Common use of Default Remedy Clause in Contracts

Default Remedy. In the event that either party fails to perform its respective obligations hereunder, the party claiming default shall deliver written notice of such default and a demand for cure to the other party. In the case of the Seller’s default, the Seller shall have thirty (30) calendar days from receipt of the Buyer’s notification to either remedy the default or confirm in writing that a remedy is required and that the Seller will undertake to cure the default as soon as reasonably possible. If the Seller fails to cure the default within this period or fails to confirm that a remedy is required, the Seller shall, within fifteen (15) calendar days thereafter, provide a written acknowledgment of the default attesting to the breach. Upon the Seller’s acknowledgment of default, the sum paid as Deposits shall be returned to the Buyer within a maximum of ninety (90) calendar days from the date of such acknowledgment. The Buyer’s notification must specify the breach attributable to the Seller and include the demand for the return of Deposits as the sole, sufficient, and definitive indemnification for any loss or damages caused by the Seller’s breach. If the Purchaser defaults and fails to comply with a written demand (including demands for payment of any Additional Deposits due) within twenty (20) calendar days after receipt of such demand, the Seller will have the option to either waive the default or terminate this Agreement. Upon termination, the Seller shall retain the Deposits as liquidated damages and not as a penalty. Upon such retention of the Deposits, both Parties will be discharged from any further obligations and liabilities under this Agreement, and the Seller shall be free to sell the Unit to a third party. It is specifically acknowledged that both the Purchaser and Seller waive all rights to claim or demand specific performance of this Agreement. These remedies shall be in lieu of all other remedies available to the parties at law and in equity.

Default Remedy. In (a) If any Buyer is in Default for nonpayment, subject to any duty or obligation under this Agreement, Seller may continue to provide services to such Defaulting Buyer, and shall continue to provide services with respect to the event non-Defaulting Buyers, pursuant to its obligations under this Agreement; provided that either party fails nothing in this Section 12.2(a) shall affect Seller’s rights and remedies set forth in this Section 12.2. Seller’s continued service to perform a Defaulting Buyer shall not act to relieve such Defaulting Buyer of any of its respective duties or obligations hereunderunder this Agreement. (b) Notwithstanding any other provision herein, if any Default has occurred and is continuing, the party claiming default shall deliver written notice affected Party may, whether or not the dispute resolution procedure set forth in Section 13.3 has been invoked or completed, bring an action in any court of such default competent jurisdiction as set forth in Section 13.13 seeking injunctive relief in accordance with applicable rules of civil procedure. (c) Except as expressly limited by this Agreement, if a Default has occurred and is continuing and a demand for cure Buyer is the Defaulting Party, Seller may without further notice exercise any rights and remedies provided herein or otherwise available at law or in equity with respect to such Buyer, including a partial termination of this Agreement with respect to the other party. In Defaulting Buyer pursuant to Section 12.3; provided that the case of the Seller’s defaultnon-Defaulting Buyer (or Buyers, the Seller as applicable), shall have thirty (30) calendar days from receipt the opportunity, upon the termination of the this Agreement with respect to such Defaulting Buyer or Buyers, to take over such Defaulting Buyer’s notification or Buyers’ Percentage of Facility Output as provided in Section 2.3(h). No failure of Seller to either remedy the default or confirm in writing that a remedy is required and that the Seller will undertake to cure the default as soon as reasonably possible. If the Seller fails to cure the default within this period or fails to confirm that a remedy is required, the Seller shall, within fifteen (15) calendar days thereafter, provide a written acknowledgment of the default attesting to the breach. Upon the Seller’s acknowledgment of default, the sum paid as Deposits shall be returned to the Buyer within a maximum of ninety (90) calendar days from the date of such acknowledgment. The Buyer’s notification must specify the breach attributable to the Seller and include the demand for the return of Deposits as the sole, sufficientexercise, and definitive indemnification for no delay in exercising, any loss right, remedy or damages caused power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Seller’s breach. If the Purchaser defaults and fails to comply with a written demand (including demands for payment Seller of any Additional Deposits dueother right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power. (d) within twenty (20) calendar days after receipt of such demand, the Seller will have the option to either waive the default or terminate Except as expressly limited by this Agreement. Upon termination, if a Default has occurred and is continuing and Seller is the Defaulting Party, each Buyer may without further notice exercise any rights and remedies provided for herein, or otherwise available at law or equity, including (i) application of all amounts available under the Performance Security against any amounts then payable by Seller shall retain the Deposits as liquidated damages and not as a penalty. Upon such retention of the Deposits, both Parties will be discharged from any further obligations and liabilities to Buyers under this Agreement, and the Seller shall be free to sell the Unit to a third party. It is specifically acknowledged that both the Purchaser and Seller waive all rights to claim (ii) withdrawal from or demand specific performance termination of this AgreementAgreement pursuant to Section 12.3. These remedies No failure of any Buyer to exercise, and no delay in exercising, any right, remedy or power hereunder shall be in lieu operate as a waiver thereof, nor shall any single or partial exercise by any Buyer of all any right, remedy or power hereunder preclude any other remedies available to the parties at law and in equityor future exercise of any right, remedy or power by such ▇▇▇▇▇.

