Default of Obligations. All xxxxxxxx are payable upon presentation. When any tenant, user, or grantee notwithstanding his lease is formally notified that he is held in default of any written or implied obligation to the Airport Manager, whether it be for breach of performance or service covenants or non-payment, he shall there after be billed for all losses of revenue, expenses incurred to reestablish performance or service and other costs unless the tenant, user or grantee files with the Airport Manager within ten (10) days of receipt of the formal notification a statement that corrective or preventative measures have been initiated and will diligently be carried to completion. If the premises contained in the statement are not fulfilled, the tenant, user, or grantee will be considered in absolute default and appropriate lawful steps shall be taken by the Airport Manager.
Default of Obligations. A). The parties shall be entitled to issue the rescission of this Agreement (the “Notice of Rescission”) in the event of non-compliance with any of the obligations entered into herein. In the event of default of obligations, the affected party shall deliver to the address of the defaulting party, as set out hereunder, a notice of default of obligations (the “Notice of Default”) and it shall grant to the defaulting party thereon a term of thirty (30) calendar days, commencing on the date of receipt of the Notice of Default, to comply with any and all of the defaulting obligations. The aforesaid notice may be made by any type of delivering service or courier with acknowledgment of receipt. The date that is shown in such acknowledgment of receipt shall be deemed as the commencement of the above term of fifteen days.
B). The affected party shall be entitled to issue the Notice of Rescission –without having recourse to the law- at the expiration of the term mentioned hereinbefore, as the case may be, in the event that the defaulting party does not comply with any and all of the outstanding obligations within the said term; therefore, the legal effect of this Agreement shall completely cease as of the day of acknowledgment of receipt of the Notice of Rescission.
C). Any notice given or required to be given between the parties as a result of the fulfillment of this Agreement, shall be made to the following domiciles: to the MINORITY PARTNER: The parties may freely change the above domiciles at any time, provided they give each other a timely notice in writing within ten (10) calendar days as of the day of such changing of domiciles.
Default of Obligations. 8.1 In the event that any funding provided pursuant to this Letter of Intent has been used for purposes other than those dictated hereunder, any and all funding provided pursuant hereto is subject to repayment by the Municipalities at the sole discretion and on such terms and conditions set by the Province, and any future funding dictated by the terms of this Letter of Intent may also be terminated by the Province at its sole discretion.
Default of Obligations. The parties shall be entitled to issue the rescission of this Agreement (the “Notice of Rescission”) in the event of non-compliance with any of the obligations entered into herein in accordance with the following:
14.1. In the event of a significant default of obligations, the affected party shall deliver to the domicile of the defaulting party, as set out under clause 18.0. , a notice of default of obligations (the “Notice of Default”) and it shall grant to the defaulting party thereon a term of thirty (30) calendar days, commencing on the date of receipt of the said Notice, to comply with any and all of the defaulting obligations. The parties may extend the term set forth herein by written agreement, indicating the extension granted therein.
14.2. The affected party shall be entitled to issue the Notice of Rescission at the expiration of the aforementioned term or at the expiration of any extension agreed upon, as the case may be, in the event that the defaulting party does not comply with any and all of the outstanding obligations within the said terms. This Notice of Rescission should be appealed by the affected party before a competent civil court, if such party deems that the Notice of Rescission was unjustly issued.
14.3. In the event of a less significant or mild default of obligations, the affected party shall not be entitled to issue the Notice of Rescission, until there is evidence in writing that proves the parties reasonably and consistently tried (or at least that the innocent or not guilty party tried) to solve the mild default, and despite such efforts the default could not be resolved.
Default of Obligations. With the exception of such obligations that have a specific event of default stipulated in this Clause, if the Borrower fails to comply with:
6.1.9.1 the obligations set out in Clause 5.1 above (Affirmative Covenants);
6.1.9.2 the obligations set out in Clause 5.2 above (Negative Convenants);
6.1.9.3 the obligations set out in Clause 5.3 above (Financial Convenants). Breach of obligations also includes the Obligations to do, not to do, financial or otherwise set out in the 2017 Senior Secured Notes.
