NONPAYMENT DEFAULT Sample Clauses

A Nonpayment Default clause defines the consequences and procedures that apply when a party fails to make required payments under an agreement. Typically, this clause specifies what constitutes a payment default, such as missing a scheduled payment or failing to pay the full amount due, and may outline any grace periods or notice requirements before the default is formally recognized. Its core practical function is to provide a clear mechanism for addressing missed payments, thereby protecting the non-breaching party’s interests and offering a structured process for resolving payment issues.
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NONPAYMENT DEFAULT. If I do not pay any payment of Principal or interest by the date stated in Section 2 above, I will be in default, and the Lender and the Note Holder may demand that I pay immediately all amounts that I owe under this Note. Even if, at a time which I am in default, the Note Holder does not demand that I pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time. If there is more than one Note Holder, any one Note Holder may exercise any right under this Note in the event of a default. A default upon any interest of any Note Holder shall be a default upon all interests.
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NONPAYMENT DEFAULT. In the event that it should be necessary for ▇▇▇▇ to sue for damages for nonpayment, You agree to pay, in addition to the unpaid account, the legal interest, court costs, disbursements, and reasonable counsel fees incurred by ▇▇▇▇ to prosecute and collect any delinquent account. Your failure to pay any sum required for a period of thirty (30) days or your noncompliance for a period of thirty (30) days, after notice from ▇▇▇▇, with any other term, covenant, or condition of these Standard Terms and Condition shall constitute a default. On default, without notice or demand, in addition to any other remedies available at law or equity, ▇▇▇▇ may take possession of the Equipment and any Material in your possession, and You shall be responsible for all costs of recovery, repair, and storage, in addition to any other sums due and owing to ▇▇▇▇ under these Standard Terms and Conditions.
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NONPAYMENT DEFAULT. A. The buyer understands that Bug*Master, Inc. assumes no liability of any kind under this agreement and that any guarantees set forth herein is invalid and of no force and effect until work contemplated in this agreement has been completed and payment thereof has been made in full. B. In case of nonpayment or default by the buyer, Bug*Master, Inc. has the right to terminate this agreement and reasonable attorney’s fees and costs of collection shall be paid by the buyer, whether suit is filed or not. In addition, interest at the highest rate will be assessed for the period of delinquency.
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NONPAYMENT DEFAULT. Upon the occurrence of any Specified Senior Nonpayment Default, then, unless and until such default shall have been cured or waived or shall have ceased to exist, no direct or indirect payment (in cash, property or securities or by set-off or otherwise) shall be made or agreed to be made on account of any Subordinated Debt during any period of ninety (90) days after the time a notice of such default shall have been given to the Company by the holders of Senior Debt at the time outstanding; provided that only two such blockage periods of ninety (90) day each may be commenced within any three hundred sixty-five (365) day period.
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NONPAYMENT DEFAULT. If Tenant shall fail to observe or perform any other term, covenant or condition of this Lease and such failure is not cured by Tenant within a period of ten (10) days after receipt by Tenant of notice thereof from Landlord, unless such failure cannot with due diligence be cured within a period of ten (10) days, in which case such failure shall not be deemed to continue if Tenant proceeds promptly and with due diligence to cure the failure and diligently completes the curing thereof, or
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NONPAYMENT DEFAULT. In case of nonpayment or default by the Purchaser, Terminix has the right to terminate this Agreement and reasonable attorneys' fees and costs of collection shall be paid by Purchaser, whether suit is filed or not. In addition, interest at the highest legal rate allowed will be assessed to and paid by Purchaser for the period of delinquency.
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NONPAYMENT DEFAULT. In the event and during the continuance of any Senior Nonpayment Default in respect of any Senior Debt and prior to the declaration of such Senior Debt to be due and payable prior to its stated maturity, the holders of such Senior Debt may give to both the Company and each holder of Subordinated Debt written notice referring to the Notes and this Agreement and specifying that it is a notice of a Senior Nonpayment Default (a "SENIOR NONPAYMENT DEFAULT NOTICE") and, thereafter, no payment or distribution of any kind or character (whether in cash, Securities or other Property) shall be made on or in respect of any Subordinated Debt, and no holder of Subordinated Debt shall take or receive or retain from the Company, directly or indirectly, in cash, Securities or other Property or by way of set-off or in any other manner, payment of all or any of the Subordinated Debt during the period (a "SENIOR NONPAYMENT DEFAULT BLOCKAGE PERIOD") commencing on the date of receipt by both the Company and each holder of Subordinated Debt of such notice and ending on the earliest of (i) the date of the repayment in full in cash of such Senior Debt, (ii) the date on which such Senior Debt shall have been declared due and payable prior to its stated maturity, (iii) the date on which such Senior Nonpayment Default shall have been cured or waived and written notice thereof received by the Company, (iv) the date on which such holders of such Senior Debt, acting through an agent or otherwise, shall have delivered to the Company and each holder of Subordinated Debt a notice referring to the Notes and the immediately preceding Senior Nonpayment Default Notice and stating that such Senior Nonpayment Default Notice has been withdrawn, or (v) the one hundred eightieth (180th) day following the giving of such Senior Nonpayment Default Notice pursuant to this clause (b). Any number of Senior Nonpayment Default Notices may be given, provided that (i) only one Senior Nonpayment Default Notice may be given with respect to any single occurrence of a Senior Nonpayment Default and (ii) no Senior Nonpayment Default Notice shall be effective at any time to prevent any payment from being made by or on behalf of the Company for or on account of any Subordinated Debt (and any such Senior Nonpayment Default Notice shall be or become null and void ab initio) if, within the three hundred sixty-five (365) day period ending immediately prior to the date on which such Senior Nonpayment Default Notice shall...
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Related to NONPAYMENT DEFAULT

  • Payment Default Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereof). During the cure period, the failure to cure the payment default is not an Event of Default (but no Credit Extension will be made during the cure period);

  • Payment Defaults Tenant shall fail to pay any installment of Rent or any other payment hereunder when due; provided, however, that Landlord will give Tenant notice and an opportunity to cure any failure to pay Rent within 3 days of any such notice not more than once in any 12 month period and Tenant agrees that such notice shall be in lieu of and not in addition to, or shall be deemed to be, any notice required by law.

  • Other Payment Default The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan or Reimbursement Obligation or the payment of any other Obligation, and such default shall continue for a period of three (3) Business Days.

  • No Payment Default Except for payment delinquencies that have been continuing for a period of not more than 29 days, no payment default under the terms of any Receivable exists as of the Cutoff Date.

  • Covenant Default (a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.5, 6.7, 6.8, 6.9, 6.10(b), 6.12, 6.13 or violates any covenant in Section 7; or (b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this section shall not apply, among other things, to financial covenants or any other covenants set forth in clause (a) above;