Default; Bankruptcy Clause Samples
Default; Bankruptcy. Upon failure of Customer to make any payment required hereunder, without deduction, setoff or counterclaim, within ten (10) days after the same becomes due, or if Customer defaults in the performance of any other obligation, term, or condition, or if Customer shall make an assignment for the benefit of creditors, or in the event of a commencement of proceedings by or against Customer involving bankruptcy, insolvency, reorganization or arrangement, or in the case of other significant financial instability of Customer, Seller, without demand or notice of any kind and without prejudice to any other right or remedy of Seller, may (a) terminate the sale of all or any of the Products;
(b) suspend the release of any Products on consignment to Customer and defer further deliveries;
(c) require Customer to return or allow Seller to reclaim and/or pick-up any unpaid Products; (d) require Customer to pay the purchase price for any or all the Products not yet paid for in full (whether such Products are on-hand, in process or on-order, and whether or not delivered) and any other sums due from Customer to Seller, which Customer shall pay on Seller’s first demand notwithstanding any credit period or other forbearance; (e) place any Products identified to Customer in storage at the cost and risk of Customer;
(f) apply any payments made by Customer as Seller may elect without regard to any appropriation by Customer; (g) sell any or all of the Products at such price as may be available but without having any duty to Customer to do so at the best or any particular price, and collect any shortage in price from Customer; and/or (h) exercise any other right or remedy that Seller may have at law or in equity in the event of Customer’s default. Seller is entitled to immediate relief from the automatic stay should Customer file for protection under the bankruptcy code. Customer agrees not to oppose relief from the automatic stay if sought by ▇▇▇▇▇▇.
Default; Bankruptcy. 20.1 If Lessee shall be in arrears in the payment of rent for a period of ten days, or if Lessee shall fail or neglect to perform or observe any of the covenants and agreements contained in this lease on Lessee’s part and default shall continue for ten days or more after written notice of such failure or neglect is given to Lessee, or if Lessee shall be declared bankrupt or insolvent according to law, or if any assignment of Lessee’s property shall be made for the benefit of creditors, or if on the expiration of this lease Lessee fails to surrender possession of the premises, Lessor may terminate this lease and, lawfully, at Lessor’s option immediately without demand or notice, enter the premises and repossess and expel Lessee and remove Lessee’s effects at Lessee’s expense, forcibly if necessary and store the same, all without being deemed guilty of trespass and without prejudice to any remedy which might be used for arrears of rent preceding breach of covenant.
20.2 Neither the termination of this lease by forfeiture nor the taking or recovery of possession of the premises shall deprive Lessor of any other action, right, or remedy against Lessee for possession, rent or damages, nor shall any omission by Lessor to enforce any forfeiture, right or remedy to which Lessor may be entitled be deemed a waiver by Lessor of the right to enforce the performance of all terms and conditions of this lease by Lessee.
20.3 In the event of any re-entry by Lessor, Lessor may lease or relet the premises in whole or in part to any tenant or tenants who may be satisfactory to Lessor, for any duration, and for the best rent, terms and conditions as Lessor may reasonably obtain. Lessor shall apply the rent received from any such tenant first to the cost of retaking and reletting the premises, including remodeling required to obtain any such tenant, and then to any arrears of rent and future rent payable under this lease and any other damages to which Lessor may be entitled.
20.4 Any property that Lessee leaves on the premises after abandonment or expiration of the lease, or for more than ten days after any termination of the lease by Lessor, shall be deemed to have been abandoned. Lessor may remove and sell the property at public or private sale as Lessor sees fit, without being liable for any prosecution or damages. The net proceeds of any such sale shall be applied toward the expenses of Lessor and rent, and the balance of such amounts, if any, shall be held for and paid to...
Default; Bankruptcy. Parasoft may terminate this Agreement if (a) You fail to pay any amount when due under any order You have placed with Parasoft and do not cure such non-payment within ten (10) days of receipt of written notice of non-payment; (b) You materially breach this Agreement and do not cure such breach within thirty (30) days of receipt of written notice of such breach; (c) subject to provisions of applicable bankruptcy and insolvency laws, You become the subject of any involuntary proceeding relating to insolvency and such petition or proceeding is not dismissed within sixty (60) days of filing; or (d) You become the subject of any voluntary or involuntary petition pursuant to applicable bankruptcy or insolvency laws, or request for receivership, liquidation, or composition for the benefit of creditors and such peti- tion, request or proceeding is not dismissed within sixty (60) days of filing.
