DEFAULT AND LIQUIDATION Sample Clauses

DEFAULT AND LIQUIDATION. IN THE EVENT EITHER PARTY (THE “DEFAULTING PARTY”) SHALL (1) DEFAULT IN THE PAYMENT OR PERFORMANCE OF ANY OBLIGATION TO THE OTHER PARTY UNDER THIS OR ANY SPECIFIED AGREEMENT;(2) BECOME INSOLVENT, UNABLE TO PAY ITS DEBTS OR ADMIT IN WRITING ITS INABILITY GENERALLY TO PAY ITS DEBTS AS THEY BECOME DUE; (3) FILES A PETITION OR OTHERWISE COMMENCES OR AUTHORIZES THE COMMENCEMENT OF A PROCEEDING OR CASE UNDER ANY BANKRUPTCY, INSOLVENCY, REORGANIZATION, OR SIMILAR LAW FOR THE PROTECTION OF CREDITORS, OR HAS ANY SUCH PETITION FILED OR PROCEEDING OR CASE COMMENCED AGAINST IT AND IT IS NOT SUCCESSFUL IN HAVING SUCH PETITION, PROCEEDING, OR CASE DISMISSED WITHIN 60 DAYS; (4) BE DISSOLVED (OTHER THAN PURSUANT TO A CONSOLIDATION, AMALGAMATION OR MERGER); (5) HAVE A LIQUIDATOR, ADMINISTRATOR, RECEIVER OR TRUSTEE APPOINTED WITH RESPECT TO IT OR ANY SUBSTANTIAL PORTION OR ITS PROPERTY OR ASSETS; (6) PROPOSE OR MAKES A GENERAL ASSIGNMENT OR AN ARRANGEMENT OR COMPOSITION WITH OR FOR THE BENEFIT OF ITS CREDITORS; (7) FAIL TO PROVIDE ADEQUATE ASSURANCE OF ITS ABILITY TO PERFORM ALL OF ITS OBLIGATIONS UNDER THIS CONTRACT OR ANY OTHER AGREEMENT BETWEEN THE PARTIES WITHIN 48 HOURS OF A REASONABLE REQUEST THEREFORE FROM THE OTHER PARTY, WHEN A PARTY HAS REASONABLE GROUNDS WITH RESPECT TO SUCH PARTY’S PERFORMANCE; THEN IF ANY SUCH EVENT OCCURS, WITHOUT LIMITING ANY OTHER RIGHTS THAT MAY BE AVAILABLE, THE PARTY OTHER THAN THE DEFAULTING PARTY (THE “NON-DEFAULTING PARTY”) SHALL HAVE THE RIGHT, EXERCISABLE IN ITS SOLE DISCRETION IMMEDIATELY AND AT ANY TIME (S), TO LIQUIDATE THIS CONTRACT AND ANY OR ALL OTHER AGREEMENTS THEN OUTSTANDING BETWEEN THE PARTIES. A SETTLEMENT AMOUNT SHALL BE CALCULATED IN A COMMERCIALLY REASONABLE MANNER FOR EACH SUCH LIQUIDATED AND TERMINATED AGREEMENT AND BE PAYABLE BY ONE PARTY TO THE OTHER. SETTLEMENT AMOUNT SHALL MEAN, WITH RESPECT TO AN AGREEMENT AND THE NON-DEFAULTING PARTY, THE LOSSES AND COSTS (OR GAINS) EXPRESSED IN U.S. DOLLARS, WHICH SUCH PARTY INCURS AS A RESULT OF THE LIQUIDATION, INCLUDING LOSSES AND COSTS (OR GAINS) BASED UPON THE THEN CURRENT REPLACEMENT VALUE OF SUCH AGREEMENT TOGETHER WITH, AT THE NON- DEFAULTING PARTY'S ELECTION BUT WITHOUT DUPLICATION OR LIMITATION, ALL LOSSES AND COSTS WHICH SUCH PARTY INCURS AS A RESULT OF MAINTAINING, TERMINATING, OBTAINING OR REESTABLISHING ANY HEDGE OR RELATED TRADING POSITION. SUCH SETTLEMENT AMOUNTS SHALL BE NETTED TO A SINGLE LIQUIDATED AMOUNT PAYABLE BY THE PARTY WITH THE PAYMENT OBLIGATION TO T...
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DEFAULT AND LIQUIDATION. IN THE EVENT EITHER PARTY (THE “DEFAULTING PARTY”) SHALL (1) DEFAULT IN THE PAYMENT OR PERFORMANCE OF ANY OBLIGATION TO THE OTHER PARTY UNDER THIS OR ANY SPECIFIED AGREEMENT;
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DEFAULT AND LIQUIDATION. Customer acknowledges and agrees that if Customer defaults on any obligation hereunder, or becomes bankrupt, insolvent or subject to any bankruptcy, reorganization, insolvency or similar proceeding, or, in Virtu’s sole and absolute discretion, Virtu deems it advisable for Virtu’s protection, Virtu may, in Virtu’s sole discretion, without notice, tender, call or demand to Customer and at such times and places as Virtu may determine, (i) cancel, terminate, accelerate, liquidate and/or close-out any or all transactions, accounts, positions and agreements between Customer and Virtu, (ii) pledge or sell any securities or other property which Virtu may hold for Customer or which is due to Customer (either individually or jointly with others) and apply the proceeds to the discharge of the obligation, (iii) set-off, net and recoup any obligations to Customer against any obligations to Virtu,
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DEFAULT AND LIQUIDATION. Upon any default by a Party under a Contract, or if a liquidator, trustee in bankruptcy, receiver or receiver and manager or equivalent officer is appointed with respect to any assets or undertaking of a Party or any of its associated companies, or if a Party or any associated company enters into an arrangement or composition with its creditors, or if any similar appointment, arrangement, or composition is made under any applicable law, or if the other Party has a reason to anticipate any such appointment, arrangement or composition, then in addition to such other remedies as may be available in law or equity, the other Party shall have the right to terminate and liquidate each Contract upon written notice
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Related to DEFAULT AND LIQUIDATION

