Default and Damages. Where either the Sublessor or Sublessee defaults on the stipulations of this Agreement, the other party may rescind this Agreement by providing written notice to the defaulting party. Either party may request from the other party damages incurred as a result of the rescission of this Agreement, and unless there is a separate agreement for damages, the contract price shall be the standard for damages.
Default and Damages. (a) Any of the following occurrences or acts shall constitute an event of default under this lease:
(i) whenever the Tenant shall default in the payment of any Rent or any other charge payable by the Tenant to the Landlord, on any day upon which the same is due, and such default shall continue for ten (10) days ; or
(ii) whenever the Tenant shall do, or fail to do, or permit to be done, whether by action or inaction, anything contrary to any of the Tenant's obligations hereunder, and if such situation shall continue and shall not be remedied by the Tenant within thirty (30) days after the Landlord shall have given to the Tenant a notice specifying the same, or, in the case of a situation which cannot with due diligence be cured Within a period of thirty (30) days, if the Tenant shall not (1) within such thirty (30) day period, advise the Landlord of the Tenant's intention duly to institute all steps necessary to remedy such situation, and (2) duly institute within such thirty (30) day period, and thereafter diligently prosecute to completion, all steps necessary to remedy the same;
(iii) whenever the Tenant is dissolved; makes assignment for the benefit of creditors; files a voluntary petition in bankruptcy; is adjudicated a bankrupt or insolvent;
files a petition or answer seeking for the Tenant any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation; files an answer or other pleading admitting or failing to contest material allegations of a petition filed against the Tenant in any proceeding of this nature; or seeks, consents to, or acquiesces in the appointment of a trustee, receiver, or liquidator of the Tenant or of all or any substantial part of the Tenant's properties; or
(iv) if within sixty (60) days after the commencement of any proceeding against the Tenant seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law, or regulation, the proceeding has not been dismissed; or if within-sixty (60) days after the appointment without the Tenant's consent or acquiescence of a trustee, receiver, or liquidator of the Tenant or of all or any substantial part of the Tenant's properties, the appointment is not vacated or stayed; or if within sixty (60) days after expiration of any such stay, the appointment is not vacated.
(b) If an event of default shall have happened and be continuing, the Landlord shall...
Default and Damages. 11.1 It is an act of default if:-
(i) any distress execution or other legal process being levied upon any of the Buyer's assets;
(ii) the Buyer entering into any agreement or composition with his creditors, committing any act of bankruptcy or, being a company, entering into liquidation or have a winding up petition presented against it, calling a meeting of its creditors or suffering the appointment of a Receiver or Administrator in respect of the whole or any part of its undertaking or assets;
(iii) Non-payment by the Buyer of any monies due from it to the Company.
(iv) An order is cancelled by the Buyer after manufacture and/or picking of the order has commenced.
11.2 In the event of a default by the Buyer the company may determine this Contract or suspend any further deliveries and shall be entitled to recover as damages from the Buyer the following:-
(i) the value including any work completed or goods manufactured at the date of determination;
(ii) the value of any work begun or goods begun to be manufactured at the date of determination;
(iii) the value of any work begun or goods begun to be manufactured but not completed at the date of determination including the cost of materials, labour, overheads and profit in connection therewith;
(iv) a sum representing any further profit which the Company would have made on the Contract but for its determination such profit to be determined by the Company's Auditors whose decision shall be conclusive and binding on the Buyer.
Default and Damages. 23.1 Any one or more of the following events shall constitute an event of default hereunder ("Event of Default" or "Default"):
Default and Damages. A party shall compensate the other party for any direct and indirect economic losses caused as a result of any breach of this Agreement by such party.
Default and Damages. In the event that rental payments are not paid as agreed upon or Xxxxxx fails to strictly abide with any of the terms of this Lease, Lessor may, at its option, initiate legal action as provided under the laws of the State of Michigan. In such case Lessee, as additional rent, promises to pay Lessor an amount equal to any filing fee, service fee, judgment fee, attorney fee allowed by law, or other court cost incurred by Xxxxxx. Xxxxxx agrees to strictly abide by all terms of this lease, and any violation of the terms of this Lease, including but not limited to nonpayment of rent, shall be construed as a material breach of this Lease. In the event that Lessor exercised its option to terminate the Lease under such circumstances, the Lessee will continue to pay rent until the premises is re-rented. Lessor promises that it will use its best efforts to re-rent the premises during the remainder of the term above specified to mitigate or reduce that amount of rent owed by Xxxxxx during the remainder of the term.
Default and Damages. Within the term of this Agreement, any of the following events shall be deemed as a breach of agreement by Party A:
Default and Damages. As to any default, Authority shall have all other rights and remedies as provided by law, including without limitation the right to recover damages from Airline in the amount necessary to compensate Authority for damages caused by Airline, for the direct costs incurred and caused by Airline’s failure to perform its obligations under this Agreement, and for any other damages which in the ordinary course would be likely to result from a default of this Agreement.
Default and Damages. In the event that any Party defaults in any of its obligations under this Agreement, in addition to any other remedies provided pursuant to this Agreement or Applicable Law but subject to the other provisions of this Article 14, any non-breaching Party shall be entitled to recover from the breaching Party all Losses incurred by such non-breaching Party caused by or in connection with such breach. It is understood and agreed that money damages would not be a sufficient remedy for any breach of this Agreement by any Party or by any other Person receiving Confidential Information pursuant to this Agreement and that the Party whose Confidential Information is disclosed or used in violation of this Agreement shall be entitled to claim injunctive or equitable relief as a remedy for any such breach. Such remedy shall not be deemed to be the exclusive remedy for breach of this Agreement, but shall be in addition to all other remedies available to such party at law or equity.
Default and Damages. 14.1. If due to reasons attributable to the Contractor, the Contractor fails or refuses to:
a. deliver any or all of the Goods under the Purchase Order;
b. comply with any or all of the terms and conditions set out in the Purchase Order; or
c. deliver any or all of the Goods under the Purchase Order on or before the Delivery Date; the IITK may hold the Contractor in default under the Purchase Order.
14.2. When the Contractor is thus in default, the IITK may, by written notice to the Contractor, immediately terminate the Purchase Order in whole or in such part or parts thereof in respect of which the Contractor is in default.
