Default of the Buyer Sample Clauses

Default of the Buyer. 12.1. The Buyer is in default without notice of default being required if the period stipulated for the payment expires without payment having been made. 12.2. The Buyer will reimburse the Auctioneer for the damage that arises through delay in the payment of his debt, with the addition of any Costs and the statutory interest. 12.3. The Buyer and the Seller acknowledge the right of the Auctioneer, at his own discretion, to demand compliance of the Buyer who exceeds the payment period, or to proceed to rescind the Purchase, or to first demand compliance of the Buyer and subsequently, if this demand is unsuccessful, to nevertheless proceed to rescind the Purchase. 12.4. All costs arising from or connected with the enforcement of his rights arising from a Purchase by the Buyer at the Auction, including all costs arising from or connected with the judicial and/or extrajudicial collection of any untimely or incompletely paid amount will be borne by the Buyer without any notice of default being required. The amounts recorded in the accounts of the Auctioneer for the abovementioned Costs will constitute full evidence in respect of the abovementioned Costs, in the absence of evidence to the contrary supplied by the Buyer. In the event of untimely payment the Buyer is liable to pay interest equivalent to the statutory interest with the addition of 3% or, at the Auctioneer’s discretion, of 1% per month, to be calculated from the day on which the payment period has expired. 12.5. In the absence of payment by the Buyer within the specified period for payment, the Seller or the Auctioneer, without prejudice to their claims for reimbursement of Costs, damages and interest, are entitled to rescind the Purchase without legal intervention or notice of default being required, and to arrange for the Item to be re-auctioned. The re-auction takes place at the expense of the Buyer remaining in default, and under such provisions as determined by the Seller and/or the Auctioneer. The difference in the event of lower proceeds of the re-auctioned Item, and all Costs, damages and interest, and all Costs of the first Auction, must be paid by the Buyer remaining in default, failing which he is in default. The Buyer has no claim to the additional proceeds, and the Buyer cannot demand any refund of Costs already paid. 12.6. If the Seller or the Auctioneer make use of their abovementioned entitlement to rescind the Purchase due to non-compliance with obligations, and does not proceed to h...
Sample 1Sample 2Sample 3
Default of the Buyer. 7.1 Should the Buyer fail to make due payment for any Goods supplied by Pristine Pools and Spas Pty Ltd or commit a breach of any term of the sale, or being a natural person commit an act of bankruptcy, or being a corporation by act or omission enables the appointment of an administrator, scheme manager, trustee, official manager, receiver, receiver and manager, liquidator or any other person authorised to enter into possession or assume control of any property of the Buyer pursuant to a mortgage or other security, Pristine Pools and Spas Pty Ltd may, without prejudice to any other rights it may have, do any or all of the following - (a) Withdraw any credit facilities which may have been extended to the Buyer and require immediate payment of all moneys owing or accrued; (b) Withhold any further deliveries of Goods or performance of Services required under the accepted order; (c) In respect of Goods already delivered, enter into the Buyer’s premises to recover and resell same for its own benefit; (d) Suspend and/or terminate performance of any other contracts which Pristine Pools and Spas Pty Ltd has with the Buyer. 7.2 A certificate, signed by the Director, Accountant, Credit Controller or other authorised person of Pristine Pools and Spars Pty Ltd, stating the sum due and payable by the Buyer under the contract at the date mentioned in that certificate, will be prima facie evidence that the sum so stated is the sum due and payable by the Buyer to Pristine Pools and Spas Pty Ltd under the contract at the date. Without limiting clause 4.9, the cost of collection of any monies due and payable, including but not exclusively the fees of any mercantile agent or solicitor engaged by Pristine Pools and Spas Pty Ltd will be recoverable on a full indemnity basis against the Buyer. 7.3 The Buyer agrees that Pristine Pools and Spas Pty Ltd is entitled to exercise a right of set off to the extent the Buyer is indebted to Pristine Pools and Spas Pty Ltd against any monies due by Pristine Pools and Spas Pty Ltd to the Buyer on this or any other account.
Sample 1
Default of the Buyer. If the Buyer is in default with the acceptance of the vehicle following a written reminder, then Xxxxxx shall xxxxx a 30-day period of grace in writing. Once this has fruitlessly expired Xxxxxx may: a) insist upon fulfilment and demand compensation, or b) waive the retrospective performance and demand 15% of the price of the sold vehicle as compensation, whereby the assertion of further compensation shall not be excluded, or c) withdraw from the agreement. Xxxxxx shall be entitled to the same rights if the Buyer, following a written reminder, defaults on the payment of the purchase price or of more than half of the purchase price, and if Xxxxxx has fruitlessly granted the Buyer a grace period of 30 days in writing. The interest payable by the Buyer in the event of default or deferral shall be 5% p.a.. If Xxxxxx withdraws from the agreement, then the compensation payable by the Buyer shall be calculated as follows: 15% of the price for the fall in the value of the vehicle caused by registration, plus 1% of the price for each month completed since the delivery of the vehicle, plus CHF 0.30 for each driven kilometre. Both Parties shall be entitled to demonstrate that the damages are in fact significantly higher or significantly lower than those claimed by the respective other Party.
Sample 1
Default of the Buyer. 11.1 Without prejudice to any other rights or remedies which Xxxxxx might possess, Xxxxxx shall be entitled to immediately terminate the Contract in the event that: 11.1.1 the Buyer fails to properly perform, carry out and/or complete its obligations arising under and / or in connection with the terms of the Contract in any way; or 11.1.2 the Buyer takes any action, or fails to take any action, which would lead Xxxxxx to reasonably believe that there was a risk of the Buyer being or becoming insolvent; or 11.1.3 if in the opinion of Xxxxxx, the Buyer is guilty of gross misconduct or fails to comply with the provisions of this Contract in any way. 11.2 In the event of termination, Xxxxxx shall without prejudice to any claim or right or remedy available to Xxxxxx, render an invoice for the full balance of the Equipment and any associated costs, and the Buyer shall be liable for all costs and losses arising to Xxxxxx foreseeable or not. 11.3 In the event of termination, any amounts owed by the Buyer to Xxxxxx shall become due for payment immediately. The final date for those payments to be paid is seven days after the due date.
Sample 1

