DEFAULT PROVISION Sample Clauses
A Default Provision defines the circumstances under which a party is considered to be in breach of contract, typically by failing to fulfill a key obligation such as payment or performance. This clause outlines the specific actions or omissions that constitute a default, the process for notifying the defaulting party, and any grace periods or opportunities to cure the breach. Its core practical function is to provide a clear framework for identifying and addressing breaches, thereby protecting the interests of the non-defaulting party and ensuring predictability in the enforcement of contractual rights.
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DEFAULT PROVISION. Upon an Event of Default under the Default Provision, any sublicense granted by Quantech to a Preferred Third Party Transferee under a Preferred Transfer Agreement prior to the Event of Default shall survive termination of the license and sublicense rights in the Licensed SPR Technology granted to Spectrum and reversion of such license and sublicense rights to the Serono Companies under the Default Provision, and such Preferred Transfer Agreement shall continue in full force and effect under its own terms and conditions. For purposes of this Section 6, a "Preferred Third Party Transferee" shall be any third party which had assets of $100 million or more at the end of the third party's fiscal year immediately preceding the execution of such Transfer Agreement. For purposes of this Section 6, a "Preferred Transfer Agreement" shall be any Transfer Agreement with a Preferred Third Party Transferee which is approved by LSA, which approval will not be unreasonably withheld.
DEFAULT PROVISION. 1. Failure by either party to comply with performance or payment terms can be considered a breach and cause for termination of this agreement.
2. Either party may terminate this Agreement upon thirty (30) days written notice to the other party. In the event of a breach of any material provision of this Agreement, the non-breaching party shall be entitled to terminate this Agreement if the breach is not cured within ten (10) days of written notice of such breach. In addition, this Agreement may be terminated at once by either party if (1) the other party is insolvent, bankrupt, gives notice of intent to cease trading or shall have a receiver or trustee appointed with respect to its assets or obligations; or (2) upon a change in the ownership of either party or upon any bulk transfer of assets. In the event of termination, each party agrees to fulfill all pre-existing obligations under this Agreement.
DEFAULT PROVISION. Borrower’s default or breach under any note or agreement in which Lender has an interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the Security Instrument.
DEFAULT PROVISION. If BORROWER shall fail to pay when due any amount on any of the loans hereunder, or on any other indebtedness of BORROWER secured hereby, or shall fail to observe or perform any of the provisions or representations of this agreement, or of any notes, security agreements, or mortgages entered into in connection with this loan agreement, or upon commencement of any bankruptcy or insolvency proceedings involving BORROWER, or should AGCAPCO in good ▇▇▇▇▇ ▇▇▇▇ itself insecure, BORROWER shall be in default hereunder. When BORROWER are in default, interest shall continue at the normal rate and AGCAPCO may declare by written notice to BORROWER that all such loans and other indebtedness are immediately due AUGUST 26, 1996 3 LOAN AGREEMENT and payable, and AGCAPCO may terminate its commitments and any reinstatement rights hereunder, proceed to enforce payment under any guarantees and to exercise any or all of the rights afforded to AGCAPCO by law or agreement. Upon demand, BORROWER shall pay to AGCAPCO all attorney's fees and costs incurred by AGCAPCO in protecting or enforcing its rights under this agreement or collateral securing this loan, including reasonable attorney's fees incurred by AGCAPCO in a bankruptcy or receivership proceeding or in enforcing any judgment against BORROWER.
DEFAULT PROVISION. If, prior to the date this Amendment has been executed, an ADP Test Safe Harbor notice has been given for a Plan Year for which this Amendment is effective (see Amendment Section 1.1) and such notice provides that there are no allocation conditions imposed on any matching contributions under the Plan, then (1) the Plan will be an ACP Test Safe Harbor plan, provided the ACP Test Safe Harbor requirements are met and (2) the Plan will not impose any allocation conditions on matching contributions. However, if, prior to the date this Amendment has been executed, an ADP Test Safe Harbor notice has been given for a Plan Year for which this Amendment is effective and such notice provides that there are allocation conditions imposed on any matching contributions under the Plan, then the provisions of this Amendment do not modify any such allocation conditions or provisions for that Plan Year and the Plan must satisfy the ACP Test for such Plan Year using the current year testing method. With respect to any Plan Year beginning after the date this Amendment has been executed, if the Plan uses the ADP Test Safe Harbor and provides for matching contributions, then (1) the Plan will be an ACP Test Safe Harbor plan, provided the ACP Test Safe Harbor requirements are met and (2) the Plan will not impose any allocation conditions on matching contributions.
DEFAULT PROVISION. In case of default by the successful firm the City may procure the products or services from other sources and hold the firm responsible for any excess cost occasioned or incurred thereby.
DEFAULT PROVISION. AUTOMATIC ROLLOVER OF AMOUNTS OVER $1,000
DEFAULT PROVISION. In case of default by the successful firm the City/CRA may procure the products or services from other sources and hold the firm responsible for any excess cost occasioned or incurred thereby.
DEFAULT PROVISION. The Option #2 default provision is for the second meal break to take place as quickly as practical after the determination that unscheduled overtime will be required For example, Employees report to the project and commence work on a ten (10) hour shift. However, after nine and one-half (9½) hours of work has been completed it is determined that two (2) hours of unscheduled overtime will be required. In such a situation, the second meal break would take place immediately, providing this can be accomplished without any significant negative impact on the efficiency of the work being performed.
DEFAULT PROVISION. Item (a) The Activity Program contains no Low Ground Disturbance Activity. Item (b) A Survey is required. Item (c) Site Avoidance Model. Item (d) Only the areas of specific Activities described in the Activity Notice are required to be surveyed. Item (e) Not applicable (Corporation and Proponent to discuss and agree proposed Survey fieldwork start date or end date). Item (f) There is no requirement for a Preliminary Advice or a draft of the Survey Report. Part 4 Optional inclusions in Activity Notice