Existence of Default Clause Samples

The 'Existence of Default' clause defines the circumstances under which a party is considered to be in default under the agreement. Typically, this clause outlines specific events or failures—such as missed payments, breaches of obligations, or insolvency—that constitute a default. By clearly identifying what constitutes a default, the clause provides both parties with certainty regarding their rights and remedies if a default occurs, thereby reducing ambiguity and helping to manage risk in the contractual relationship.
Existence of Default. Regarding the existence of any Default for purposes of this Agreement, Debtor agrees that the Obligors or account debtors on any Collateral may rely upon written certification from Secured Party that such a Default exists and Debtor expressly agrees that Secured Party shall not be liable to Debtor for any claims, damages, costs, expenses or causes of action of any nature whatsoever in connection with, arising out of, or related to Secured Party’s exercise of any rights, powers or remedies under any Loan Document except for its own fraud, gross negligence, or willful misconduct.
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Existence of Default. Landlord shall not be deemed to be in default in the performance of any obligation under this Lease unless and until it has failed to perform such obligation within thirty (30) days after receipt of written notice by Tenant to Landlord specifying such failure; provided, however, that if the nature of Landlord's default is such that more than thirty (30) days are required for its cure, then Landlord shall not be deemed to be in default if it commences such cure within the thirty (30) day period and thereafter diligently prosecutes such cure to completion.
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Existence of Default. Regarding the existence of any Default for purposes of this Agreement, Debtor agrees that the Obligors on any Collateral may rely upon written certification from Secured Party that such a Default exists.
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Existence of Default. Regarding the existence of any Event of Default for purposes of this Agreement, Grantors agree that the Obligors or account debtors on any Collateral may rely upon written certification from Lender that such an Event of Default has occurred and is continuing and Grantors expressly agree that Lender shall not be liable to Grantors for any claims, damages, costs, expenses or causes of action of any nature whatsoever in connection with, arising out of, or related to ▇▇▇▇▇▇’s exercise of any rights, powers or remedies under any Loan Document, except for its own gross negligence or willful misconduct, as determined by a court of competent jurisdiction pursuant to a final and non-appealable judgment.
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Existence of Default. A Default shall exist immediately upon the occurrence of any of the acts, omissions or circumstances specified in Subsection 10.2 or in Subsection 10.
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Existence of Default. Regarding the existence of any Default for purposes of this Agreement, Grantor agrees that the Obligors or Account Debtors on any Collateral may rely upon written certification from Secured Party that such a Default exists and Grantor expressly agrees that Secured Party shall not be liable to Grantor for any claims, damages, costs, expenses or causes of action of any nature whatsoever in connection with, arising out of, or related to Secured Party’s exercise of any rights, powers or remedies under any Basic Document except for its own fraud, negligence, or willful misconduct.
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Existence of Default. A Default shall exist immediately upon the occurrence of any of the acts, omissions or circumstances specified in Subsection B (Monetary Defaults) below or in Subsection D (Incurable Nonmonetary Default) below. Upon the occurrence of any of the acts, omissions or circumstances specified in Subsection C (Curable Nonmonetary Default) below; Mortgagee shall, prior to exercising any remedies hereunder, deliver written Notice to Mortgagor of the existence of such an act, omission or circumstance, and such an act, omission or circumstance shall, if uncured within thirty days following delivery of such Notice, constitute a Default under the Loan Documents, or if, following such Notice, ▇▇▇▇▇▇▇▇▇ either ceases to pursue the cure of such an act, omission or circumstance with diligence, or repudiates its obligation to effect such a cure.
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Existence of Default. Regarding the existence of any Event of Default for purposes of this Agreement, Grantors agree that the Collateral Obligors or account debtors on any Collateral may rely upon written certification from the Secured Party that such an Event of Default has occurred and is continuing and Grantors expressly agree that the Secured Party shall not be liable to Grantors for any claims, damages, costs, expenses or causes of action of any nature whatsoever in connection with, arising out of, or related to the Secured Party’s exercise of any rights, powers or remedies under any Note Document, except for its own gross negligence or willful misconduct, as determined by a court of competent jurisdiction pursuant to a final and non-appealable judgment.
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Existence of Default. A Default shall exist immediately upon the occurrence of any of the acts, omissions or circumstances specified in Subsection 8.2 or in Subsection 8.4. Upon the occurrence of any of the acts, omissions or circumstances specified in Subsection 8.3, Mortgagee may deliver written Notice to Mortgagor of the existence of such an act, omission or circumstance, and that such an act, omission or circumstance shall constitute a Default under the Loan Documents unless the Mortgagor promptly initiates an effort to cure the potential Default, pursues the cure diligently and continuously, and succeeds in effecting the cure within 120 days of its receipt of Notice. An additional period of 120 days is afforded in cases where construction or repair is needed to cure the potential default, and the cure cannot be completed within the first 120-day cure period. During the cure period, the Mortgagor has the obligation to provide on demand satisfactory documentation of its effort to cure, and, upon completion, evidence that the cure has been achieved.
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Related to Existence 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.

  • Absence of Default No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Amendment that would constitute an Event of Default or a Potential Event of Default.

  • Absence of Defaults No event has occurred or is continuing which constitutes a Default or an Event of Default, or which constitutes, or which with the passage of time or giving of notice or both would constitute, a default or event of default by the Borrower or any Subsidiary thereof under any Material Contract or judgment, decree or order to which the Borrower or its Subsidiaries is a party or by which the Borrower or its Subsidiaries or any of their respective properties may be bound or which would require the Borrower or its Subsidiaries to make any payment thereunder prior to the scheduled maturity date therefor.

  • Notice of Default or Event of Default promptly, and in any event within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;

  • Event of Default and Illegality If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default.