DEFAULT OF THE PURCHASER Sample Clauses

DEFAULT OF THE PURCHASER. If the Purchaser defaults in its obligations to purchase the Bonds hereunder and other arrangements satisfactory to the Issuer and the Tenant for the purchase of the Bonds are not made within thirty-six (36) hours after default, this Agreement may be terminated by the Issuer without liability on its part.
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DEFAULT OF THE PURCHASER. In the event the Purchaser (i) fails to perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations of the Purchaser herein or (ii) fails to make payment of the Price or any of the other amounts payable by it to the Vendor in terms of this Agreement, the Purchaser shall be deemed to be in default. In such an event the Vendor shall, at its sole discretion, have the option to either (a) cancel and/or rescind this Agreement whereupon the Vendor shall refund to the Purchaser all payments received by it till the date of such cancellation or rescission without any interest after deducting 10% (ten percent) therefrom but the payments made by the Purchaser, if any, for up-gradation and the Rates & Taxes, if any paid, shall be not be refunded or (b) where the default is delay of any payment due under this Agreement and the Vendor opts not to cancel the Agreement, then the Purchaser shall become liable to pay interest @ 2% (two percent) per month compounded monthly for the period of delay on all amounts due and outstanding calculated from the due date of the payment till the date of payment. However, if the Purchaser fails, neglects and/or refuses to pay the default amount and the interest thereon within 6 (six) months from the date the payments fall due, the Vendor may opt to cancel and/or rescind this Agreement in the manner elaborated above.
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DEFAULT OF THE PURCHASER. In the event the Purchaser fails to (i) perform or comply with any of the terms, conditions, covenants, undertakings, stipulations, restrictions, prohibitions and/or obligations of the Purchaser or (ii) make payment of the Price or any other amount payable to the Vendor within the stipulated time, the Purchaser shall be deemed to be in default. In such an event the Vendor shall, at its discretion, have the option to either:
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DEFAULT OF THE PURCHASER. 12.1 Without prejudice to the relevant provisions of the preceding Articles and to KMAB’s right to demand full performance of any Agreement, KMAB shall, in the event that Purchaser fails to fulfil any of his obligations, be entitled to without giving any notice thereof: store the Products, for the account and risk of Purchaser, on KMAB’s premises or, at KMAB’s sole discretion, to transport and store the Products elsewhere; to suspend all Deliveries to the Purchaser under any and all Agreement(s); without the consent of Purchaser or any court to cancel all Agreements with the Purchaser wholly or partly and to take back Products supplied; and to be compensated fully by the Purchaser for any interest, damage and costs or losses, including attorneys’ fees and costs, incurred by Purchaser as a result of Purchaser’s breach and the resulting measure(s) taken by KMAB in connection therewith.
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DEFAULT OF THE PURCHASER. In the event the Purchaser fails to pay the Price in accordance with the provisions of this Agreement and/or a winding-up order is made against the Purchaser the Vendor may by notice rescind this Agreement and upon service of such notice:
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DEFAULT OF THE PURCHASER. If and whenever the Purchaser defaults for any reason whatsoever in the performance of any obligation or liability undertaken or expressed to be undertaken by it under or pursuant to any of the Transaction Documents the Purchaser Guarantor shall forthwith upon demand unconditionally perform (or procure performance of) and satisfy (or procure the satisfaction of) the obligation or liability in regard to which such default has been made in the manner prescribed by the relevant Transaction Documents and so that the same benefits shall be conferred on the Vendor as the Vendor would have received if such obligation or liability had been duly performed and satisfied by the Purchaser. The Purchaser Guarantor hereby waives any rights which it may have to require the Vendor to proceed first against or claim payment from the Purchaser in default to the intent that as between the Vendor and the Purchaser Guarantor the latter shall be liable as principal debtor as if it had entered into all undertakings, agreements and other obligations with the Purchaser.
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Related to DEFAULT OF THE PURCHASER

