Default and Remedies Upon Default. 8.1 The occurrence of any of the following shall constitute an Event of Default hereunder:
(a) If the Borrower shall fail to pay when due any of the Liabilities; (b) If any warranty or representation made by or for the Borrower or if any financial data or any other information now or hereafter furnished to Standard Federal by or on behalf of the Borrower shall prove to be false, inaccurate or misleading in any material respect; (c) If an event of default shall occur under any promissory note secured hereby or if the Borrower shall fail to perform any obligation or covenant hereunder, or shall fail to comply with any of the provisions of any loan agreement or other agreement with Standard Federal, (d) If the Borrower or any other party liable on any of the Liabilities: (i) shall voluntarily suspend transaction of its business, (ii) shall make a general assignment for the benefit of creditors, (iii) shall file a voluntary petition in bankruptcy or for a reorganization to effect a plan or other arrangement with creditors, or shall file an answer to a creditor's petition or other petition for relief in bankruptcy or for a reorganization which answer admits the material allegations thereof, or if any order for relief shall be entered by any court of bankruptcy jurisdiction with respect to it or shall have instituted against it bankruptcy, reorganization or liquidation proceedings which remain undismissed for 60 days, (iv) shall have entered against it any order by any court approving a plan of reorganization or any other plan or arrangement with creditors, (v) shall apply for or permit the appointment of a receiver, trustee or custodian for any substantial portion of its assets, or (vi) shall become unable to meet its debts as they mature or insolvent;
Default and Remedies Upon Default. NEW OPERATORS shall fully perform and comply with all agreements, conditions and covenants required by this Agreement to be performed or complied with hereunder, provided that OWNERS may waive in whole or in part at or prior to the Effective Time the NEW OPERATORS’ performance of and compliance with any such agreement, condition or covenant. If the Closing contemplated herein is not closed and consummated through the default of the NEW OPERATORS hereunder, OWNERS shall have the right to pursue such remedies at law or in equity against NEW OPERATORS as may be afforded to it under the law of the State of Kansas, including specific performance.
Default and Remedies Upon Default. (a) Each of the following will constitute "Events of Default" under this Agreement:
(1) The failure of a Party to make payment or perform as required or take other corrective action deemed satisfactory by the Performing Party (as hereinafter defined in its sole discretion) under this Agreement (which Event of Default will not include a delay in payment that is cured within three (3) Business Days of the date when due or any other failure of performance that is cured within ten (10) Business Days of a demand for cure.
(2) The filing by either Party of a bankruptcy petition or acquiescence by either Party in the filing of a bankruptcy petition by any other person against either Party;
(3) The filing of an involuntary bankruptcy petition against either Party; provided, however, that any such default will be deemed cured if any involuntary bankruptcy petition filed against either Party or any Guarantor is dismissed within thirty (30) days after it was filed;
(4) The making by either Party of a general assignment for the benefit of its creditors;
(5) The inability of either Party to pay its debts as such debts become due or an admission in writing by either Party of its inability to pay its debts as they become due or of its generally insolvent condition;
(6) The dissolution or liquidation of either Party or the passage of a resolution requiring the dissolution or liquidation of either Party; provided, however, that any such dissolution or liquidation pursuant to a consolidation, acquisition, amalgamation or merger involving either Party consented to by the other Party will not be deemed an Event of Default hereunder;
(7) The transfer of all or substantially all of the assets of either Party, the merger of either Party with any other person or the consolidation of either Party (i) which causes a material adverse change in the financial condition of such Party or (ii) pursuant to which the entity existing after the transfer, merger or consolidation does not assume the obligations of such Party by operation of law or otherwise;
(8) The failure by either Party to give adequate security for, or assurances of, its ability to perform any of its obligations under this Agreement within three (3) Business Days of a written request to do so when the other Party has reasonable grounds for insecurity;
(9) The making of a materially incorrect or misleading representation or failure to maintain any warranty under this Agreement.
(b) Upon an Event of Default, the Party not in...
Default and Remedies Upon Default. In the event STW is in default of any of the terms of this Agreement, Participant shall have all the remedies provided in this Agreement.
Default and Remedies Upon Default. A. Each of the following shall constitute an “Event Of Default” by Lessee:
(1) Lessee defaults on any of the terms, covenants and conditions of this Agreement.
(2) Lessee fails to punctually make any of the payments herein.
(3) Any execution or other writ or process shall be issued in any action or proceeding against Lessee whereby the Stage might become or appear to become in danger of being seized, taken, or detained.
