Definition of Default by Shareholder Clause Samples

Definition of Default by Shareholder. It is hereby mutually agreed as follows: If at any time after the happening of any of the other events specified in this Article, the Mutual shall give to the Shareholder notice that the Shareholder’s right to occupy under the Occupancy Agreement will expire at a date not less than thirty (30) days thereafter (except that in the case of the default specified in 13.1(h) of this Article, such date in the notice shall be three (3) days and/or ten (10) days, whichever is applicable), the Shareholder’s right to occupy the Unit under the Occupancy Agreement will expire on the date so fixed in such notice, unless in the meantime the default has been cured in a manner deemed satisfactory by the Mutual, it being the intention of the parties hereto to create hereby conditional limitations, and it shall thereupon be lawful for the Mutual to re-enter the Unit and to remove all persons and personal property therefrom, either by summary dispossession proceedings or by suitable action or proceeding at law or in equity or by any other proceedings which may apply to the eviction of the tenants by force or otherwise, and to repossess the Unit in its former state as if the Occupancy Agreement had not been made: (a) in case at any time during the Term of this Agreement, the Shareholder shall cease to be the owner and legal holder of the Stock of the Mutual; (b) in case the Shareholder attempts to transfer or assign the Occupancy Agreement in any manner inconsistent with the provisions of the Governing Documents and/or this Addendum; (c) in case at any time during the continuance of this Addendum and the Occupancy Agreement, the Shareholder shall be declared bankrupt under the laws of the United States; (d) in case at any time during the Term of this Addendum and/or the Occupancy Agreement, a receiver of the Shareholder’s property shall be appointed under any laws of the State of California and/or the United States; (e) in case at any time during the Term of this Addendum and/or the Occupancy Agreement, the Shareholder shall make a general assignment for the benefit of creditors; (f) in case at any time during the Term of this Addendum and/or the Occupancy Agreement, the Stock shall be duly levied upon and sold under the process of any Court; (g) in case the Shareholder fails to effect and/or pay for repairs and maintenance as provided for herein; (h) in case the Shareholder fails to pay any sum due pursuant to the provisions in this Addendum, the Occupancy Agreement or the Go...
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Related to Definition of Default by Shareholder

  • Definition of Default The BUYER shall be deemed to be in default under this CONTRACT in the following cases: (a) If the first, second, third or fourth instalment is not paid to the BUILDER within the respective DUE DATE of such instalments; or (b) If the fifth instalment is not deposited in accordance with Article X.4.(a)(ii) hereof or if the said fifth instalment deposit is not released to the BUILDER against presentation by the BUILDER of a copy of the original PROTOCOL OF DELIVERY AND ACCEPTANCE; or (c) If the BUYER fails to take delivery of the VESSEL when the VESSEL is duly tendered for delivery by the BUILDER under the provisions of Article VII hereof; or (d) If an order or an effective resolution shall be passed for winding up of the BUYER (except for the purpose of reorganization, merger or amalgamation); or In case the BUYER is in default as set out in Paragraph 1 above, the BUILDER is entitled to and shall have the following rights, powers and remedies in addition to such other rights, powers and remedies as the BUILDER may have elsewhere in this CONTRACT and/or at law, at equity or otherwise.

  • Definition of Events of Default “Event of Default” means the occurrence of any of the following:

  • Events of Default by Tenant If (i) Tenant fails to pay any Rent on the date due (a “Monetary Default”); or (ii) Tenant fails to cure any other default, such as, but not limited to, the performance of any other covenant or agreement of this Lease, or any rules and regulations attached to this Lease, or promulgated by Landlord under this Lease (a “Nonmonetary Default”); or (iii) Tenant fails to fulfill any of the material terms or conditions of this Lease following the giving of applicable notice and opportunity to cure or (iv) the appointment of a trustee or a receiver to take possession of all or substantially all of Tenant’s assets occurs, or if the attachment, execution or other judicial seizure of all or substantially all of Tenant’s assets located at the Premises, or of Tenant’s interest in this Lease, occurs, or (v) Tenant or any of its successors or assigns or surety of Tenant’s obligations should file any voluntary petition in bankruptcy, reorganization or arrangement, or an assignment for the benefit of creditors or for similar relief under any present or future statute, law or regulation relating to relief of debtors, or (vi) Tenant or any of its successors or assigns should be adjudicated bankrupt or have an involuntary petition in bankruptcy, reorganization or arrangement filed against it which is not dismissed within ninety (90) days, or (vii) Tenant shall permit, allow or suffer to exist any lien, judgment, writ, assessment, charge, attachment or execution upon Landlord’s or Tenant’s interest in this Lease or to the Premises, and/or the fixtures, and improvements and furnishings located thereon and fails within thirty (30) days either to discharge the same or provide a bond transferring same, then, Tenant shall be in default hereunder, or (viii) the leasehold estate granted to Tenant by this Lease is taken on execution or other process of law or equity in any action against Tenant.

  • Notification of Defaults and Events of Default Each Lender hereby agrees that, upon learning of the existence of a Default or an Event of Default, it shall promptly notify the Administrative Agent thereof. The Administrative Agent hereby agrees that upon receipt of any notice under this §14.10 it shall promptly notify the other Lenders of the existence of such Default or Event of Default.

  • Default by Owner If one or more of the following Events of Default shall occur and be continuing, that is to say: (a) breach by Owner of the representations, warranties and covenants of the Owner as set forth in Section 6.02 above); then, and in each and every such case (except in instances where the Event of Default has been cured within thirty (30) days after the date on which written notice of such default, requiring the same to be remedied, shall have been given to the Owner by the Servicer), the Servicer, by notice in writing to the Owner, may immediately terminate all of its responsibilities, duties and obligations as servicer under this Agreement. On or after the receipt by the Owner of such written notice, all responsibilities, duties and obligations of the Servicer to service the Mortgage Loans under this Agreement shall on the date set forth in such notice pass to and be vested in the successor appointed pursuant to Section 10 herein.