DEFAULT AND DEFEASANCE Sample Clauses

DEFAULT AND DEFEASANCE. This demise is upon the express condition that if Lessee shall fail to pay said rent or any part thereof within fifteen (15) days after written notice to Lessee, or shall fail to begin to remedy the violation or breach of any of its other covenants or agreements herein within sixty (60) days after written notice thereof given by Lessor to Lessee and/or fail to complete the same in diligent and workmanlike manner, or shall abandon said premises, or if this lease or any estate or interest of Lessee hereunder shall be sold under any attachment or execution, Lessor may at once re-enter said premises or any part thereof in the name of the whole and, upon or without such entry, at its option terminate this lease, without further service of notice or legal process and without prejudice to any other remedy or right of action for arrears of rent or for any preceding or other breach of contract. If this lease is recorded in the Hawaii Bureau of Conveyances or filed in the Office of the Assistant Registrar of the Land Court of Hawaii, such termination may but need not necessarily be made effective by recording or filing in such place an affidavit thereof by Lessor or a judgment thereof by a court of competent jurisdiction. If Lessee shall fail to observe or perform any of its covenants herein contained, Lessor at any time thereafter may, but shall not be obligated to, observe or perform such covenant for the account and at the expense of Lessee, and all costs and expenses incurred by Lessor in observing and performing such covenant shall constitute additional rent and shall bear interest as provided in paragraph 6 hereof.
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DEFAULT AND DEFEASANCE. This License Agreement is upon the express condition that if Licensee shall fail to pay said license fee or any part thereof within fifteen (15) days after the same becomes due and payable, whether the same shall or shall not have been legally demanded, or shall fail to observe and perform faithfully any of its covenants or agreements herein contained performable by the payment of money (other than the payment of license fee) and such default shall continue for thirty (30) days after a statement therefor given by the obligee to Licensee, or shall fail to observe or perform faithfully any of its other covenants or agreements herein contained and such default shall continue for thirty (30) days after written notice thereof given by Licensor to Licensee, or shall abandon the licensed area, or if this License Agreement or any estate or interest of Licensee hereunder shall be sold under any attachment or execution, Licensor may at once re-enter the licensed area or any part thereof in the name of the whole and, upon or without such entry, at their option terminate this License Agreement, without service of notice or legal process and without prejudice to any other remedy or right of action for arrears of license fee or other charges or other breach of contract. If Licensee shall fail to observe or perform any of its covenants herein contained, Licensor at any time thereafter and without notice may, but shall not be obligated to, observe or perform such covenant for the account and at the expense of Licensee, and all costs and expenses incurred by Licensor in observing and performing such covenant shall constitute additional license fee and shall bear interest at the rate of 12% per year.
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DEFAULT AND DEFEASANCE 
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Related to DEFAULT AND DEFEASANCE

  • Conditions to Legal Defeasance or Covenant Defeasance The following shall be the conditions to the application of either Section 8.02(b) or 8.02(c) hereof to the outstanding Notes:

  • Discharge and Defeasance Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or maturity, as the case may be.

  • Option to Effect Legal Defeasance or Covenant Defeasance The Company may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

  • Covenant Defeasance Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each Guarantor shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their respective obligations under the covenants contained in Article 4 (other than those in Sections 4.01, 4.02, 4.06, 4.14 and 4.19) on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company and any Guarantor may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(d) through 6.01(i) hereof shall not constitute Events of Default.

  • Conditions to Defeasance or Covenant Defeasance The following shall be the conditions to the application of Section 1302 or Section 1303 to any Securities or any series of Securities, as the case may be:

  • Issuer’s Option to Effect Defeasance or Covenant Defeasance The Issuer may, at its option and at any time prior to the Stated Maturity of the Notes, by a resolution of its Board of Directors, elect to have either Section 8.02 or Section 8.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article Eight.

  • Legal Defeasance and Covenant Defeasance 67 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance..... 67 Section 8.02. Legal Defeasance and Discharge............................... 67 Section 8.03.

  • Company’s Option to Effect Defeasance or Covenant Defeasance The Company may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities or any series of Securities, as the case may be, designated pursuant to Section 301 as being defeasible pursuant to such Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities.

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