Default by Assignee Sample Clauses

Default by Assignee. 5.1.1 If the Assignee defaults in the payment of any money required to be paid by it under clause 3.1 or fails to complete any other obligation under this Agreement and that default is not remedied within 21 days after it receives a notice from the Assignor to remedy the default then, in addition to all other rights of the Assignor under this Agreement and at law, the Assignor has the right to terminate this Agreement, by giving notice to the Assignee and to require the Assignee to: (a) reassign to the Assignor (at the Assignee’s sole cost and expense) the Assigned Interest that had been transferred to the Assignee-this clause to override JVOA cl 15 and IPENZ to retain the Assigned Interest; and (b) forfeit all moneys already paid under clause 3.1. (c) refund revenues (if any) to an amount sufficient to cover the Unpaid Amount and any costs arising from the default. 5.1.2 On termination, each Party must execute and deliver all documents and use its best endeavours to do and procure to be done all acts, matters and things as may be necessary or desirable to fulfil the obligations under this clause 5.1. Such obligations are without prejudice to any claim any Party may have under this Agreement or the JVOA, or at law, for losses, damages or expenses incurred due to the termination or the default.

Default by Assignee. 5.1.1 If the Assignee defaults in the payment of any money required to be paid by it under clause 3.1 or fails to complete any other obligation under this Agreement, and that default is not remedied within 21 days after it receives a notice from the Assignor to remedy the default then, in addition to all other rights of the Assignor under this Agreement and at law, the Assignor has the right to terminate this Agreement, by giving notice to the Assignee and to require the Assignee to: (a) reassign to the Assignor (at the Assignee's sole cost and expense) the Assigned Interest previously transferred to the Assignee; and (b) refund all revenues received in relation to PEP 38480; and (c) forfeit all moneys already paid under clause 3.1. 5.1.2 On termination, each Party must execute and deliver all documents and do (or procure to be done) all acts, matters and things as may be necessary or desirable to fulfil the obligations under this clause 5.1.

Default by Assignee. Assignee shall forward to Assignor copies of all notices of default or other notices received by Assignee from the lessor under the Lease within five days after Assignee receives such notice. In the event Assignee fails to perform promptly when due any of the terms, covenants, conditions or obligations of the Lease which Assignee has assumed hereunder or any of its obligations under this Assignment or otherwise any event of default by or related to Assignee occurs under the Lease or this Assignment (without in either case the necessity for the expiration of any period for notice or cure by Assignee that may be contained therein) (collectively, any such failure or event is an “Event of Default”), Assignor may, in addition to any other remedy which may be available at law, in equity or otherwise, perform any obligation to cure Assignee’s default, in which event Assignee shall promptly reimburse Assignor for all reasonable expenditures incurred by Assignor in protecting its interest and all costs, expenses and damages resulting from or in connection with Assignee’s default, with interest until repaid at the rate equal to the lesser of (i) 18 percent per annum or (ii) the maximum rate permitted by state law.

Default by Assignee. In the event that Assignee fails to consummate this Agreement for any reason other than Assignor’s default or the permitted termination of this Agreement by either Assignor or Assignee as herein expressly provided, or if Assignee otherwise defaults under this Agreement, Assignor shall be entitled, as its sole remedy, to terminate this Agreement and receive the ▇▇▇▇▇▇▇ Money as liquidated damages for the breach of this Agreement, it being agreed between the parties hereto that the actual damages to Assignor in the event of such breach are impractical to ascertain and the amount of the ▇▇▇▇▇▇▇ Money is a reasonable estimate thereof. The foregoing liquidated damages provision of this Section shall not: (a) apply to Assignee’s confidentiality obligations under this Agreement, nor shall Assignee be entitled to credit or offset the ▇▇▇▇▇▇▇ Money or any portion thereof against any damages suffered by Assignor by reason of Assignee’s default with respect thereto; and (b) be deemed to limit Assignee’s liability under any indemnity or breach of any covenant under this Agreement that is expressly stated to survive the Closing or early termination of this Agreement.

Default by Assignee. 5.1.1 If the Assignee defaults in the payment of any money required to be paid by it under clause 3 or in any other obligation under this Agreement and that default is not remedied within 21 days after it receives a notice from the Operator to remedy the default then, in addition to all other rights of the Assignor under this Agreement, the JVOA and at law, the Assignor has the right to terminate this Agreement to the extent it relates to the Assigned Interest, by giving notice to the Assignee and to require the Assignee to reassign to the Assignor (at the Assignee’s sole cost and expense) the Interest of the Assignor that had been transferred to the Assignee. 5.1.2 At that time, each Party must execute and deliver all documents and use its best endeavours to do and procure to be done all acts, matters and things as may be necessary or desirable to carry out and give full force and effect to the reassignments referred to in this clause 5.1.

Default by Assignee. If Tenant's assignee Defaults under this Lease, Landlord may proceed directly against Tenant without pursuing remedies against the assignee. Landlord may consent to subsequent modifications of this Lease without notifying Tenant or obtaining its consent and the same shall not relieve Tenant of its liability under this Lease.