Default and Insolvency Sample Clauses

Default and Insolvency a. The occurrence of any one or more of the following events shall constitute a default and breach of this Lease by Tenant: (1) The failure by Tenant to make any payment of Rent or any other payment required to be made by Tenant hereunder, as and when due provided Landlord has given five (5) days' written notice to Tenant of non-payment; or (2) More than three defaults by Tenant within any one year of the term of the lease for the nonpayment of rent hereunder, necessitating that Landlord, because of such defaults, shall have served upon Tenant within said year more than three written notices. This default shall be deemed a non-curable default; or (3) The failure by Tenant to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or performed by Tenant, other than paragraph (1) above, where such failure shall continue for a period of thirty (30) business days after written notice thereof from Landlord to Tenant; or (4) The insolvency of the Tenant or the execution by Tenant of an assignment for the benefit of creditors; or (5) The filing by or for reorganization or arrangement under any law relating to bankruptcy or insolvency if said petition remains undischarged for ninety (90) days; or (6) The appointment of a receiver or trustee to take possession of substantially all of Tenant's assets located at the Demised Premises or of Tenant's interest in this Lease; or (7) The vacating or abandonment of the Demised Premises for a period of three (3) days or more. b. Upon the occurrence of any event of default, Landlord shall have the right at any time thereafter to pursue any one or more of the following remedies with or without notice or demand. Pursuit of any of the following remedies shall not preclude pursuit of any of the other remedies herein provided by law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rents due to Landlord hereunder or of any damages accruing to Landlord by reason of the Tenant's violation of any of the terms, conditions or covenants herein contained. (1) Terminate this Lease, in which event Tenant shall immediately surrender the Demised Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rents, enter upon and take possession of the Demised Premises and expel or remove Tenant and any other person who may by occupying the Demised Premises or any part thereo...
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Default and Insolvency. If (i) CSR fails to make any payment under any Contract and/or Purchase Order when due; (ii) CSR fails to make any payment under any Other Agreements when due; (iii) any distress or execution is levied upon CSR’s property or assets; (iv) CSR makes or offers any arrangement or composition with its creditors; (v) CSR is a body corporate and any resolution or petition to wind up CSR’s business (other than for the purpose of amalgamation or reconstruction) is passed or presented; (vi) a receiver, administrator, manager or analogous person is appointed in respect of the undertaking, property or assets of CSR or any part thereof; or (vii) CSR exceeds its credit limit, then, without prejudice to any other right or remedy available to Distributor, the full price of all Cloud Services delivered to CSR under any Contract, but not paid, shall become immediately due (notwithstanding any previously agreed credit terms) and Distributor may take any or all of the following courses of action: (a) by notice, suspend or terminate any Contract and/or Purchase Order or any part thereof, without liability, suspend or terminate any Cloud Services; (b) charge CSR interest, both pre- and post-judgment, on any unpaid amount past due, at the rate of 2.5% (or the highest rate allowed by law) per month until full payment is made (for clarity, a part of a month shall be treated as a full month for the purpose of calculating interest); (c) set-off any amounts due against any credit note, balance or other liability issued by Distributor to CSR; (d) appropriate any payment made by CSR to such Cloud Services (including Cloud Services supplied under any other contract between CSR and Distributor or any Distributor branch or subsidiary) as Distributor may deem fit (notwithstanding any purported appropriation by CSR); and/or (e) alter CSR’s payment terms, which may include withdrawing or altering any credit limit previously granted, requiring prepayment, and demanding adequate assurance of due performance by CSR through the provision of a bank guarantee.
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Default and Insolvency. 12.1 If a Party shall be in default hereunder (as specified in Sections 4.3 (Management Committee meetings), 7.2 (capital contributions), 9.4 (Owner-issued notice of default), 25.8 (breach of covenants), or
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Default and Insolvency. 12.1 If: (a) an Insolvency Event (as such term is defined in clause 12.2 below) occurs in respect of a Shareholder; (b) a change occurs in the persons who have control (within the meaning given to control in section 435(10) of the Insolvency Act 1986) of a Shareholder; or (c) a Shareholder commits a breach of its obligations under clause 3 or clause 5 of this agreement and, if the breach is rectifiable and is not rectified within 20 Business Days of service by any other Shareholder of written notice requiring its rectification, (the affected Shareholder in either case being referred to below as an "Affected Shareholder"), then any other Shareholder may (without prejudice to any other rights of the other Shareholders in respect of the breach) serve a notice on behalf of the Affected Shareholder requiring it to sell its Shares. The price offered for the Affected Shareholder's Shares shall be determined by an independent expert jointly appointed by the Shareholders. 12.2 Insolvency Event", in relation to a person, means any of the following events: (a) a meeting of creditors of that person being held or an arrangement or composition with or for the benefit of its creditors (including a voluntary arrangement as defined in the Insolvency Act 1986) being proposed by or in relation to that person; (a) a chargeholder, receiver, administrative receiver or other similar person taking possession of or being appointed over or any distress, execution or other process being levied or enforced (and not being discharged within seven days) on the whole or a material part of the assets of that person; (b) that person ceasing to carry on business or being deemed to be unable to pay its debts within the meaning of section 123 Insolvency Xxx 0000; (c) that person or its directors or the holder of a qualifying floating charge or any of its creditors giving notice of their intention to appoint, appointing or making an application to the court for the appointment of, an administrator; (d) a petition being advertised or a resolution being passed or an order being made for the administration or the winding-up, bankruptcy or dissolution of that person; (e) the happening in relation to that person of an event analogous to any of the above in any jurisdiction in which it is incorporated or resident or in which it carries on business or has assets; or (f) has its affairs declared en désastre or has a preliminary vesting order made against their Guernsey realty.
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Default and Insolvency. A party (the Terminating Party) shall be entitled to terminate this Agreement forthwith by notice in writing to the other party if any of the events set out below shall occur in relation to the other party, namely:
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Default and Insolvency. The seller shall be entitled to recover from the buyer or the buyer’s representative all costs and damaged incurred by the seller as a result of default or insolvency, including a reasonable allowance for overheads and profit (including but not limited to the loss of prospective profits and overheads).
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Default and Insolvency 
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Related to Default and Insolvency

