Default Defined. Default for the purpose of this Agreement shall mean any failure by Seller or Purchaser to fulfill all the terms, conditions and covenants contained herein, however, it shall not be an event of default for either party to exercise its rights to terminate this contract as contained in other provisions herein.
Default Defined. As used herein, "Default" shall mean the failure of a party to make any payment or perform any obligation at the time and in the manner required by this agreement, except where such failure to discharge obligations (other than the payment of money) is the result of Force Majeure. Failure to make any payment in the time and manner required by this agreement shall not be excused as a Default by payment of late charges in accordance with the provisions in Section 20.02 below.
Default Defined. The occurrence of any one or more of the following events shall constitute a Default under this Agreement:
Default Defined. Any one or more of the following events (each of which is herein sometimes called "event of default") shall constitute a default:
23.1.1 Tenant defaults in the due and punctual payment of any rent, taxes, tax deposits, insurance premiums, maintenance fees or other sums required to be paid by Tenant under this lease within ten (10) days of when due;
23.1.2 Tenant abandons the premises;
23.1.3 Tenant defaults in the performance of or compliance with any of the covenants, agreements, terms and conditions contained in this lease other than those referred to in the foregoing Paragraph 23.1.1, and such default shall continue for a period of thirty (30) days after written notice thereof from Landlord to Tenant, and shall not be cured as permitted by Paragraph 23.9;
23.1.4 Tenant files a voluntary petition in bankruptcy or is adjudicated a bankrupt or insolvent, or takes the benefit of any relevant legislation that may be in force for bankrupt or insolvent debtors or files any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or proceedings are taken by Tenant under any relevant Bankruptcy Act in force in any jurisdiction available to Tenant, or Tenant seeks or consents to or acquiesces in the appointment of any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties or of the premises, or makes any general assignment for the benefit of creditors;
23.1.5 A petition is filed against Tenant seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future federal, state or other statute, law or regulation, and shall remain undismissed for an aggregate of 120 days, or if any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties or of the premises is appointed without the consent or acquiescence of Tenant and such appointment remains unvacated for an aggregate of 20 days.
Default Defined. Default" shall be defined when any of the following circumstances exist:
Default Defined. The term "Default" shall mean, whenever it is used in this Agreement (a) any failure by the Grantee to substantially observe or perform any material covenant, condition, obligation or agreement on its part to be observed or performed hereunder or (b) any material breach of any representation set forth herein.
Default Defined. Tenant is in default of this Lease on the occurrence of any of the following:
(a) Failure to pay rent or other expenses when due;
(b) Failure to comply with any law, regulation, policy, or order of any lawful governmental authority;
(c) Failure to comply with any other provision of this Lease;
(d) Commencement of bankruptcy proceedings by or against Tenant or the appointment of a trustee or receiver of Xxxxxx’s property.
Default Defined. Lessee shall be deemed in default upon Failure to pay rent or any other properly-imposed fee within 30 days after due date. The filing of any petition under the Federal Bankruptcy Act or any amendment thereto, including a petition for reorganization. The commencement of any proceeding for dissolution or for the appointment of a receiver. The making of an assignment for the benefit of creditors. Violation of any of the other terms or conditions of this lease after written notice to cease and/or correct such violation has been served upon the Lessee by the Lessor, and after the Lessee has failed to correct such violation within thirty (30) days of service of such notice (or such later deadline as may be established in the Notice by the Lessee). Mailing notice by U.S. Mail, Certified Mail, shall constitute "service" of notice. In the case of a violation which cannot with due diligence be cured within a period established, the Lessee may apply to the Lessor for an extension of time within which to cure said violation.
Default Defined. As used in this Agreement the term “default” shall mean a breach of this Agreement that has not been cured within the time period provided in Section 11.2.
Default Defined. The occurrence of any of the following events shall constitute a default under this Security Agreement (a “Default”):
i. if default shall be made in a payment which is due under the Note shall occur; or
ii. if default shall be made by Borrower in the performance of, or compliance with, any other provision of this Security Agreement and such default is not cured within ten (10) days after written notice thereof to Borrower, or such longer period of time as may be required to cure such default with diligent effort; or
iii. if a proceeding shall have been instituted in a court seeking a decree or order for relief in respect to Borrower in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of Borrower or for any substantial part of the property of Borrower, or for the winding-up or liquidation of the affairs of Borrower and such proceeding shall remain undismissed or unstayed and in effect for a period of sixty (60) days or such court shall enter a decree or order granting the relief sought in such proceeding; or
iv. if Borrower shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Borrower or shall make a general assignment for the benefit of creditors, or shall take any company action to authorize any of the foregoing; or
v. if Borrower’s existence shall be terminated.
