ARTICLE VI DEFAULTS Clause Samples

The 'Defaults' clause defines the circumstances under which a party is considered to be in breach of its obligations under the agreement. Typically, this clause outlines specific events or failures—such as non-payment, failure to perform, or insolvency—that constitute a default. It may also describe the process for notifying the defaulting party and any grace periods for remedying the breach. The core function of this clause is to clearly identify what constitutes a default, thereby providing a structured process for addressing breaches and protecting the interests of the non-defaulting party.
ARTICLE VI DEFAULTS. 59 SECTION 6.01.
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ARTICLE VI DEFAULTS. Section 6.01(c) of the Existing Note Purchase Agreement is hereby amended and restated in its entirety to read as follows:
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ARTICLE VI DEFAULTS. Section 6.1.
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Related to ARTICLE VI DEFAULTS

  • Covenant Defaults If Borrower defaults in the performance or observance of any covenant or agreement in this Agreement, and such default continues for a period of twenty (20) calendar days after the earlier of Borrower's knowledge thereof or receipt of written notice from Lender thereof, except for violations of SECTION 7.08(d), which shall become an Event of Default at the end of the sixty (60) day period stated therein and except for specific Defaults listed elsewhere in this SECTION 9.01, as to which no notice or cure period shall apply unless specified; or

  • Certain Covenant Defaults Borrower fails to perform any obligation under Section 6.5 or 6.6, or violates any of the covenants contained in Section 7.

  • Specific Defaults The Company fails to perform or observe any term, covenant or agreement contained in any of Section 6.01, 6.02, 6.03 or 6.09(c) or in Article VII; or

  • Notification of Defaults and Events of Default Each Lender hereby agrees that, upon learning of the existence of a Default or an Event of Default, it shall promptly notify the Administrative Agent thereof. The Administrative Agent hereby agrees that upon receipt of any notice under this §14.10 it shall promptly notify the other Lenders of the existence of such Default or Event of Default.

  • Notice of Defaults and Events of Default As soon as possible and in any event within ten (10) days after the occurrence of each Default or Event of Default, a written notice setting forth the details of such Default or Event of Default and the action which is proposed to be taken by the Borrower with respect thereto;