Common use of Default Events Clause in Contracts

Default Events. In the event of a default as defined in the applicable SLA by a borrower with respect to any loan entered into pursuant to an SLA, GSAL will, and is hereby authorized by each Lender to, exercise on Lender's behalf, in its discretion and without prior notification to Lender, any and all remedies provided thereunder or available under applicable law. In addition, the following applies: (a) If a borrower fails in respect of any loan of securities effected pursuant hereto and pursuant to the applicable SLA to return any securities on loan when due thereunder (the “Return Date”), then GSAL shall, at its expense, but subject to Section 12(e) and (g) hereof, deposit replacement securities of the same issue, type, class and series as that of the loaned securities to the Lender’s account with Custodian, as soon as practicable. If GSAL is unable to obtain replacement securities, GSAL shall at its expense, but subject to Sections 12(e) and (g) hereof, pay Lender in U.S. dollars with the Market Value of such securities on loan on the Credit Date (as defined below). To the extent that GSAL deposits replacement securities or make payments pursuant to this Section 12(a), GSAL shall be subrogated to Lender’s rights against borrower as provided in Section 12(g). (b) If a borrower fails to pay the amount of cash Distributions with respect to securities on loan that Lender would have received had such securities not been on loan, GSAL shall pay Lender the amount of such cash Distributions plus the amount of any overdraft charges charged by the Custodian. For purposes of this section 12, “Distributions” shall mean interest, dividends and other distributions (including, but not limited to, payments made by the depositary in connection with American Depositary Receipts). To the extent that GSAL has made any payments pursuant to this Section 12(b), GSAL shall be subrogated to Lender’s rights against Borrower as provided in Section 12(g). The foregoing shall, subject to Section 12(g), be at GSAL’s expense.

Default Events. In The occurrence of any one of the event following events shall constitute a default and breach of this Agreement by Tenant: 1. The vacating or abandonment of the Leased Premises by Tenant. Failure to occupy and operate the Leased Premises for ten (10) consecutive days shall be deemed an abandonment and vacation; 2. The failure to report as required by Section 9 of this Agreement; 3. If the Tenant fails to observe or fails to perform, or violates any of the covenants, conditions or provisions of this Lease, and if such failure or violation is not cured within five (5) days after written notice has been sent to Tenant, unless the default cannot reasonably be cured within five (5) days and Tenant takes action to cure the default within the five (5) day period and diligently and in good faith continues to cure the default; 4. The making by Tenant of any general assignment for the benefit of creditors; the filing by or against Tenant of a default as defined petition to have Tenant adjudged a bankrupt or of a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the applicable SLA by case of a borrower with respect to any loan entered into pursuant to an SLA, GSAL will, and is hereby authorized by each Lender to, exercise on Lender's behalf, in its discretion and without prior notification to Lender, any and all remedies provided thereunder or available under applicable law. In additionpetition filed against Tenant, the following applies:petition is dismissed within sixty (60) days); the taking of possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Agreement, where possession is not restored to Tenant within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Agreement where such seizure is not discharged within thirty (30) days; (a) If a borrower fails in respect of 5. Failure to pay rent or any loan of securities effected pursuant hereto and pursuant to the applicable SLA to return any securities on loan other sums payable by Tenant under this Lease when due thereunder after Landlord provides Tenant with written notice of such failure to pay and Tenant fails to cure after five (5) days of receipt of such notice; 6. Any representation or warranty by Tenant was materially false or inaccurate at the “Return Date”), then GSAL shall, at its expense, but subject to Section 12(e) and (g) hereof, deposit replacement securities time of the same issue, type, class and series as that of the loaned securities to the Lender’s account with Custodian, as soon as practicable. If GSAL is unable to obtain replacement securities, GSAL shall at its expense, but subject to Sections 12(e) and (g) hereof, pay Lender in U.S. dollars with the Market Value of such securities on loan on the Credit Date (as defined below). To the extent that GSAL deposits replacement securities or make payments pursuant to this Section 12(a), GSAL shall be subrogated to Lender’s rights against borrower as provided in Section 12(g). (b) If a borrower fails to pay the amount of cash Distributions with respect to securities on loan that Lender would have received had such securities not been on loan, GSAL shall pay Lender the amount of such cash Distributions plus the amount of any overdraft charges charged by the Custodian. For purposes execution of this section 12, “Distributions” shall mean interest, dividends and other distributions (including, but not limited to, payments made by the depositary in connection with American Depositary Receipts). To the extent that GSAL has made any payments pursuant to this Section 12(b), GSAL shall be subrogated to Lender’s rights against Borrower as provided in Section 12(g). The foregoing shall, subject to Section 12(g), be at GSAL’s expenseLease.

