Automatic Default Clause Samples

Automatic Default. An “Automatic Default” shall occur automatically upon the occurrence of any of the following events:

Automatic Default. It is hereby established the default by operation of law, without previous judicial demand, in connection with any obligations of the Client towards the Bank. Such present or future obligations of the Client, arising from these conditions and of any specific conditions agreed under each specific business are essentially interdependent, as they come from a single and global relationship between the Client and the Bank. Therefore, a default in one or any of the obligations shall anticipate the maturity of any and all terms for the benefit of the Client in respect of all its obligations, as well as the default by force of law of all its liabilities.

Automatic Default. The parties shall fall in automatic default (▇▇▇▇ automática), without need for any formal judicial or extrajudicial demand or act, for the sole action of performing or not performing an act that constitutes a violation to the terms and conditions of this Agreement.

Automatic Default. If any Event of Default referred to in the Section of this Agreement entitled “Solvency” shall occur, or begin to exist, all of the Obligations under the Loan Documents shall thereupon become immediately due and payable in full, all without presentment, demand or notice of any kind, all of which are hereby expressly waived by Borrower.

Automatic Default. If any Event of Default referred to in Section V of the Article of this Agreement entitled “Events of Default” shall occur, the Credit Facility, and all of Borrower’s other obligations to Bankers’ shall thereupon become immediately due and payable in full, all without presentment, demand or notice of any kind, all of which are hereby expressly waived by Borrower; and

Automatic Default. The occurrence of either of the following shall constitute an automatic Default by Participant under this Agreement: (1) The MRA or one or more MRA Sites is abandoned without an intention to return to operation during the term of the MRA Agreement or approval by ERCOT of a substitute MRA or MRA Site in accordance with Protocol Section 3.14.4.3, MRA Substitution; or (2) Three or more unexcused Misconduct Events, as described in Protocol Section 3.14.4.8, MRA Misconduct Events, occur during the term of the MRA Agreement.

Automatic Default. Notwithstanding the foregoing, the Licensee shall be deemed to be automatically in default of its obligations under this License upon the Licensee becoming insolvent or bankrupt, the Licensee making an assignment for the benefit of creditors, the Licensee being declared bankrupt, or upon the Licensee taking the benefit of any legislation that may be in force for bankrupt or insolvent debtors, or the Licensee failing to use the License Area in accordance with the use permitted under this License.

Automatic Default. In the event bankruptcy, receivership, Insolvency, reorganization, dissolution, liquidation or other similar proceeding is instituted by or against either party under the United States Bankruptcy Code or other law of the United States or any state, then the other party may, without notice or demand, terminate this Agreement and exercise all rights granted under applicable law and this Agreement.

Automatic Default. In the event that: (a) any party shall elect to, or be wound up and dissolved; (b) any party shall become insolvent or admit in writing its inability to pay its debts as they mature; (c) any party shall make an assignment for the benefit of creditors; (d) any party shall file a voluntary petition in bankruptcy or for reorganization or be adjudicated as bankrupt or insolvent; (e) any party shall have a liquidator or trustee appointed over its affairs; (f) in the case of AUSA, AUSA shall become insolvent or its surplus shall become impaired as such terms are defined under applicable New York insurance law; or (g) in the case of AUSA, the insurance commissioner of its state of domicile shall commence a delinquency proceeding or apply for a court order of rehabilitation or liquidation, or the insurance commissioner of any other state or jurisdiction shall commence a delinquency proceeding or apply for a court order of conservation or receivership or take other action of a similar nature; then such party shall be in default and the other party to this Agreement may elect to terminate this Agreement immediately upon written notice to the other parties.