Default of Obligations. Neither Party shall be considered to be in default as a result of its delay or failure to perform its obligations herein when such delay or failure arises out of caus- es beyond the reasonable control of the Party. Such causes may include, but are not restricted to, acts of God or the public enemy, acts of the state or the United States in either its sovereign or contractual capacity, fires, floods, epidemics, strikes, and unusu- ally severe weather; but, in every case, delay or fail- ure to perform must be beyond the reasonable con- trol of and without the fault or negligence of the Party.
Default of Obligations. If the Borrower defaults in any of its obligations under this Agreement (other than those whose default is set forth in this Clause 6.01) and such default is not cured within 10 (ten) Business Days following the existence of such default; or
Default of Obligations. The Agreement, including this Addendum, shall be subject to cancellation in accordance with Article XXIII of the Agreement upon the occurrence of an Event of Default as set forth therein if such Event of Default is not cured or corrected within the periods prescribed; provided, however, a cancellation by either Party based on a default not related to the delivery or supply of Cigarette Papers, including Banded Cigarette Papers, shall not result in a right of cancellation of the Parties' obligations with respect to Banded Cigarette Papers as set forth in this Addendum. The following additional Events of Default shall be applicable with respect to this Addendum:
Default of Obligations. (1) If the Seller does not at all deliver or partially delivers the quantity as in the harmonized HSS and is not released from its obligations in the event of Force Majeure, as specified in Section VII of the Agreement, or due to the default of Buyer’s obligations, the Seller shall pay to the Buyer the amount of undelivered electricity equal to the difference between the accepted price of the harmonized HSS and the higher price at which the Buyer is able or will be able to buy or otherwise take over the undelivered electricity in the market, while acting in a commercially reasonable manner, increased by the variable costs for electricity transmission and any other reasonable and documented expenses. The possibility of compensation for loss of earnings, indirect or consequential damages shall be expressly excluded.
(2) If the Buyer does not accept or partly accepts the quantity as in the harmonized HSS and is not released from its obligations in the event of Force Majeure, as specified in Article 10 of the Agreement, or due to the default of Seller’s obligations, the Buyer shall pay to the Seller the amount of unaccepted quantity equal to the difference between the agreed contract price and the lower price at which the Seller is able or will be able to sell the unaccepted electricity in the market, while acting in a commercially reasonable manner, increased by the variable costs for electricity transmission and any other reasonable and documented expenses. The possibility of compensation for loss of earnings, indirect or consequential damages shall be expressly excluded.
Default of Obligations. The Agreement, including this Addendum, shall be subject to cancellation in accordance with Article XXIII of the Agreement upon the occurrence of an Event of Default as set forth therein if such Event of Default is not cured or corrected within the periods prescribed; provided, however, a cancellation by either Party based on a default not related to the delivery or supply of Cigarette Papers, including Banded Cigarette Papers, shall not result in a right of cancellation of the Parties' obligations with respect to Banded Cigarette Papers as set forth in this Addendum. The following additional Events of Default shall be applicable with respect to this Addendum:
7.1 BY PHILXX XXXRXX
7.1.1 Failure to [*****];
7.1.2 Breach of any representation or warranty made by Philxx Xxxrxx xx Article 6.1 above.
7.2 BY SWM
7.2.1 Unexcused failure or refusal to prosecute, or delay in the performance of, the Work;
7.2.2 Breach of any representation or warranty made by SWM in Article 6.2 above;
7.2.3 Failure or refusal to submit to Philxx Xxxrxx xxx report or certificate required by Article 2 above; or
7.2.4 The inclusion of any materially false or misleading information or representation in any report or certificate submitted to Philxx Xxxrxx xx accordance with Article 2.8.2 above.
