Default by Purchaser definition

Default by Purchaser means a failure of Purchaser to materially comply with or satisfy any covenant or agreement contained in this Agreement, or a material breach of any representation or warranty of Purchaser contained in this Agreement, which is not cured by Purchaser within five (5) business days following Purchaser’s receipt of written notice from Seller (other than failure to close for any reason unrelated to a Default by Seller, in which case there shall be no notice or cure period; called the “Seller Notice”). If Closing is scheduled to occur less than five (5) business days after the date of the Seller Notice, Closing shall be extended by the number of days reasonably required to cure the default, not to exceed five (5) business days following Purchaser’s receipt of the Seller Notice. Upon the occurrence of a Default by Purchaser beyond any applicable cure period as set forth above, Seller may, by giving Purchaser written notice of Seller’s election to terminate this Agreement, in which case (i) this Agreement shall terminate and (ii) Seller shall retain the Deposit, including the Non-Refundable Deposit, together with all accrued interest thereon, as liquidated damages as Seller’s sole and exclusive remedy. In the event Seller terminates this Agreement pursuant to this Section 11.2, neither party shall have any further obligations to the other, except as set forth in this Agreement. The parties have agreed Seller’s actual damages, in the event of a default by Purchaser, would be extremely difficult or impractical to determine. The parties acknowledge the Deposit, including the Non-Refundable Deposit, has been agreed upon, after negotiation, as the parties’ reasonable estimate of Seller’s damages. Except as otherwise provided above in this Section 11.2, Seller expressly waives any and all claims for damages against Purchaser. C:\Users\vs1\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\94YH709S\Purchase and Sale Agmt (Belmar Villas-2).docx
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Default by Purchaser means anyone of the following: a. the purchaser commits any act of bankruptcy or insolvency; or files a Proposal or Notice of Intention to Make a Proposal under the bankruptcy and Insolvency Act (Canada); or the Purchaser assigns or is petitioned into bankruptcy; or the Purchaser takes advantage of or is otherwise involved as a debtor in any legislation governing the relationship of debtors and their creditors; b. the Purchaser resolves or is ordered by a court to wind-up, dissolve or liquidate; c. any of the Purchasers assets or undertaking are seized or otherwise encumbered by virtue of any writ, judgement or order filed, entered or made against the Purchaser; d. the Purchaser does not file its Prospectus with the appropriate regulatory bodies, with respect to the financing contemplated in the Yorkton Agent Letter, prior to September 30, 1999; e. the Purchaser does not close its Initial Prospectus Offering, as defined in the Yorkton Agent Letter, prior to January 31, 2000; f. the Purchaser fails to meet the drilling commitment as per Item 2.05 herein.
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Examples of Default by Purchaser in a sentence

  • If Substantial Completion is delayed due to an Event of Default by Purchaser or Force Majeure, the Project Schedule, including, but not limited to, Substantial Completion and Unit Installation dates for calculation of the bonus calculation shall be equitably extended to compensate for such delays pursuant to a Change Order hereunder.

  • Without limiting the generality of the foregoing and notwithstanding anything herein to the contrary, a termination of the Limited Notice to Proceed and the Contracts by IFCO for an Event of Default by Purchaser occurring on or before the date of the Financial Close for the Project, if any, shall not impair, diminish, release or otherwise affect Guarantor’s obligations hereunder.

  • In case of Default by Purchaser under the condition listed above continues for a period beyond consecutive 3 (Three) months after notice from the Vendor in this regard, the Vendor shall cancel the allotment of the Apartment in favour of the Purchaser and refund the amount money paid to him by the Purchaser by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

  • If in the Event of Default by Purchaser, the District terminates the Contract and obtains quotations or requests bids for a Replacement Slice Contract, the Purchaser shall pay to the District the agreed upon sum of $200,000 to cover the expenses of the District.

  • Where a Steering Committee exercises its authority under Section 9.2 (Metrolinx Remedies for Event of Default by Purchaser), the Party whose Default status is being determined may participate in the discussion but may not vote in the decision.

  • Default by Purchaser shall entitle Seller to court costs and reasonable attorney’s fees incurred in enforcing the provision of this Agreement.

  • The failure by Sellers to exercise any right or remedy with respect to the declaration of any default or Event of Default shall not be deemed or construed to constitute a waiver by, or to preclude Sellers from exercising any right with respect to such default or Event of Default at a later date or with respect to any subsequent default or Event of Default by Purchaser.

  • Notwithstanding the preceding sentence, the Seller shall be deemed to have released the License, effective upon the cure of such Event of Default by Purchaser and receipt by Seller of all payments and obligations required under this Agreement (including without limitation all Royalty Payments and all interest payable on account of any overdue payments).

  • In the event of a Payment Default by Purchaser, on or promptly following the Initial Payment Default Date SCPPA shall issue a Default Invoice and shall provide written notice to Purchaser that as a result of a Payment Default, it is in default under this Agreement and has assumed the status of a Defaulting Purchaser and that Purchaser’s Project Rights are subject to discontinuance, termination and disposal in accordance with Sections 11.4 and 11.5 of this Agreement.

  • In case of Default by Purchaser under the condition listed above continues for a period beyond consecutive 3 (Three) months after notice from the Vendors in this regard, the Vendors shall cancel the allotment of the Building in favor of the Purchaser and refund the amount money paid to him by the Purchaser by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

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