Default Remedy. In the event that either party fails (a) If Buyer is in Default for nonpayment, subject to perform its respective obligations hereunder, the party claiming default shall deliver written notice of such default and a demand for cure to the other party. In the case of the Seller’s default, the Seller shall have thirty (30) calendar days from receipt of the Buyer’s notification to either remedy the default any duty or confirm in writing that a remedy is required and that the Seller will undertake to cure the default as soon as reasonably possible. If the Seller fails to cure the default within this period or fails to confirm that a remedy is required, the Seller shall, within fifteen (15) calendar days thereafter, provide a written acknowledgment of the default attesting to the breach. Upon the Seller’s acknowledgment of default, the sum paid as Deposits shall be returned to the Buyer within a maximum of ninety (90) calendar days from the date of such acknowledgment. The Buyer’s notification must specify the breach attributable to the Seller and include the demand for the return of Deposits as the sole, sufficient, and definitive indemnification for any loss or damages caused by the Seller’s breach. If the Purchaser defaults and fails to comply with a written demand (including demands for payment of any Additional Deposits due) within twenty (20) calendar days after receipt of such demand, the Seller will have the option to either waive the default or terminate this Agreement. Upon termination, the Seller shall retain the Deposits as liquidated damages and not as a penalty. Upon such retention of the Deposits, both Parties will be discharged from any further obligations and liabilities obligation under this Agreement, Seller may continue to provide services pursuant to its obligations under this Agreement; provided that nothing in this Section 13.2(a) shall affect Seller’s rights and remedies set forth in this Section 13.2. Seller’s continued service to Buyer shall not act to relieve Buyer of any of its duties or obligations under this Agreement. (b) Notwithstanding any other provision herein, if any Default has occurred and is continuing, the affected Party may, whether or not the dispute resolution procedure set forth in Section 14.3 has been invoked or completed, bring an action in any court of competent jurisdiction as set forth in Section 14.13 seeking injunctive relief in accordance with applicable rules of civil procedure. (c) Except as expressly limited by this Agreement, if a Default has occurred and is continuing and the Buyer is the Defaulting Party, Seller may without further notice exercise any rights and remedies provided herein or otherwise available at law or in equity, including the right to terminate this Agreement pursuant to Section 13.3. No failure of Seller to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by Seller of any other right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power. (d) Except as expressly limited by this Agreement, if a Default has occurred and is continuing and the Seller shall be free is the Defaulting Party, Buyer may without further notice exercise any rights and remedies provided for herein or otherwise available at law or equity, including (i) application of all amounts available under the Performance Security against any amounts then payable by Seller to sell the Unit to a third party. It is specifically acknowledged that both the Purchaser Buyer under this Agreement and Seller waive all rights to claim or demand specific performance (ii) termination of this AgreementAgreement pursuant to Section 13.3. These remedies No failure of Buyer to exercise, and no delay in exercising, any right, remedy or power hereunder shall be in lieu operate as a waiver thereof, nor shall any single or partial exercise by Buyer of all any right, remedy or power hereunder preclude any other remedies available to the parties at law and in equityor future exercise of any right, remedy or power.