Default Events. In the event of a default as defined in the applicable SLA by a borrower with respect to any loan entered into pursuant to an SLA, GSAL will, and is hereby authorized by each Lender to, exercise on Lender's ’s behalf, in its discretion and without prior notification to Lender, any and all remedies provided thereunder or available under applicable law. In addition, the following applies: (a) If a borrower fails in respect of any loan of securities effected pursuant hereto and pursuant to the applicable SLA to return any securities on loan when due thereunder (the “Return Date”), then GSAL shall, at its expense, but subject to Section 12(e) and (g) hereof, deposit replacement securities of the same issue, type, class and series as that of the loaned securities to the Lender’s account with Custodian, as soon as practicable. If GSAL is unable to obtain replacement securities, GSAL shall at its expense, but subject to Sections 12(e) and (g) hereof, pay Lender in U.S. dollars with the Market Value of such securities on loan on the Credit Date (as defined below). To the extent that GSAL deposits replacement securities or make payments pursuant to this Section 12(a), GSAL shall be subrogated to Lender’s rights against borrower as provided in Section 12(g). (b) If a borrower fails to pay the amount of cash Distributions with respect to securities on loan that Lender would have received had such securities not been on loan, GSAL shall pay Lender the amount of such cash Distributions plus the amount of any overdraft charges charged by the Custodian. For purposes of this section 12, “Distributions” shall mean interest, dividends and other distributions (including, but not limited to, payments made by the depositary in connection with American Depositary Receipts). To the extent that GSAL has made any payments pursuant to this Section 12(b), GSAL shall be subrogated to Lender’s rights against Borrower as provided in Section 12(g). The foregoing shall, subject to Section 12(g), be at GSAL’s expense.

Default Events. In 6.1 Without prejudice to any other rights of the event Stockbroker Firm under this Agreement, any other agreement or otherwise at law, the Stockbroker Firm may at any time after the occurrence of a default as defined in the applicable SLA by a borrower with respect to Default, do any loan entered into pursuant to an SLA, GSAL will, and is hereby authorized by each Lender to, exercise on Lender's behalf, in its discretion and without prior notification to Lender, any and all remedies provided thereunder one or available under applicable law. In addition, more of the following appliesby giving notice to Client to: (a) If a borrower fails Satisfy any obligation the Client may have to the Stockbroker Firm, in respect such manner and upon such terms as the Stockbroker Firm may in its discretion decide, of and from all or any part of any loan of securities effected pursuant hereto and pursuant to the applicable SLA to return any securities on loan when due thereunder (the “Return Date”), then GSAL shall, at its expense, but subject to Section 12(e) and (g) hereof, deposit replacement securities assets of the same issue, type, class and series as that of Client held by the loaned securities to the Lender’s account with Custodian, as soon as practicable. If GSAL is unable to obtain replacement securities, GSAL shall at its expense, but subject to Sections 12(e) and (g) hereof, pay Lender in U.S. dollars with the Market Value of such securities on loan on the Credit Date (as defined below). To the extent that GSAL deposits replacement securities or make payments pursuant to this Section 12(a), GSAL shall be subrogated to Lender’s rights against borrower as provided in Section 12(g).Stockbroker Firm; and/or (b) If Immediately suspend, cancel or terminate any or all services or transactions entered into or effected with or for the Client including any open positions of the Client for the purchase and sale of securities at prevailing market prices or at prices regarded by the Stockbroker Firm in good faith at the best prices available at such time; and/or (c) Accelerate any and all liabilities (whether actual or contingent at that time) of the Client to the Stockbroker Firm so that they shall become immediately due and payable; and/or (d) Suspend or terminate the Rights and Obligations (e) Seek recourse through legal action in order to recover any and all dues from the Client 6.2 For the purposes of Clause 6.1 a borrower “Default” shall be deemed to occur in the event that: (a) The Client fails to pay comply with or observe any provision of the amount Rights and Obligations or any other lawful obligation owed to the Stockbroker Firm; (b) A petition in bankruptcy is filed against the Client or an order is made or resolution passed for the Client's voluntary or compulsory winding up or a meeting is convened for the purpose of cash Distributions with respect to securities on loan considering a resolution that Lender would have received had such securities not been on loanthe Client should be so wound up; (c) The Stockbroker Firm reasonably believes that the Client has given the Stockbroker Firm false information at any time; (d) Any representation, GSAL shall pay Lender the amount of such cash Distributions plus the amount of any overdraft charges charged by the Custodian. For purposes of this section 12warranty, “Distributions” shall mean interest, dividends and other distributions (including, but not limited to, payments covenant or undertaking made by the depositary Client in any document delivered to the Stockbroker Firm in connection with American Depositary Receipts). To the extent Agreement was when given or hereafter becomes incorrect in any respect; (e) If the Stockbroker Firm considers it necessary for compliance with any rules or regulations of the Exchange; (f) In the event that GSAL has made any payments pursuant to this Section 12(b)warrant or order of attachment or distress or equivalent order is issued against any of the Client's accounts with the Stockbroker Firm; or (g) Any other matter or event arises including any regulatory requirement, GSAL shall be subrogated to Lenderwhich in the Stockbroker Firm’s rights against Borrower as provided good faith opinion renders termination necessary or advisable in Section 12(g). The foregoing shall, subject to Section 12(g), be at GSAL’s expensethe interests of the Stockbroker Firm.

