Common use of Default Event Clause in Contracts

Default Event. 7.1 Each of the following events shall be deemed as a Default Event: 7.1.1 the Pledgor breaches any of his obligations under the Transaction Documents and/or this Agreement; or 7.1.2 the Domestic Company breaches any of its obligations under the Transaction Documents and/or this Agreement. 7.2 The Pledgor and the Domestic Company shall immediately notify the Pledgee in writing upon awareness or discovery of the occurrence of any circumstances referred in above Article 7.1 or any event that may lead to any such circumstances. 7.3 Unless a Default Event under Article 7.1 is remedied at the request of the Pledgee within twenty (20) days after the Pledgee’s delivery of a notice to the Pledgor and/or the Domestic Company requesting a remedy thereof, the Pledgee may at any time thereafter send a notice of default to the Pledgor in writing to request the exercise of the Pledge in accordance with Article 8.

Default Event. 7.1 Each of the following events shall be deemed as a Default Event: 7.1.1 the Pledgor breaches any of his her obligations under the Transaction Documents and/or this Agreement; or 7.1.2 the Domestic Company breaches any of its obligations under the Transaction Documents and/or this Agreement. 7.2 The Pledgor and the Domestic Company shall immediately notify the Pledgee in writing upon awareness or discovery of the occurrence of any circumstances referred in above Article 7.1 or any event that may lead to any such circumstances. 7.3 Unless a Default Event under Article 7.1 is remedied at the request of the Pledgee within twenty (20) days after the Pledgee’s delivery of a notice to the Pledgor and/or the Domestic Company requesting a remedy thereof, the Pledgee may at any time thereafter send a notice of default to the Pledgor in writing to request the exercise of the Pledge in accordance with Article 8.