Default; Bankruptcy. Serena may at its option suspend accepting further Order Instruments, terminate one or more pending Order Instruments, or terminate this Agreement if (a) Customer fails to pay any amount when due under this Agreement and does not cure such non-payment within ten (10) days of receipt of written notice of non-payment; (b) Customer breaches this Agreement and does not cure such breach within thirty (30) days of receipt of written notice of such breach; (c) subject to provisions of applicable bankruptcy and insolvency laws, Customer becomes the subject of any involuntary proceeding relating to insolvency and such petition or proceeding is not dismissed within sixty (60) days of filing; or (d) Customer becomes the subject of any voluntary or involuntary petition pursuant to applicable bankruptcy or insolvency laws, or request for receivership, liquidation, or composition for the benefit of creditors and such petition, request or proceeding is not dismissed within sixty (60) days of filing.
Default; Bankruptcy. Upon failure of Customer to make any payment required hereunder, without deduction, setoff or counterclaim, within ten (10) days after the same becomes due, or if Customer defaults in the performance of any other obligation, term, or condition, or if Customer shall make an assignment for the benefit of creditors, or in the event of a commencement of proceedings by or against Customer involving bankruptcy, insolvency, reorganization or arrangement, or in the case of other significant financial instability of Customer, Seller, without demand or notice of any kind and without prejudice to any other right or remedy of Seller, may (a) terminate the sale of all or any of the Products;
Default; Bankruptcy. Should either party default in the performance of its obligations under this Agreement and fail to remedy such default within a period of fifteen (15) days following receipt of a written notice of such default from the other party (or fail to commence and thereafter diligently pursue the cure of a default not reasonably susceptible to cure within such fifteen (15) day period), then, in addition to any other remedies, the aggrieved party may terminate this Agreement by written notice of termination to the party in default. Should either party become Bankrupt, the other party may terminate this Agreement by written notice of termination to the Bankrupt party. For purposes hereof, a party shall be deemed "Bankrupt" if such party (i) makes an assignment or any general arrangement for the benefit of creditors; (ii) files a petition or otherwise commences, authorizes or acquiesces in the commencement of a proceeding or cause of action under any bankruptcy or similar law for the protection of creditors, or has such petition filed against it and such petition is not withdrawn or dismissed for sixty (60) days after such filing, (iii) otherwise becomes bankrupt or insolvent (however evidenced) under any bankruptcy or insolvency related law, or (iv) is unable to pay it debts as they fall due.
Default; Bankruptcy. In the event that:
Default; Bankruptcy. In the event that:(a)Tenant shall default in the payment of any installment of rent or other sum herein specified such default not having been cured within 10 days of receiving written notice of such default. In the event of monetary default, Landlord shall only be required to give written notice one (1) time in a twelve (12) month period; or(b)Tenant shall vacate or abandon all or any part of the Premises or fail to continuously occupy the Premises for a period of thirty (30) consecutive days; or(c)Tenant shall default in the observance or performance of any other of Tenant’s covenants, agreements or obligations hereunder, such default not having been cured within 10 days of receiving written notice of such default; or( )Tenant shall suffer a material adverse change in its business, as determined by Landlord such default not having been cured within 30 days of receiving written notice of such default ; or(a)Tenant shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of Tenant’s property for the benefit of creditors, provided, Then Landlord shall have the right to proceed with summary process to remove Tenant from the Premises. In the event of default by Tenant, Tenant shall pay to Landlord all costs and expenses incurred in enforcing the terms of this Lease, including reasonable attorneys’ fees, whether or not legal proceedings are instituted. Tenant shall indemnify the Landlord against all loss of rent and other payments, which the Landlord may incur by reason of such termination during the balance of the Term of this Lease to the extent recoverable under Massachusetts law.
Default; Bankruptcy. ▇▇▇▇▇▇ may at its option suspend accepting further Order Instruments, terminate one or more pending Order Instruments, or terminate this Agreement if (a) Customer fails to pay any amount when due under this Agreement and does not cure such non-payment within ten (10) days of receipt of written notice of non-payment; (b) Customer materially breaches this Agreement and does not cure such breach within thirty (30) days of receipt of written notice of such breach; (c) subject to provisions of applicable bankruptcy and insolvency laws, Customer becomes the subject of any involuntary proceeding relating to insolvency and such petition or proceeding is not dismissed within sixty (60) days of filing; or
Default; Bankruptcy. Upon failure of Buyer to make any payment required, without deduction, setoff or counterclaim, within ten (10) days after the same becomes due, or if Buyer defaults in the performance of any other obligation, term or condition of this Agreement, or if Buyer shall make an assignment for the benefit of creditors, or in the event of a commencement of proceedings by or against Buyer involving bankruptcy, insolvency, reorganization or arrangement or the appointment of a receiver or trustee, Seller, without demand or notice of any kind and without prejudice to any other remedy of Seller, may terminate this and any other Agreement with Buyer (Buyer remaining liable for damages) or Seller may defer further deliveries until the default is remedied (in which event, if Seller elects, this Agreement shall be deemed extended for a period of time equal to that during which deliveries are deferred).