrower responding to such notice or rejecting the proposals in such notice. 3.18.2 If the Borrower is in default and IMATU withdraws his/her rights in terms of this agreement and the Borrower disputes such withdrawal, the Borrower must continue to pay the amounts owing to IMATU. The acceptance of such payments by IMATU will not affect their claim of withdrawal or any other claim that IMATU may have. 3.18.3 In the event of default IMATU may at their election and without affecting any other rights that IMATU may have in terms of this agreement or otherwise, recover from the Borrower payment of all amounts owing under this agreement (whether then owing or not) by adhering to the default procedure described above.
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Related to Default Process

  • Event of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders, notices of all Events of Default known to the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as the Board of Directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders. (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless the Guarantee Trustee shall have received written notice, or a Responsible Officer charged with the administration of this Guarantee Agreement shall have obtained written notice, of such Event of Default.

  • Occurrence of Default Any Transfer hereunder shall be subordinate and subject to the provisions of this Lease, and if this Lease shall be terminated during the term of any Transfer, Landlord shall have the right to: (i) treat such Transfer as cancelled and repossess the Subject Space by any lawful means, or (ii) require that such Transferee attorn to and recognize Landlord as its landlord under any such Transfer. If Tenant shall be in default under this Lease, Landlord is hereby irrevocably authorized, as Tenant’s agent and attorney-in-fact, to direct any Transferee to make all payments under or in connection with the Transfer directly to Landlord (which Landlord shall apply towards Tenant’s obligations under this Lease) until such default is cured. Such Transferee shall rely on any representation by Landlord that Tenant is in default hereunder, without any need for confirmation thereof by Tenant. Upon any assignment, the assignee shall assume in writing all obligations and covenants of Tenant thereafter to be performed or observed under this Lease. No collection or acceptance of rent by Landlord from any Transferee shall be deemed a waiver of any provision of this Article 14 or the approval of any Transferee or a release of Tenant from any obligation under this Lease, whether theretofore or thereafter accruing. In no event shall Landlord’s enforcement of any provision of this Lease against any Transferee be deemed a waiver of Landlord’s right to enforce any term of this Lease against Tenant or any other person. If Tenant’s obligations hereunder have been guaranteed, Landlord’s consent to any Transfer shall not be effective unless the guarantor also consents to such Transfer.

  • Default Notice As soon as possible and in any event within two days after the occurrence of each Default or any event, development or occurrence reasonably likely to have a Material Adverse Effect continuing on the date of such statement, a statement of the chief financial officer of the Borrower setting forth details of such Default and the action that the Borrower has taken and proposes to take with respect thereto.

  • Post-Default Interest The Borrower shall pay interest on all Obligations (other than any Administrative Expenses) that are not paid when due for the period from the due date thereof until the date the same is paid in full at the Post-Default Rate. Interest payable at the Post-Default Rate shall be payable on each Payment Date in accordance with the Priority of Payments.

  • Compounding of default interest Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded.