Subsequent Default Sample Clauses

The Subsequent Default clause defines what happens if a party, after previously curing a default, commits another default under the agreement. Typically, this clause outlines that repeated defaults—especially of the same type—may trigger stricter remedies or accelerate the enforcement of rights by the non-defaulting party. For example, if a borrower misses a payment, cures it, and then misses another payment, the lender may be entitled to take action more quickly. The core function of this clause is to discourage repeated breaches and provide a clear mechanism for addressing recurring defaults, thereby protecting the interests of the non-defaulting party.
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Subsequent Default. In the event of a breach of any covenant set forth in sections 4.02, 6.07, 7.04 or 7.05 herein, a Shareholder may notify INCEPTION or CLAVO RICO, as appropriate, of the default and request that it be remedied within ten (10) business days. Failure to remedy the breach within the ten business days shall result a right of indemnification of the non-breaching party under Section 6.06 of this Agreement
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Subsequent Default. To the extent permitted by Applicable Law, the Borrower hereby waives any rights now or hereafter conferred by statute or otherwise which are inconsistent with the Agent's or a Lender's rights or remedies under the Loan Documents.
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Subsequent Default. In the case of any rescission of declaration, then the MTFC and the Entity shall be restored to their former position and rights hereunder, but no such rescission shall extend to any subsequent or other occurrence of an Event of Default or impair any right consequent thereon.
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Subsequent Default. Any waiver at any time by OPC of its rights with respect to any matter arising in connection with the Generation Service Schedules or this Agreement shall not be considered a waiver with respect to any subsequent default or matter.
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Subsequent Default. Any waiver at any time by GSOC of its rights with respect to any matter arising in connection with the GSOC Tariff or this Agreement shall not be considered a waiver with respect to any subsequent default or matter.
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Subsequent Default. If the Closing of the Contribution Transaction occurs, but (i) any of the representations and warranties made by the Partnership in this Agreement are inaccurate or incorrect in any material respect on the date made or deemed made, or (ii) the Partnership fails to perform its material covenants, obligations or agreements under this Agreement on or before the Third Escrow Release and such failure is not cured on or before the earlier of fifteen (15) days after written notice by Owner to the Partnership or the day on which the applicable covenant, obligation or agreement is required to have been performed under this Agreement, Owner shall have the right, at its sole option, to: (x) terminate this Agreement, whereupon neither party shall have any further right or liability to the other under this Agreement, except for those that expressly survive termination as specifically set forth in Articles 11, 13 and 16; (y) waive the default or failure to perform and proceed with the First Escrow Release, the Second Escrow Release or the Third Escrow Release, as applicable; or (z) pursue any legal or equitable remedies to which Owner may be entitled on account of the foregoing, including, without limitation, injunctive relief or specific performance, against the Partnership in order to enforce the provisions of this Agreement; provided, however, that (i) the right of Owner to terminate this Agreement pursuant to this Section 12.1(b) may only be exercised prior to the First Escrow Release, and (ii) any action for injunctive relief, specific performance or other equitable relief hereunder must be initiated by Owner within sixty (60) days after the Partnership’s default or Owner shall be deemed to have irrevocably waived its right to such equitable remedies. Notwithstanding any other provision of this Agreement, the provisions of Section 12.1(b) shall survive the First Escrow Release Date, the Second Escrow Release Date or the Third Escrow Release Date, as applicable, for a period of one (1) year.
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Subsequent Default. In the event of a breach of any covenant set forth in sections 4.02, 6.07, or 7.04 herein, Mayan may notify Razor of the default and request that it be remedied within ten (10) business days. Failure to remedy the breach within the ten business days shall be cause for Cerros to immediately cancel 1▇▇,▇▇▇ common shares then issued to Razor and to issue to Mayan 195,000 common shares with the remainder of the outstanding common shares being issued to Razor. V. Except as specifically amended herein, all of the terms, covenants and conditions set forth in the Agreement shall remain in full force and effect.
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Subsequent Default. Any waiver at any time by GTC of its rights with respect to any matter arising in connection with the GTC Tariff or this Agreement shall not be considered a waiver with respect to any subsequent default or matter.
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Subsequent Default. In the event of a breach of any covenant set forth in sections 4.02, 6.07, or 7.04 herein, MAYAN may notify RAZOR RESOURCES INC of the default and request that it be remedied within ten (10) business days. Failure to remedy the breach within the ten business days shall be cause for ▇▇▇▇▇▇ to immediately cancel 125,000 common shares then issued to RAZOR and to issue to MAYAN 125,000 common shares with the remainder of the outstanding common shares being issued to RAZOR.
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Related to Subsequent 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);

  • 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.

  • 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.

  • 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;