Default Events. In The following events shall be deemed to be events of default by Lessee under the event Lease (each a “Default Event”): 28.1.1. Lessee fails to pay any Rent due under this Lease, which failure continues for a period of a default as defined in the applicable SLA by a borrower ten (10) business days after it is due; 28.1.2. Lessee fails to comply with respect to any loan entered into pursuant to an SLAterm, GSAL willprovision or covenant of this Lease, other than paying its Rent, and does not cure such failure within thirty (30) days after LAWA has sent written notice to Lessee specifying such failure; provided, however, that where Xxxxxx’s performance of such covenant, condition or agreement is hereby authorized not reasonably susceptible of completion within such thirty (30) day period and Lessee has in good faith commenced and is continuing to perform the acts necessary to perform such covenant, condition or agreement within such thirty (30) day period, LAWA will not exercise any remedy available to it hereunder for so long as Xxxxxx uses reasonable due diligence in continuing to pursue to completion the performance such covenant, condition or agreement and so completes performance within 180 days of receipt of the initial notice from LAWA, unless a longer time period is agreed to by each Lender the Chief Executive Officer; 28.1.3. Xxxxxx makes an assignment of this Lease, or any rights granted to Lessee hereunder, to, exercise on Lender's behalfand for the benefit of, in Xxxxxx’s creditors; 28.1.4. Lessee, within thirty (30) days after the commencement of any proceeding against Lessee seeking adjudication of bankruptcy or reorganization, rearrangement, composition, readjustment, liquidation, dissolution or similar relief, fails to cause such proceedings to be dismissed; 28.1.5. Lessee, within sixty (60) days after the appointment without Xxxxxx’s consent or acquiescence of any trustee, receiver, or liquidator of Lessee or a material part of its discretion assets, fails to cause such appointment to be vacated. 28.1.6. The interests of Lessee under this Lease shall not, except at City’s option and without prior notification to Lenderwith its written consent, any and all remedies provided thereunder or available under applicable be assignable by operation of law. In additioncase of the bankruptcy of Lessee, or the following applies: appointment of a receiver for Xxxxxx and such receiver is not removed within one hundred twenty (a120) If days from the date of appointment, or if a borrower fails in respect receiver is appointed to take possession of the Premises as a result of any loan act or omission of securities effected pursuant hereto Lessee and pursuant to such receiver is not removed within one hundred twenty (120) days from the applicable SLA to return date of appointment, or if Xxxxxx makes an assignment of this Lease for the benefit of creditors, or if possession of the Premises is taken by virtue of any securities on loan when due thereunder (attachment, execution, or the “Return Date”)levy of any judicial process, then GSAL shallCity, at its expenseelection, but subject may, after written notice to Section 12(e) and (g) hereofLessee, deposit replacement securities of the same issue, type, class and series as that of the loaned securities to the Lender’s account with Custodian, as soon as practicable. If GSAL is unable to obtain replacement securities, GSAL shall at its expense, but subject to Sections 12(e) and (g) hereof, pay Lender in U.S. dollars with the Market Value of such securities on loan on the Credit Date (as defined below). To the extent that GSAL deposits replacement securities or make payments pursuant to terminate this Section 12(a), GSAL shall be subrogated to Lender’s rights against borrower as provided in Section 12(g)Lease. (b) If a borrower fails to pay the amount of cash Distributions with respect to securities on loan that Lender would have received had such securities not been on loan, GSAL shall pay Lender the amount of such cash Distributions plus the amount of any overdraft charges charged by the Custodian. For purposes of this section 12, “Distributions” shall mean interest, dividends and other distributions (including, but not limited to, payments made by the depositary in connection with American Depositary Receipts). To the extent that GSAL has made any payments pursuant to this Section 12(b), GSAL shall be subrogated to Lender’s rights against Borrower as provided in Section 12(g). The foregoing shall, subject to Section 12(g), be at GSAL’s expense.