  • Bankruptcy and Insolvency (a) Lessee shall consent to the appointment of or the taking of possession by a receiver, trustee or liquidator of itself or of substantially all of its property, or Lessee shall admit in writing its inability to pay its debts generally as they come due, or does not pay its debts generally as they become due or shall make a general assignment for the benefit of creditors, or Lessee shall file a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization, liquidation or other relief in a case under any bankruptcy Laws or other insolvency Laws (as in effect at such time), or Lessee shall seek relief by voluntary petition, answer or consent, under the provisions of any other bankruptcy or other similar Law providing for the reorganization or winding-up of corporations (as in effect at such time) or Lessee's board of directors shall adopt a resolution authorizing any of the foregoing; or (b) an order, judgment or decree shall be entered by any court of competent jurisdiction appointing, without the consent of Lessee, a receiver, trustee or liquidator of Lessee or of substantially all of its property, or substantially all of the property of Lessee shall be sequestered, and any such order, judgment or decree of appointment or sequestration shall remain in force undismissed, unstayed and unvacated for a period of 90 days after the date of entry thereof; or (c) a petition against Lessee in a case under any bankruptcy Laws or other insolvency Laws (as in effect at such time) is filed and not withdrawn or dismissed within 90 days thereafter, or if, under the provisions of any Law providing for reorganization or winding-up of corporations which may apply to Lessee, any court of competent jurisdiction assumes jurisdiction, custody or control of Lessee or of substantially all of its property and such jurisdiction, custody or control remains in force unrelinquished, unstayed and unterminated for a period of 90 days.

  • Bankruptcy Defaults When any Event of Default described in subsections (j) or (k) of Section 9.1 hereof has occurred and is continuing, then all outstanding Loans shall immediately become due and payable together with all other amounts payable under the Loan Documents without presentment, demand, protest or notice of any kind, the obligation of the Lenders to extend further credit pursuant to any of the terms hereof shall immediately terminate and the Borrower shall immediately deliver to the Administrative Agent Cash Collateral in an amount equal to 102% of the aggregate amount of each Letter of Credit then outstanding, the Borrower acknowledging and agreeing that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Lenders, and the Administrative Agent on their behalf, shall have the right to require the Borrower to specifically perform such undertaking whether or not any draws or other demands for payment have been made under any of the Letters of Credit.

  • DEFAULT AND POSSESSION In the event that the Lessee shall fail to pay said rent, and expenses as set forth herein, or any part thereof, when the same are due and payable, or shall otherwise be in default of any other terms of said Lease for a period of more than 15 days, after receiving notice of said default, then the parties hereto expressly agree and covenant that the Lessor may declare the Lease terminated and may immediately re-enter said Premises and take possession of the same together with any of Lessee’s personal property, equipment or fixtures left on the Premises which items may be held by the Lessor as security for the Lessee’s eventual payment and/or satisfaction of rental defaults or other defaults of Lessee under the Lease. It is further agreed, that if the Lessee is in default, that the Lessor shall be entitled to take any and all action to protect its interest in the personal property and equipment, to prevent the unauthorized removal of said property or equipment which threatened action would be deemed to constitute irreparable harm and injury to the Lessor in violation of its security interest in said items of personal property. Furthermore, in the event of default, the Lessor may expressly undertake all reasonable preparations and efforts to release the Premises including, but not limited to, the removal of all inventory, equipment or leasehold improvements of the Lessee’s, at the Lessee’s expense, without the need to first procure an order of any court to do so, although obligated in the interim to undertake reasonable steps and procedures to safeguard the value of Lessee’s property, including the storage of the same, under reasonable terms and conditions at Lessee’s expense, and, in addition, it is understood that the Lessor may xxx the Lessee for any damages or past rents due and owing and may undertake all and additional legal remedies then available. In the event any legal action has to be instituted to enforce any terms or provisions under this Lease, then the prevailing party in said action shall be entitled to recover a reasonable attorney's fee in addition to all costs of said action. Rent which is in default for more than days after due date shall accrue a payment penalty of one of the following: ☐ - Interest at a rate of percent ( %) per annum on a daily basis until the amount is paid in full. ☐ - Late fee of dollars ($ ) per day until the amount is paid in full. In this regard, all delinquent rental payments made shall be applied first toward interest due and the remaining toward delinquent rental payments.

  • Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings If an Event of Default specified under Sections 9.1.1 through 9.1.10 shall occur and be continuing, the Lenders and the Administrative Agent shall be under no further obligation to make Loans and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required Lenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security interest in, all such cash as security for such Obligations; and

  • Non-Bankruptcy Defaults When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellation, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.

  • Event of Default and Illegality If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default.

  • Voluntary Bankruptcy or Insolvency Proceedings The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) admit in writing its inability to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; or

  • Involuntary Bankruptcy or Insolvency Proceedings Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within thirty (30) days of commencement.

  • Default and Foreclosure 5 3.1 Remedies....................................................... 5 3.2

  • Insolvency; Voluntary Proceedings The Company or any Material Subsidiary (i) ceases or fails to be solvent, or generally fails to pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any, whether at stated maturity or otherwise; (ii) voluntarily ceases to conduct its business in the ordinary course; (iii) commences any Insolvency Proceeding with respect to itself; or (iv) takes any action to effectuate or authorize any of the foregoing; or

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