Default Remedy. In the event that either party fails to perform its such party’s respective obligations hereunder, hereunder (except as excused by the other’s default) the party claiming default shall deliver written notice of such default and a demand for a cure to the other party. In the case of the Seller’s default, the Seller shall have thirty (30) calendar days from receipt of the Buyer’s notification to either remedy the default or confirm in writing that a remedy is required and that the Seller will undertake to cure the default as soon as reasonably possible. If the Seller fails to cure the default within this period or fails to confirm that a remedy is required, the Seller shall, within fifteen (15) calendar days thereafter, provide a written acknowledgment of the default attesting to the breach. Upon the Seller’s acknowledgment of default, the sum paid as Deposits Deposits, shall be returned and interest shall be paid to the Buyer within a Buyer, in accordance to the time the Seller has kept those Deposits plus interests, that for all purposes, shall be calculated at the rate of legal interest, meaning the active interest rate determined by Banco Nacional de Costa Rica, as indicated in article 1163 of the Costa Rican Civil Code. Said return will be done in the maximum term of ninety (90) calendar days from days, after the date of such acknowledgment. The Buyer’s the notification must specify by the Buyer where, the reason of breach attributable to the Seller is indicated and include the demand for the requirement of return of the Deposits is accepted as the soleunique, sufficient, sufficient and definitive indemnification for any the loss or and damages caused suffered by the breach of the Seller’s breach. If the Purchaser defaults is the defaulting party, and it fails to comply with a such written demand (including but not limited to demands for payment of any Additional Deposits due) ), within twenty (20) calendar days after receipt of such demandthereof, the Seller will have the option to either waive such default and charge a default interest rate that shall be calculated at the rate of legal interest, meaning the active interest rate determined by Banco Nacional de Costa Rica, as indicated in article 1163 of the Costa Rican Civil Code starting as of ten (10) calendar days following a written demand to cure any payment due until such payment is made by Purchaser in its full amount plus the default interest; or alternatively to terminate this Agreement. Upon , and on such termination, the Seller shall retain will be paid the Deposits as liquidated damages and (not as a penalty). Upon On such retention return or payment of the Deposits, both the Parties will be discharged from any further obligations and liabilities under this Agreementhereunder, and the Seller shall be free to sell the Unit to a third party. It is specifically acknowledged that both the Purchaser and Seller waive all rights to claim or demand specific performance of this Agreement. These remedies shall be in lieu of all other remedies available to the parties at in law and in equity.

Default Remedy. In the event that either party fails to perform its respective such party's obligations hereunderunder this Agreement (except as excused by the other's default), the party claiming default shall deliver promptly make written notice of such default and a demand for cure to the other party. In the case of the Seller’s default, the Seller shall have thirty (30) calendar days from receipt of the Buyer’s notification to either remedy the default or confirm in writing that a remedy is required and that the Seller will undertake to cure the default as soon as reasonably possible. performance. 12.1 If the Seller fails to cure the default within this period or fails to confirm that a remedy is required, the Seller shall, within fifteen (15) calendar days thereafter, provide a written acknowledgment of the default attesting to the breach. Upon the Seller’s acknowledgment of default, the sum paid as Deposits shall be returned to the Buyer within a maximum of ninety (90) calendar days from the date of such acknowledgment. The Buyer’s notification must specify the breach attributable to the Seller and include the demand for the return of Deposits as the sole, sufficient, and definitive indemnification for any loss or damages caused by the Seller’s breach. If the Purchaser defaults and fails to comply with a such written demand within ten (including demands for payment of any Additional Deposits due10) within twenty (20) calendar business days after receipt of thereof, Seller shall have the option to either waive such demanddefault or terminate this Agreement. If Seller terminates this agreement pursuant to this Section 12, then Seller shall retain the Deposit, and Seller shall be entitled to pursue any and all other rights and remedies available to Seller at law or in equity. 12.2 If Seller fails to comply with such written demand within ten (10) business days after receipt thereof, Buyer will have the option to either waive the such default or terminate this Agreement. Upon termination. 12.2.1 If Seller's default occurs prior to Closing and Buyer terminates this agreement pursuant to this Section 12, the Seller Deposit shall retain the Deposits as liquidated damages and not as a penalty. Upon such retention of the Deposits, both Parties will be discharged from any further obligations and liabilities under this Agreementrefunded to Seller, and the Seller such refund shall be free Seller's sole and exclusive remedy. Buyer specifically waives any right to sell the Unit to a third party. It is specifically acknowledged that both the Purchaser and Seller waive all rights to claim or demand specific performance of this Agreement. These remedies Agreement or to maintain an action for damages. 12.2.2 If Seller's default occurs after Closing, ▇▇▇▇▇’s remedy shall be limited to, at Seller’s option, (i) Buyer’s direct damages, or (ii) rescission and return of the Purchase Price (but no damages). UNDER NO CIRCUMSTANCES SHALL SELLER BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION LOST PROFITS, EVEN IF SELLER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 12.3 Notwithstanding the foregoing, if the nature of a default is such that the defaulting party reasonably requires more than ten (10) days to cure the breach, then the defaulting party shall have a reasonable time in lieu of all other remedies available which to cure, which time shall not exceed thirty (30) days unless a longer time is consented to in writing by the parties at law and in equitynon-defaulting party.