Notice of Default and Remedies Clause Samples

The "Notice of Default and Remedies" clause defines the process by which one party must formally notify the other of a breach or default under the agreement and outlines the actions that may be taken in response. Typically, this clause requires written notice to be delivered to the defaulting party, specifying the nature of the default and often providing a period to cure the issue. If the default is not remedied within the specified timeframe, the non-defaulting party may exercise certain remedies, such as terminating the contract or seeking damages. This clause ensures both parties are aware of their rights and obligations in the event of a breach, promoting fairness and providing a clear mechanism for resolving defaults.
Notice of Default and Remedies. Upon the happening of any event of Default and such Default continues for a period of ten (10) days for a payment default under the Loan or the Obligations or thirty (30) days for any other type of default, after Lender has mailed or sent written notice of such Default to the Borrower (but with no notice required in the event of a Default under paragraphs (j), (k), or (l) of Section 7.01), Lender may declare the entire principal amount of all Obligations then outstanding, including the Loan and interest accrued thereon, to be immediately due and payable without presentment, demand, protest, notice of protest or dishonor or other notice of default of any kind, all of which are hereby expressly waived by the Borrower and Lender is then authorized to exercise any and all of its rights and remedies under the Collateral Documents and/or the Obligations.
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Notice of Default and Remedies. In the event of a Default and such Default continues for a period of fifteen (15) days (five (5) days for the failure to make a payment of principal or interest under the Loans) after Bank has given written notice of such Default to Borrower, Bank, at its option, shall have the right to exercise any and all of Bank's rights under the Loan Documents. Nothing contained herein shall be construed to prohibit Bank from exercising any of its rights under any of the Loan Documents, whether or not there has been a Default, that Bank has the right to exercise under any of the Loan Documents even in the absence of a Default.
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Notice of Default and Remedies. LLC shall deliver written notice to the Members of the existence of a default which notice shall also specify the remedy or remedies LLC is pursuing or intends to pursue as a result of such default.
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Notice of Default and Remedies. In the event of a default, the party who alleges a default shall give the other party thirty (30) days written notice of such default, with a copy of such notice of default to the Oversight Board and to the State Department of Finance. In the event that the party who is alleged to be in default
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Notice of Default and Remedies. If the Mortgagee has sent to the Mortgagor a notice stating that a Default has occurred and if the Mortgagee in its sole judgement considers that the steps so far taken by the Mortgagee under Sections 9.01 (Mortgagee's Right to Cure) or 9.02 (No Exhaustion Of Remedies Required) of this Agreement have not produced appropriate results, then the Mortgagor shall upon demand of the Mortgagee appoint, by way of a power of attorney in the form as set out in Schedule 2 (Form of Power of Attorney), the Mortgagee, the Mortgagee's representative or representatives and/or such person designated by the Mortgagee, as its representative and issue the relevant power of attorney in accordance with Section 8.11 (
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Notice of Default and Remedies. In the event of a Default and such Default continues for a period of thirty (30) days (five (5) days for the failure to make a payment of principal or interest under the Loans) after Bank has given written notice of such Default to Borrower or after Borrower shall have obtained knowledge of such Default, then, at the option of Bank, the Loans shall be immediately due and payable without presentment, demand, protest, notice of protest or dishonor or other notice of default of any kind, all of which are hereby expressly waived by Borrower, and Bank may exercise any and all rights and remedies which Bank may have under the Loan Documents and/or under applicable law.
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Notice of Default and Remedies. In the event of a Default and such Default continues for a period of thirty (30) days (five (5) days for the failure to make a payment of principal or interest under the Loans) after Bank has given written notice of such Default to Borrower or after Borrower shall have obtained knowledge of such Default, Bank, at its option, shall have the right to exercise any and all of Bank's rights under the Loan Documents.
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Notice of Default and Remedies. (a) Upon the occurrence of an Event of Default and subsequent written notice to the Corporation by the Investors that the Investors intend to accelerate the due date of the Notes, the Notes shall become immediately due and payable without presentment, demand, protest, nor notice of protest, all of which are hereby expressly waived by the Corporation. Upon the occurrence and during the continuance of any Event of Default, each Investor may, by notice in writing to the Corporation, declare all or any portion of the Notes held by it together with all amounts due thereunder, to be due and such Notes and all such amounts shall thereupon be and become, forthwith due and payable, without presentment, demand, protest, nor notice of protest, all of which are hereby expressly waived by the Corporation. (b) If any Event of Default shall occur, the Investors may proceed to protect and enforce their rights by a suit in equity, action at Law or other appropriate proceeding, whether for the specific performance of any agreement contained herein or for an injunction against a violation of any of the terms or provisions hereof, or in aid of the exercise of any power granted herein or by Law. No course of dealing and no delay on the part of the Investors in exercising any right shall operate as a waiver thereof or otherwise prejudice their rights, and no remedy herein conferred upon or reserved to the Investors is intended to be exclusive of any other remedy or remedies; but each and every such remedy shall be cumulative, and shall be in addition to every other remedy given hereunder, or now or hereafter existing at Law or in equity or by statute, and may be exercised from time to time and as often as the Investors may deem expedient. (c) The Investors agree, as among themselves, that they will cooperate with each other in protecting and enforcing their rights hereunder and under the other Loan Documents. Without limitation of the foregoing, each Investor agrees that if any Investor shall at any time obtain any payment or other recovery (whether voluntary, involuntary, or otherwise) under the Loan Documents in excess of its Pro Rata Portion of the Total Loan Amount calculated as of such date of payments or other recoveries then or therewith obtained by the Investors, such Investor shall pay such amounts to the other Investor as shall be necessary to cause each Investor to share such payment or other recovery with all Investors in accordance with their Pro Rata Portion of th...
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Notice of Default and Remedies 
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Related to Notice of Default and Remedies

