Common use of Default Events Clause in Contracts

Default Events. 13.1 Each of the following is an Event of Default under this Agreement: a) you fail to pay any one or more Instalments in whole or in part and also fail to comply with any subsequent notice by us requiring payment to be made; b) you fail to pay any one or more Instalments in whole or in part and also fail to meet a subsequent undertaking (written or oral) given by you to us to remedy the default; c) you default in complying with any of your obligations under clause 11 (Insurance); d) you purport to assign or in any way deal with the Goods or any of your rights under the Agreement; e) the Goods are lost or destroyed or we form the opinion that they are so damaged as to make their repair uneconomical; f) you default in complying with any obligation under the Agreement (except where there is an event described in subclauses 13.1(a) to 13.1(e) above) and the default is not remedied within 14 days of us giving you notice of the default; g) you are a corporation and action is taken by you or another person on the basis that you are insolvent or unable to pay your debts when they are due, including any application for the appointment of a liquidator, receiver or administrator; h) you are an individual and you die or become incapable of managing your own affairs by reason of mental illness or other condition, or you become or become liable to be declared bankrupt; i) you are a partnership and the partnership is dissolved or an application is made to a court for dissolution of the partnership; j) the holder of any security over any of your assets becomes entitled to exercise any powers arising on default pursuant to that security or otherwise take action to enforce the security; k) you cease to have the benefit of an ASIC class-order guarantee or similar intercompany guarantee which existed at that the time you entered into this Agreement; l) an event described in subclauses 13.1(g) to 13.1(k) occurs in relation to any guarantor of any of your obligations under the Agreement; m) any warranty given or representation made by you in relation to the Agreement is false; and / or n) we have, at our discretion, determined that there has been a change in the credit risk associated with the Agreement from that which we assessed before the Agreement was entered into (including a change of any Controlling Person whether of you or of any guarantor of any of your obligations under the Agreement) and no agreement is made with you as to a change to the terms of the Agreement which is satisfactory to us. 13.2 However, where you have failed to pay part of one or more Instalments, an Event of Default will only occur for the purposes of clause 13.1(a) or 13.1(b) (or both) if you have failed to pay part of one or more Net Instalments.

Default Events. 13.1 Each If any one or more of the following is an occur, we may decide a Default of Event of Default under this Agreement:has occurred. a) you You fail to pay any one or more Lease Instalments in whole or in part and also fail to comply with any subsequent notice by us requiring payment to be madethe due date; b) you fail to pay any one or more Instalments in whole or in part and also fail to meet a subsequent undertaking (written or oral) given by you to us to remedy the default; c) you You default in complying with any of your obligations under clause 11 (Insurance); dc) you You purport to assign or in any way deal with the Goods or any of your rights under the Lease Agreement; ed) the Goods are lost or destroyed or we form the opinion that they are so damaged as to make their repair uneconomical; f) you You default in complying with any obligation under the Lease Agreement (except where there is an event described in subclauses 13.1(a) to 13.1(e13.1(c) above) and the default is not remedied within 14 days of us giving you notice of the default; e) Any distress or execution is levied or enforced against any of your assets or property or the Goods, or the Goods are lawfully seized or impounded. f) An Insolvency Event occurs to you or your Guarantor. g) you are a corporation and action is taken by you or another person on the basis that you are insolvent or unable to pay your debts when they are due, including any application for the appointment of a liquidator, receiver or administrator; h) you You are an individual and you die or become incapable of managing your own affairs by reason of mental illness or other condition, or you become or become liable to be declared bankrupt; ih) you are a partnership and the partnership is dissolved or an application is made to a court for dissolution of the partnership; j) the The holder of any security over any of your assets becomes entitled to exercise any powers arising on default pursuant to that security or otherwise take action to enforce the security; k) you cease to have the benefit of an ASIC class-order guarantee or similar intercompany guarantee which existed at that the time you entered into this Agreement; l) an event described in subclauses 13.1(g) to 13.1(k) occurs in relation to any guarantor of any of your obligations under the Agreement; mi) any warranty given or representation made by you or Guarantor on your behalf in relation to the Lease Agreement is false; materially false or misleading (including by omission) and / is such that we would not have leased the Goods to you or nwould only have leased on different terms, if we had known the correct information. j) we All or any part of the Lease Agreement becomes void, illegal, invalid, unenforceable or of limited or reduced force, effect or value. k) We have, at our discretion, determined that there has been a change in the credit risk associated with the Lease Agreement from that which we assessed before the Lease Agreement was entered into (including a change of any Controlling Person whether of you or of any guarantor Guarantor of any of your obligations under the Lease Agreement) and no agreement is made with you as to a change to the terms of the Lease Agreement which is satisfactory to us. 13.2 However, where you have failed to pay part of one or more Instalments, an Event of Default will only occur for the purposes of clause 13.1(a) or 13.1(b) (or both) if you have failed to pay part of one or more Net Instalments.