Related to Default of the Buyer

  • Default of Tenant (a) It shall be a default by Tenant if: (1) the rent herein required is not paid at the time and place when and where due and Tenant fails to pay said rent within ten (10) days after written demand from Landlord; or (2) Tenant fails to comply with any material term, provision, condition, or covenant of this Lease, other than the payment of rent, and will not cure such failure within thirty (30) days after notice to Tenant of such failure to comply or such additional time period as may reasonably be necessary to effect a cure of the default provided that Tenant commences and diligently pursues a cure of the default; or (3) Tenant causes any lien to be placed against the Premises and does not cure the same within thirty (30) days after notice from Landlord to Tenant demanding cure. (b) Upon any default by Tenant referenced in Subparagraph (a) above, Landlord may, in addition to, and not in limitation of any other remedy permitted by law or by this Lease: (1) terminate this Lease, in which case Tenant shall (A) immediately surrender the Premises to Landlord, and (B) indemnify Landlord for all loss and damage that Landlord may suffer by reason of such termination, whether through inability to relet the Premises, or through decrease in rent, or otherwise; or (2) acting as Tenant's agent, without terminating this Lease, may terminate Tenant's right of possession, and, at Landlord's option, enter upon and rent the Premises at the best price obtainable by reasonable effort, without advertisement and by private negotiations and for any term Landlord deems proper, in which case Tenant will be liable to Landlord for the deficiency, if any, between Tenant's rent hereunder and the price obtained by Landlord on reletting. Pursuit of any of the foregoing remedies will not preclude pursuit of any of the other remedies herein provided or any other remedies provided by law. In any case, Landlord will use reasonable efforts to mitigate Tenant's damages. Any notice in this provision may be given by Landlord or its attorney. No termination of this Lease prior to the normal ending thereof, by lapse of time or otherwise, will affect Landlord's right to collect rent for the period prior to the termination thereof.

  • Default of Purchasers If any Purchaser or Purchasers default in their obligations to purchase Offered Securities hereunder and the aggregate principal amount of Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase does not exceed 10% of the total principal amount of Offered Securities, CSFBC may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Purchasers, but if no such arrangements are made by the Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Purchasers agreed but failed to purchase. If any Purchaser or Purchasers so default and the aggregate principal amount of Offered Securities with respect to which such default or defaults occur exceeds 10% of the total principal amount of Offered Securities and arrangements satisfactory to CSFBC and the Company for the purchase of such Offered Securities by other persons are not made within 36 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting Purchaser or the Company, except as provided in Section 9. As used in this Agreement, the term "Purchaser" includes any person substituted for a Purchaser under this Section. Nothing herein will relieve a defaulting Purchaser from liability for its default.

