Default Party definition
Examples of Default Party in a sentence
For purposes of clause (x) of the definition of Event of Default: Party A's Threshold Amount is U.S.D. $10,000,000.
If Party A is the Default Party, the Damaged Parties shall waive Party A’s obligation of liquidated damages, and unless otherwise provided, the Damaged Party shall not in any event have any right to terminate or cancel this Agreement.
Each of the Parties agrees and acknowledges that except as compulsorily provided by the PRC Laws, if Party C or Party B is a Default Party, the Damaged Parties will have the right to immediately terminates this Agreement and request the Default Party to provide the liquidated damages.
Any other party (“Observant Party”) has the right to request Default Party to make amendments or take remedy measures in reasonable time period.
For purposes of clause (x) of the definition of Event of Default: Party A’s Threshold Amount is U.S.D. $10,000,000.
The non-default party (the “Non-default Party”) shall have the right to request the default party (the “Default Party”) by written notice to make remedies of its breach and take sufficient, effective and timely measures to eliminate the results caused by such breach and indemnify the Non-default Party of the losses arising from such breach of the Default Party.
For purposes of clause (x) of the definition of Event of Default: Party A's Threshold Amount is 3% of Party A's equity capital as evidenced by Party A's latest financial statements.
If the Default Party is the BUYER or the GUARANTOR, Clause 3 and Clause 4 of Article XI shall be applied, for which the BUILDER may at its option rescind this Contract in accordance with the provisions of Article XI hereof.
If any of the Pledgers or the Company fails to correct its default or take any necessary remedy within 10 days upon issue of the Notice of Default, Party A will have the right to enforce the Pledge under Article 8.
If Default Party still not make modification or take remedial measures within reasonable time or within 15 days after Non-Default Party notify default Party and make modification request, Non-Default Party may choose, in its sole determination (1) terminate this Agreement and request Default Party to pay for all damages, or (2) request Default Party to perform the obligations under this Agreement by compulsion and request Default Party to pay for all damages,.