Default Events. 13.1 Each of the following is an A Default Event of Default under this Agreementoccurs if: a) you You fail to pay any one or more Lease Instalments in whole or in part and also fail to comply with any subsequent notice by us requiring payment to be made; b) you You fail to pay any one or more Lease Instalments in whole or in part and also fail to meet a subsequent undertaking (written or oral) given by you You to us to remedy the default; c) you You default in complying with any of your Your obligations under clause 11 (Insurance); d) you You purport to assign or in any way deal with the Goods or any of your Your rights under the Lease Agreement; e) the Goods are lost or destroyed or we form the opinion that they are so damaged as to make their repair uneconomical; f) you You default in complying with any obligation under the Lease Agreement (except where there is an event described in subclauses 13.1(a) to 13.1(e) above) and the default is not remedied within 14 days of us giving you You notice of the default; g) you You are a corporation and action is taken by you You or another person on the basis that you You are insolvent or unable to pay your Your debts when they are due, including any application for the appointment of a liquidator, receiver or administrator; h) you You are an individual and you You die or become incapable of managing your Your own affairs by reason of mental illness or other condition, or you You become or become liable to be declared bankrupt; i) you You are a partnership and the partnership is dissolved or an application is made to a court for dissolution of the partnership; j) the holder of any security over any of your Your assets becomes entitled to exercise any powers arising on default pursuant to that security or otherwise take action to enforce the security; k) you cease to have the benefit of an ASIC class-order guarantee or similar intercompany guarantee which existed at that the time you entered into this Agreement; l) an event described in subclauses 13.1(g) to 13.1(k13.1(j) occurs in relation to any guarantor of any of your Your obligations under the Lease Agreement; ml) any warranty given or representation made by you You in relation to the Lease Agreement is false; and / or n; m) we have, at our discretion, determined that there has been a change in the credit risk associated with the Lease Agreement from that which we assessed before the Lease Agreement was entered into (including a change of any Controlling Person whether of you You or of any guarantor of any of your Your obligations under the Lease Agreement) and no agreement is made with you You as to a change to the terms of the Lease Agreement which is satisfactory to us. 13.2 However, where you You have failed to pay part of one or more Lease Instalments, an a Default Event of Default will only occur for the purposes of clause 13.1(a) or 13.1(b) (or both) if you You have failed to pay part of one or more Net Lease Instalments.

Default Events. 13.1 Each of the following is an A Default Event of Default under this Agreementoccurs if: a) you You fail to pay any one or more Rent Instalments in whole or in part and also fail to comply with any subsequent notice by us requiring payment to be made; b) you You fail to pay any one or more Rent Instalments in whole or in part and also fail to meet a subsequent undertaking (written or oral) given by you You to us to remedy the default; c) you You default in complying with any of your Your obligations under clause 11 (Insurance); d) you You purport to assign or in any way deal with the Goods or any of your Your rights under the Rental Agreement; e) the Goods are lost or destroyed or we form the opinion that they are so damaged as to make their repair uneconomical; f) you You default in complying with any obligation under the Rental Agreement (except where there is an event described in subclauses 13.1(a) to 13.1(e) above) and the default is not remedied within 14 days of us giving you You notice of the default; g) you You are a corporation and action is taken by you You or another person on the basis that you You are insolvent or unable to pay your Your debts when they are due, including any application for the appointment of a liquidator, receiver or administrator; h) you You are an individual and you You die or become incapable of managing your Your own affairs by reason of mental illness or other condition, or you You become or become liable to be declared bankrupt; i) you You are a partnership and the partnership is dissolved or an application is made to a court for dissolution of the partnership; j) the holder of any security over any of your Your assets becomes entitled to exercise any powers arising on default pursuant to that security or otherwise take action to enforce the security; k) you cease to have the benefit of an ASIC class-order guarantee or similar intercompany guarantee which existed at that the time you entered into this Agreement; l) an event described in subclauses 13.1(g) to 13.1(k13.1(j) occurs in relation to any guarantor of any of your Your obligations under the Rental Agreement; ml) any warranty given or representation made by you You in relation to the Rental Agreement is false; and / or n; m) we have, at our discretion, determined that there has been a change in the credit risk associated with the Rental Agreement from that which we assessed before the Rental Agreement was entered into (including a change of any Controlling Person whether of you You or of any guarantor of any of your Your obligations under the Rental Agreement) and no agreement is made with you You as to a change to the terms of the Rental Agreement which is satisfactory to us. 13.2 However, where you have failed to pay part of one or more Instalments, an Event of Default will only occur for the purposes of clause 13.1(a) or 13.1(b) (or both) if you have failed to pay part of one or more Net Instalments.