  • Dissolution and Liquidation (Check One)

  • Default and Termination A. In the event of substantial failure by PROVIDER to perform in accordance with the terms hereof, A&M System may terminate this Agreement upon fifteen (15) days written notice of termination setting forth the nature of the failure (the termination shall not be effective if the failure is fully cured prior to the end of the fifteen-day period), provided that said failure is through no fault of A&M System.

  • 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: (Choose One) ☐ - 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.

  • Default and Cure Upon a Breach, the non-breaching Party shall give written notice of such Breach to the breaching Party (the “Default Notice”). Subject to a suspension of the following deadlines as specified below, the breaching Party shall have thirty (30) calendar days from receipt of the Default Notice within which to cure such Breach; provided however, that if such Breach is not capable of cure within thirty (30) calendar days, the breaching Party shall commence such cure within thirty (30) calendar days after notice and continuously and diligently complete such cure within ninety (90) calendar days from receipt of the Default Notice; and, if cured within such time, the Breach specified in such notice shall cease to exist. Subject to the limitation specified in the following sentence, if a Breach is not cured as provided in this Section 11, or if a Breach is not capable of being cured within the period provided for herein, the nonbreaching Party shall have the right to declare a default and terminate this Agreement by written notice at any time until cure occurs, and be relieved of any further obligation hereunder. The deadlines for cure and the right to declare a default and terminate this Agreement shall be suspended during the pendency of any efforts or proceedings in accordance with Section 18 of this Agreement to resolve a dispute as to whether a Breach has occurred or been cured. The provisions of this Section 11 will survive termination of this Agreement.

  • Events of Default and Termination 13.1 If:

  • Default and Consequences of Default 18.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a half percent (2.5%) per calendar month (and at the Supplier’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.

  • Liquidation Date Subject to the following sub-clause, at any time following the occurrence of an Event of Default, we may, by notice to you, specify a date (the “Liquidation Date”) for the termination and liquidation of Transactions in accordance with this clause. Automatic termination The date of the occurrence of any Bankruptcy Default shall automatically constitute a Liquidation Date, without the need for any notice by us and the provisions of the following sub-clause shall then apply.

  • Default and Remedies Either of the following constitutes cause to declare this Contract, or any Participating Entity order under this Contract, in default:

  • Dissolution Event If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

  • Liquidation Priority In a Liquidity Event or Dissolution Event, this Safe is intended to operate like standard non-participating Preferred Stock. The Investor’s right to receive its Cash-Out Amount is:

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