  • Seller Default If a Seller, prior to the Closing, defaults in its representations, warranties, covenants, or obligations under this Agreement, including to sell its Property as required by this Agreement and such default continues for more than ten (10) days after written notice from Purchaser, then, at Purchaser’s election, Purchaser may either (i) if Purchaser has closed on the remaining Properties for which there has been no default alleged, seek specific performance of the defaulting Seller’s obligations pursuant to this Agreement (but not damages); or (ii) give a Termination Notice to Sellers’ Representative of Purchaser’s decision to terminate this Agreement for the Properties for which there was such a default, proceed to Closing on the remaining Properties, and the applicable Seller shall pay to Purchaser an amount equal to the Applicable Share of the Deposit for the terminated Properties, Return on Deposit on the Applicable Share amount (or credit the same to Purchaser against the Base Purchase Price for the other Properties for which this Agreement has not been terminated), an amount equal to the actual third party costs incurred by Purchaser relating to breaking Purchaser’s rate lock with respect to the terminated Properties (provided Sellers’ liability for such costs to Purchaser related to breaking the rate lock shall not exceed $2,000,000 in the aggregate regardless of the number of terminated Properties), and, if Sellers’ default under this Agreement resulted from an intentional action or inaction of Sellers taken in bad faith (excluding any action or inaction a Seller reasonably takes or refuses to take in response to a request or requirement of any Lender) that causes one (1) or more of the Closings not to occur solely as a result of such action or inaction, a termination fee of $8,000,000 (the “Termination Fee”) (provided Purchaser has otherwise performed it obligations under this Agreement with respect to the other remaining Properties, including delivery of the Purchase Price therefor, and Sellers have been afforded notice and an opportunity to cure as provided above but have failed to so cure). The amount of the Termination Fee that may be collected by Purchaser shall be limited to $8,000,000, regardless of the number of Sellers alleged to have defaulted hereunder. Purchaser shall be entitled to execute on the Guaranty for any of the Applicable Share of the Deposit, Return on Deposit, and Termination Fee if the same are not returned within one (1) day after termination of the Agreement with respect to the Property or Properties in question.

  • Notice of Default or Event of Default promptly, and in any event within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;

  • Purchaser Default If Purchaser defaults in its obligations hereunder to (a) deliver the Initial Deposit or Additional Deposit (or any other deposit or payment required of Purchaser hereunder), (b) deliver to the Seller the deliveries specified under Section 5.3 on the date required thereunder, or (c) deliver the Purchase Price at the time required by Section 2.2.3 and close on the purchase of the Property on the Closing Date, then, immediately and without the right to receive notice or to cure pursuant to Section 2.3.3, Purchaser shall forfeit the Deposit, and the Escrow Agent shall deliver the Deposit to Seller, and neither party shall be obligated to proceed with the purchase and sale of the Property. If, Purchaser defaults in any of its other representations, warranties or obligations under this Contract, and such default continues for more than 10 days after written notice from Seller, then Purchaser shall forfeit the Deposit, and the Escrow Agent shall deliver the Deposit to Seller, and neither party shall be obligated to proceed with the purchase and sale of the Property. The Deposit is liquidated damages and recourse to the Deposit is, except for Purchaser's indemnity and confidentiality obligations hereunder, Seller's sole and exclusive remedy for Purchaser's failure to perform its obligation to purchase the Property or breach of a representation or warranty. Seller expressly waives the remedies of specific performance and additional damages for such default by Purchaser. SELLER AND PURCHASER ACKNOWLEDGE THAT SELLER'S DAMAGES WOULD BE DIFFICULT TO DETERMINE, AND THAT THE DEPOSIT IS A REASONABLE ESTIMATE OF SELLER'S DAMAGES RESULTING FROM A DEFAULT BY PURCHASER IN ITS OBLIGATION TO PURCHASE THE PROPERTY. SELLER AND PURCHASER FURTHER AGREE THAT THIS SECTION 10.1 IS INTENDED TO AND DOES LIQUIDATE THE AMOUNT OF DAMAGES DUE SELLER, AND SHALL BE SELLER'S EXCLUSIVE REMEDY AGAINST PURCHASER, BOTH AT LAW AND IN EQUITY, ARISING FROM OR RELATED TO A BREACH BY PURCHASER OF ITS OBLIGATION TO CONSUMMATE THE TRANSACTIONS CONTEMPLATED BY THIS CONTRACT, OTHER THAN WITH RESPECT TO PURCHASER'S INDEMNITY AND CONFIDENTIALITY OBLIGATIONS HEREUNDER.

  • Default of Indebtedness No Borrower is in default in the payment of the principal of or interest on any Indebtedness or under any instrument or agreement under or subject to which any Indebtedness has been issued and no event has occurred under the provisions of any such instrument or agreement which with or without the lapse of time or the giving of notice, or both, constitutes or would constitute an event of default thereunder.

  • Default or Event of Default No Default or Event of Default hereunder has occurred or is continuing or will occur as a result of the giving effect hereto.

  • Notice of Default or Litigation Promptly after an Authorized Officer of the Borrower or any of the Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto and (ii) any litigation or governmental proceeding pending against the Borrower or any of the Subsidiaries that could reasonably be expected to be determined adversely and, if so determined, to result in a Material Adverse Effect.

  • No Default or Event of Default No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the Extension of Credit to be made on such date unless such Default or Event of Default shall have been waived in accordance with this Agreement.

  • Buyer Default If Buyer defaults under this Contract after the Review Period, and such default continues for thirty (30) days following written notice from Seller (provided no notice shall extend the time for Closing), then at Seller’s election by written notice to Buyer, this Contract shall be terminated and of no effect, in which event the Xxxxxxx Money Deposit, including any interest thereon, shall be paid to and retained by the Seller as Seller’s sole and exclusive remedy hereunder, and as liquidated damages for Buyer’s default or failure to close, and both Buyer and Seller shall thereupon be released from all obligations hereunder.