Default Events. 13.1 Each of the following is an A Default Event of Default under this Agreementoccurs if: (a) you You fail to pay any one or more Rent Instalments in whole or in part and also fail to comply with any subsequent notice by us requiring payment to be made; (b) you You fail to pay any one or more Rent Instalments in whole or in part and also fail to meet a subsequent undertaking (written or oral) given by you You to us to remedy the default; (c) you You default in complying with any of your Your obligations under clause 11 (Insurance); (d) you You purport to assign or in any way deal with the Goods or any of your Your rights under the AgreementRental Agreement without our consent; (e) the Goods are lost or destroyed or we form the a reasonable opinion that they are so damaged as to make their repair uneconomical; (f) you You default in complying with any obligation under the Rental Agreement (except where there is an event described in subclauses 13.1(a) to 13.1(e) above) and the default is not remedied within 14 days of us giving you You notice of the default; (g) you You are a corporation and action is taken by you You or another person on the basis that you You are insolvent or unable to pay your Your debts when they are due, including any application for the appointment of a liquidator, receiver or administrator; (h) you You are an individual and you You die or become incapable of managing your Your own affairs by reason of mental illness or other condition, or you become or become liable to be declared bankrupt; (i) you You are a partnership and the partnership is dissolved or an application is made to a court for dissolution of the partnership; (j) the holder of any security given at the time over any of your Your assets becomes entitled to exercise any powers arising on default pursuant to that security or otherwise take action to enforce the security; (k) you cease to have the benefit of an ASIC class-order guarantee or similar intercompany guarantee which existed at that the time you entered into this Agreement; l) an event described in subclauses 13.1(g) to 13.1(k13.1(j) occurs in relation to any guarantor of any of your Your obligations under the AgreementRental Agreement or the guarantor, if an individual, becomes or becomes liable to be declared bankrupt; m(I) any warranty given or representation made by you You in relation to the Rental Agreement is false; and / or nor (l) we have, at our discretion, determined that there has been a change in the credit risk associated with the Rental Agreement from that which we assessed before the Rental Agreement was entered into (including a change of any Controlling Person whether of you You or of any guarantor of any of your Your obligations under the Rental Agreement) and no agreement is made with you You as to a change to the terms of the Rental Agreement which is satisfactory to us. 13.2 However, where you You have failed to pay part of one or more Rent Instalments, an a Default Event of Default will only occur for the purposes of clause 13.1(a) or 13.1(b) (or both) if you You have failed to pay part of one or more Net Rent Instalments.

Default Events. 13.1 Each If any one or more of the following is an occur, we may decide a Default Event of Default under this Agreement:has occurred. a) you You fail to pay any one or more Rent Instalments in whole or in part and also fail to comply with any subsequent notice by us requiring payment to be made;the due date. b) you fail to pay any one or more Instalments in whole or in part and also fail to meet a subsequent undertaking (written or oral) given by you to us to remedy the default; c) you You default in complying with any of your obligations under clause 11 (Insurance);. dc) you You purport to assign or in any way deal with the Goods or any of your rights under the Rental Agreement;. ed) the Goods are lost or destroyed or we form the opinion that they are so damaged as to make their repair uneconomical; f) you You default in complying with any obligation under the Rental Agreement (except where there is an event described in subclauses 13.1(a) to 13.1(e13.1(c) above) and the default is not remedied within 14 days of us giving you notice of the default;. e) Any distress or execution is levied or enforced against any of your assets or property or the Goods, or the Goods are lawfully seized or impounded. f) An Insolvency Event occurs to your or a Guarantor. g) you are a corporation and action is taken by you or another person on the basis that you are insolvent or unable to pay your debts when they are due, including any application for the appointment of a liquidator, receiver or administrator; h) you You are an individual and you die or become incapable of managing your own affairs by reason of mental illness or other condition, or you become or become liable to be declared bankrupt;. ih) you are a partnership and the partnership is dissolved or an application is made to a court for dissolution of the partnership; j) the The holder of any security over any of your assets becomes entitled to exercise any powers arising on default pursuant to that security or otherwise take action to enforce the security;. ki) you cease to have the benefit of an ASIC class-order guarantee or similar intercompany guarantee which existed at that the time you entered into this Agreement; l) an event described in subclauses 13.1(g) to 13.1(k) occurs in relation to any guarantor of any of your obligations under the Agreement; m) any Any warranty given or representation made by you or a Guarantor on your behalf in relation to the Rental Agreement is false; materially false or misleading (including by omission) and / is such that we would not have leased the Goods to you or nwould only have leased on different terms, if we had known the correct information. j) we All or any part of the Rental Agreement becomes void, illegal, invalid, unenforceable or of limited or reduced force, effect or value. k) We have, at our discretion, determined that there has been a change in the credit risk associated with the Rental Agreement from that which we assessed before the Rental Agreement was entered into (including a change of any Controlling Person whether of you or of any guarantor Guarantor of any of your Your obligations under the Rental Agreement) and no agreement is made with you as to a change to the terms of the Rental Agreement which is satisfactory to us. 13.2 However, where you have failed to pay part of one or more Instalments, an Event of Default will only occur for the purposes of clause 13.1(a) or 13.1(b) (or both) if you have failed to pay part of one or more Net Instalments.