Default and Penalties Clause Samples

Default and Penalties. Where a payment is not received on the due date, we shall write to you to effect payment within fourteen (14) days from the date of the notice requesting payment.

Default and Penalties. The occurrence of any of the following will constitute an Event of Default hereunder: (a) default in the payment of the Principal Amount and the accrued and unpaid Interest in full by the Maturity Date; (b) if: (i) any proceedings are commenced by the Borrower under applicable bankruptcy or insolvency legislation (including a proposal or notice of intention to commence proceedings; (ii) the Borrower commits an act of bankruptcy; (iii) the Borrower becomes insolvent or bankrupt or makes an authorized assignment pursuant to applicable bankruptcy or insolvency legislation; or (iv) a bankruptcy petition is filed by or presented against the Borrower and remains undischarged or unstayed for a period of 30 days.

Default and Penalties. 8.1 Any dispute, difference or question between the parties to this agreement, which cannot be resolved mutually by negotiation, and except in so far as may be otherwise provided in this agreement, shall be referred for arbitration by any party to a meeting with the Institution and the Service Manager for Learning Services or their representative.

Default and Penalties. The occurrence of any of the following shall constitute an “Event of Default” hereunder: (a) default in the payment of the Principal Amount, interest or fees in accordance with the terms hereof; (b) non-payment of dividends or other payments to which the Lender is entitled to pursuant to any shareholdings in the capital of the Borrower; (c) failure by the Borrower to observe or comply with any affirmative or negative covenant, condition, term or provision set out in this Promissory Note or in the Borrower’s Security (as defined below); (d) defaults with respect to any of the covenants, warranties and/or conditions which form part of the credit documents with any other creditor of the Borrower or an affiliate and such default is not waived or cured within the applicable cure period; (e) if, in the reasonable opinion of the Lender, a material adverse change has occurred in respect of the Borrower; or (f) if: (i) the Borrower ceases to carry on its business; (ii) any proceedings are commenced by the Borrower under the Companies' Creditors Arrangements Act or under the Bankruptcy and Insolvency Act (including a proposal or notice of intention); (iii) the Borrower commits an act of bankruptcy; (iv) the Borrower becomes insolvent or bankrupt or makes an authorized assignment pursuant to the Bankruptcy and Insolvency Act; or (v) a bankruptcy petition is filed by or presented against the Borrower and remains undischarged or unstayed for a period of thirty (30) days. Upon the occurrence of an Event of Default, the Principal Amount, plus all accrued and unpaid interest, shall be immediately due and payable in full. Upon the occurrence of any such Event of Default and the acceleration of the maturity of the indebtedness evidenced by this Promissory Note: (a) the Lender shall immediately be entitled to exercise any and all rights and remedies possessed by the Lender pursuant to the terms of this Promissory Note; and (b) the Lender shall have any and all other rights and remedies that Lender may now or hereafter possess at law, in equity or by statute pursuant hereto, the Borrower’s Security.

Default and Penalties. 7.1. The breach of the clauses foreseen in this document and other legislation and regulations applicable to the shared-use bicycle system attributable to the User is considered a serious default and may imply contractual termination and consequent cancellation of the service provision, either temporarily or permanently, and disqualification from using the Bicycle. 7.2. Inframoura will decide on the enforcement of the penalty and its duration, according to the specific circumstances of the case, namely, the degree of illegality, guilt and damages caused to Inframoura or to Third Parties.

Default and Penalties. The occurrence of any of the following shall constitute an “Event of Default” hereunder: (a) default in the payment of the Principal Amount or interest in accordance with the terms hereof; or (b) if the Borrower shall make a general assignment for the benefit of its creditors or a notice of intention to make a petition, proposal, or filing under applicable bankruptcy and insolvency legislation, or shall become insolvent, or shall be declared or adjudged bankrupt, or a receiving order shall be made against the Borrower unless same is being contested in good faith and is dismissed, stayed or withdrawn within ninety (90) days thereof, or if a liquidator, trustee in bankruptcy, receiver, receiver and manager or any other officer with similar powers shall be appointed to the Borrower or of all of its property or any material part thereof unless same is being contested in good faith and is dismissed, stayed or withdrawn within ninety (90) days thereof, or if the Borrower shall propose a compromise, arrangement, or reorganization under applicable legislation providing for the reorganization or winding-up of corporations or business entities or providing for an agreement, composition, extension or adjustment with its creditors; or the Borrower shall admit in writing its inability to pay its debts generally as they become due or shall take corporate action in furtherance of any of the aforesaid purposes. Upon the occurrence of an Event of Default, the Principal Amount, plus all accrued and unpaid interest, shall be immediately due and payable in full. Upon the occurrence of any such Event of Default and the acceleration of the maturity of the indebtedness evidenced by this Promissory Note the Lender shall immediately be entitled to exercise any and all rights and remedies possessed by the Lender pursuant to the terms of this Promissory Note.

Default and Penalties. ▇▇▇▇▇▇▇ is expected to fully and timely comply with all of the Integrity Obligations under this Agreement. As a contractual remedy, the Parties hereby agree that DiMarco’s failure to comply with the Integrity Obligations set forth in this Agreement will lead to the imposition of the following monetary penalties (hereinafter referred to as “Stipulated Penalties”) in accordance with the following provisions: (a) A Stipulated Penalty of One Thousand Dollars ($1,000.00) for each day ▇▇▇▇▇▇▇ fails to grant access to DiMarco’s records and personnel as required in Paragraphs 31(i)(1) and (2). These Stipulated Penalties shall begin to accrue on the date ▇▇▇▇▇▇▇ fails to grant access. (b) A Stipulated Penalty of One Thousand dollars ($1,000.00) for each day ▇▇▇▇▇▇▇ fails to furnish accurate and complete records to MFCU as required in Paragraph 31(i)(3). These Stipulated Penalties shall begin to accrue on the date CSEDNY fails to furnish said records.

Default and Penalties