  • Default and Remedies Either of the following constitutes cause to declare this Contract, or any Participating Entity order under this Contract, in default: 1. Nonperformance of contractual requirements, or 2. A material breach of any term or condition of this Contract. The party claiming default must provide written notice of the default, with 30 calendar days to cure the default. Time allowed for cure will not diminish or eliminate any liability for liquidated or other damages. If the default remains after the opportunity for cure, the non-defaulting party may: • Exercise any remedy provided by law or equity, or • Terminate the Contract or any portion thereof, including any orders issued against the Contract.

  • Events of Default and Remedies (a) Any one or more of the following events which shall have occurred and be continuing shall constitute an event of default ("Event of Default"): (i) Default in the payment of interest upon this Note, as and when the same shall become due; or (ii) Default in the payment of the principal of this Note, as and when the same shall become due; or (iii) Default in the payment of any other obligation of the Company in an amount in excess of $100,000; or (iv) The Company shall fail to perform or observe any affirmative covenant contained in this Note and such Default, if capable of being remedied, shall not have been remedied ten (10) days after written notice thereof shall have been given by the Holder to the Company; or (v) The Company or any subsidiary (A) shall institute any proceeding or voluntary case seeking to adjudicate it bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of any order for relief or the appointment of a receiver, trustee, custodian or other similar official for such the Company or any subsidiary or for any substantial part of its property, or shall consent to the commencement against it of such a proceeding or case, or shall file an answer in any such case or proceeding commenced against it consenting to or acquiescing in the commencement of such case or proceeding, or shall consent to or acquiesce in the appointment of such a receiver, trustee, custodian or similar official; (B) shall be unable to pay its debts as such debts become due, or shall admit in writing its inability to apply its debts generally; (C) shall make a general assignment for the benefit of creditors; or (D) shall take any action to authorize or effect any of the actions set forth above in this subsection 3 (iv); or

  • Performance Default and Remedies Subsection B. DEFAULT AND REMEDIES, second paragraph of the Contract is modified as follows (underlined language is added and stricken language is deleted): “Written notice of default and a reasonable 30-day opportunity to cure must be issued by the party claiming default.”

  • Events of Default Remedies If any of the following events (each, an “Event of Default”) shall have occurred and be continuing for any reason whatsoever (whether voluntary or involuntary, arising or effected by operation of law or otherwise): (a) any payment of principal of the Loans or the Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the Note; (b) any payment of interest on the Loans or the Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the Note, and such default is not cured within two days; (c) the Borrower shall default in the performance or observance of any other term, covenant or agreement contained herein, and such default shall continue without cure for a period of 30 days after receipt of written notice thereof from the Lender, or any representation or warranty contained herein or therein shall at any time prove to have been incorrect or misleading in any material respect when made; or (d) a case or proceeding shall be commenced against the Borrower, or the Borrower shall commence a voluntary case, in either case seeking relief under any Bankruptcy Law, in each case as now or hereafter in effect, or the Borrower shall apply for, consent to, or fail to contest, the appointment of a receiver, liquidator, custodian, trustee or the like of the Borrower or for all or any part of its property, or the Borrower shall make a general assignment for the benefit of its creditors, or the Borrower shall fail, or admit in writing its inability, to pay, or generally not be paying, its debts as they become due; then during the continuance of any Event of Default (other than any Event of Default specified in clause (d) above), the Lender may by written notice to the Borrower declare, in whole or from time to time in part, the principal of, and accrued interest on, the Loans and the Note and all other amounts owing hereunder to be, and the Loans and the Note and such other amounts shall thereupon and to that extent become, due and payable to the Lender. During the continuance of any Event of Default specified in clause (d) above, automatically and without any notice to the Borrower, the principal of, and accrued interest on, the Loans and the Note and all other amounts payable hereunder shall be due and payable to the Lender and the Commitment shall terminate.

  • Events of Default Rights and Remedies Section 7.1 Events of Default Section 7.2 Rights and Remedies Section 7.3 Certain Notices