(4) Any proceeding in bankruptcy, receivership or insolvency is instituted by or against Lessee or Lessee’s property, Lessee enters into any arrangement or composition with Lessee’s creditors, or in the event that any judgment is obtained against Lessee.
B. If an Event Of Default occurs, then Company shall have the option of declaring this Agreement terminated and Company may, without notice or demand, by process of law or otherwise, take possession of the Stage, with or without force, and with or without notice of intention to retake the same, without being liable to Lessee. Any or all of the foregoing remedies are expressly permitted, consented to, and authorized by Lessee.
C. Nothing contained herein shall be construed to bar or prevent Company, in the event of monies being due Company for Rent or other costs, from suing and receiving the monies due to Company, the costs and expenses of which including legal fees, shall be borne by Lessee.
Default and Remedies Upon Default. 36 10.11 Interest.....................................................38 10.12
Default and Remedies Upon Default. A default shall consist of any breach of any of the Child Care Program’s covenants, agreements, warranties or certifications in this Agreement. Upon the occurrence of any default as described herein, the Division shall have the right to terminate this Agreement by written notice to the Child Care Program. In the event of termination, the Child Care Program shall be obligated to repay to the Division within thirty (30) days of receipt of written notice of default, all ARPA Funds which have been disbursed to the Child Care Program, and the Child Care Program shall have no right to receive any undisbursed ARPA Funds.
Default and Remedies Upon Default. (a) Each of the following will constitute "Events of Default" under this Agreement:
(1) The failure of either Party, or any party guaranteeing either Party's obligations hereunder ("Guarantor"), to make payment or perform as required or take other corrective action deemed satisfactory by the Performing Party (as hereinafter defined in its sole discretion) (i) under this Agreement (which Event of Default will not include a delay in payment that is cured within three (3) Business Days of the date when due or that is under review by the Management Group pursuant to the dispute resolution process under Section 9 (d) or any other failure of performance that is cured within ten (10) Business Days of a demand for cure, provided, however, that any failure under Section 10 Paragraph (a)(8) shall not be granted any cure period) or (ii) under any collateral, security, guarantee or other agreement undertaken in connection with this Agreement, including the Guaranty and Letter of Credit (any such collateral, security, guarantee or other agreement, together with the Guaranty and the Letter of Credit, are
Default and Remedies Upon Default. The following events shall be deemed to be events of default by Lessee under this lease:
(a) Lessee shall fail to pay any installment of the rent or any other sums to be paid by Lessee hereunder when due, and such failure shall continue for a period of five (5) days after the date such payment was due.
(b) Lessee shall become insolvent; Lessee shall file a petition under any section or chapter of the Federal Bankruptcy Code, as amended, or under any similar law or statute of the United States or any State thereof; a receiver or trustee shall be appointed for all or substantially all of the assets of Lessee; or Lessee shall be adjudged bankrupt or insolvent in proceedings filed against Lessee thereunder.
(c) Lessee shall desert or vacate any substantial portion of the demised premises.
(d) Lessee shall fail to comply with any term, provision or covenant of this lease (other than the foregoing in this Paragraph 21), and shall not cure such failure within twenty (20) days after written notice thereof to Lessee.
Default and Remedies Upon Default. A. The following shall constitute default by Developer under this Agreement:
1. Developer files for bankruptcy or is adjudged bankrupt, or Developer makes a general assignment for the benefit of its creditors.
2. Developer or its general contractors disregard or otherwise violate any statutes, ordinances, regulations, order, or instructions of the City or any of its employees, agents, or commissions that are applicable under this Agreement.
3. Failure of performance by Developer or Developer’s contractor or subcontractor to timely install, furnish, and provide any Improvement.
4. Any other Developer default or failure to perform under any provision of this Agreement.
B. Upon the occurrence of a default, and without prejudice to any other right or remedy of the City, including the right to damages, the City shall give Developer ten days’ written notice and opportunity to cure. If the default is not cured to the City’s sole satisfaction within the ten-day cure period, the City may take possession of the Development and all of the materials thereon and finish the work by whatever method the City may deem expedient. Developer in the event of default shall pay the City the entire cost of completion of the Improvements.
C. In addition to the foregoing remedies, if it is determined by the City Council that Developer is in default of this Agreement during installation of the Improvements, the City may issue a cease and desist order, stopping all activities until the default, in the sole opinion of the City Council, has been satisfactorily addressed.
