Cancellation by Either Party for Payment Defaults Sample Clauses

Cancellation by Either Party for Payment Defaults. In the event that either Party fails to pay when due an amount in excess of twenty million Dollars ($20,000,000) in total (the "Total Accrued Default Payment Obligations") (the Party having incurred such Total Accrued Default Payment Obligations being the "Defaulting Party") and such Total Accrued Default Payment Obligations are not being disputed by the Defaulting Party, then the other Party (the "Non-Defaulting Party") may give notice of its intent to cancel this Agreement. If the Defaulting Party fails to pay in full the Total Accrued Default Payment Obligations (payment in full being a "Cure"), or if an owner or lender of the Defaulting Party does not Cure within ninety (90) days of the above notice, the Non-Defaulting Party may, at its sole option, cancel this Agreement by written notice to the Defaulting Party.
Sample 1
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Related to Cancellation by Either Party for Payment Defaults

  • Termination by Either Party This Agreement may be terminated upon 60 days written notice without cause or penalty by either the Company (acting through the Conflicts Committee) or the Advisor. The provisions of Articles 1, 10, 12, 13, 15 and 16 shall survive termination of this Agreement.

  • CANCELLATION FOR DEFAULT a. Buyer may, by written notice to Seller, cancel all or part of this Contract: (i) if Seller fails to deliver the Goods within the time specified by this Contract or any written extension; (ii) if Seller fails to perform any other provision of this Contract or fails to make progress, so as to endanger performance of this Contract, and, in either of these two circumstances, within ten (10) days after receipt of notice from Buyer specifying the failure, does not cure the failure or provide Buyer with a written detailed plan adequate to cure the failure if such failure reasonably cannot be cured within such ten (10) days and such plan is acceptable to Buyer’s Authorized Procurement Representative; or (iii) in the event of Seller's bankruptcy, suspension of business, insolvency, appointment of a receiver for Seller's property or business, or any assignment, reorganization or arrangement by Seller for the benefit of its creditors.

  • Termination due to Event of Default (a) Termination due to Parties Event of Default

  • TERMINATION BY MPS - BREACH BY CONTRACTOR If Contractor fails to fulfill its obligations under this Contract in a timely or proper manner, or violates any of its provisions, MPS shall thereupon have the right to terminate it by giving five (5) days written notice before the effective date of termination of the Contract, specifying the alleged violations, and effective date of termination. The Contract shall not be terminated if, upon receipt of the notice, Contractor promptly cures the alleged violation with five (5) days. In the event of termination, MPS will only be liable for services rendered through the date of termination and not for the uncompleted portion, or for any materials or services purchased or paid for by Contractor for use in completing the Contract.

  • Events of Default by Either Party It shall constitute an event of default (“Event of Default”) by either Party hereunder if:

  • Termination for Default; Remedies 8.2.1 Each of the following shall constitute an immediate event of default (“Event of Default”) under this Agreement:

  • Default Remedies Termination A. [Sec. 400]

  • Our Liability for Failure to Complete Transactions If we do not properly complete a transaction from your Card on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

  • LIABILITY FOR FAILURE TO COMPLETE TRANSACTIONS If We do not properly complete a transaction to or from Your Account according to this Agreement, We will be liable for Your losses or damages. However, We will not be liable if: (a) Your Account does not contain enough available funds to make the transaction through no fault of Ours; (b) the ATM where You are making the transfer does not have enough cash; (c) the terminal was not working properly and You knew about the breakdown when You started the transaction; (d) circumstances beyond Our control prevent the transaction despite reasonable precautions that We have taken; (e) Your Card is retrieved or retained by an ATM;

  • – TERMINATION BY EITHER CONTRACTING PARTY Either contracting party may, of its own volition and without being required to pay compensation, terminate the Contract by serving sixty days’ formal prior notice. Should the Agency terminate the Contract, the Contractor shall only be entitled to payment corresponding to part-performance of the Contract. On receipt of the letter terminating the Contract, the Contractor shall take all appropriate measures to minimise costs, prevent damage, and cancel or reduce his commitments. He shall draw up the documents required by the Special Conditions for the tasks executed up to the date on which termination takes effect, within a period not exceeding sixty days from that date.

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