  • Purchaser Default If Purchaser defaults in its obligations hereunder to (a) deliver the Deposit, or (b) deliver the Purchase Price for each Property at the time required by Section 2.2.4 and, as a result, does not close on the purchase of the Properties on the Closing Date, then, immediately and without notice or cure, Purchaser shall forfeit the Deposit and neither party shall be obligated to proceed with the purchase and sale of the Properties. If Purchaser defaults in any of its other representations, warranties or obligations under this Agreement (including, without limitation, the failure to deliver to Escrow Agent the deliveries specified under Section 6.4 on the date required thereunder), and such default continues for more than ten (10) days after written notice from Sellers’ Representative, then Purchaser shall forfeit the Deposit and neither party shall be obligated to proceed with the purchase and sale of the Property. The Deposit constitutes liquidated damages and recourse to the Deposit is, except for Purchaser’s indemnity and confidentiality obligations hereunder, Sellers’ sole and exclusive remedy for Purchaser’s failure to perform its obligation to purchase the Properties or any breach of a representation or warranty by Purchaser hereunder. Sellers expressly waive the remedies of specific performance and additional damages for any default by Purchaser hereunder. SELLERS AND PURCHASER ACKNOWLEDGE THAT SELLERS’ DAMAGES WOULD BE DIFFICULT TO DETERMINE, AND THAT THE DEPOSIT IS A REASONABLE ESTIMATE OF SELLERS’ DAMAGES RESULTING FROM A DEFAULT BY PURCHASER IN ITS OBLIGATION TO PURCHASE THE PROPERTY. SELLERS AND PURCHASER FURTHER AGREE THAT THIS SECTION 11.1 IS INTENDED TO AND DOES LIQUIDATE THE AMOUNT OF DAMAGES DUE SELLERS, AND SHALL BE SELLERS’ 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 AGREEMENT, OTHER THAN WITH RESPECT TO PURCHASER’S INDEMNITY AND CONFIDENTIALITY OBLIGATIONS HEREUNDER.

  • 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;

  • Default by Purchaser IN THE EVENT OF ANY EVENT OF DEFAULT BY PURCHASER, SELLER, AS ITS SOLE AND EXCLUSIVE REMEDY, SHALL BE ENTITLED TO RECEIVE THE DEPOSIT, INCLUDING THE PURCHASER’S PREMIUM, AS LIQUIDATED DAMAGES (AND NOT AS A PENALTY) AND TO TERMINATE THIS AGREEMENT WHEREUPON NEITHER PARTY SHALL HAVE ANY FURTHER OBLIGATION OR LIABILITY, EXCEPT FOR THE OBLIGATIONS AND PROVISIONS WHICH ARE EXPRESSLY STATED TO SURVIVE TERMINATION OF THIS AGREEMENT. NOTHING IN THIS SECTION SHALL BE DEEMED IN ANY WAY TO LIMIT, AFFECT OR IMPAIR ANY OF PURCHASER’S INDEMNITIES OR OBLIGATIONS THAT SURVIVE THE TERMINATION OF THIS AGREEMENT OR LIMIT OR IMPAIR SELLER FROM PURSUING ANY REMEDIES AVAILABLE TO SELLER AT LAW OR IN EQUITY AS A RESULT OF SUCH INDEMNIFICATIONS OR OTHER OBLIGATIONS OF PURCHASER THAT SURVIVE THE TERMINATION OF THIS AGREEMENT. NOTWITHSTANDING ANYTHING CONTAINED HEREIN TO THE CONTRARY, IF SELLER TERMINATES THIS AGREEMENT PURSUANT TO A RIGHT GIVEN TO IT HEREUNDER AND PURCHASER TAKES ANY ACTION WHICH INTERFERES WITH SELLER’S ABILITY TO SELL, EXCHANGE, TRANSFER, LEASE, DISPOSE OF OR FINANCE THE PROPERTY OR TAKE ANY OTHER ACTIONS WITH RESPECT THERETO (INCLUDING, WITHOUT LIMITATION, THE FILING OF ANY LIS PENDENS OR OTHER FORM OF ATTACHMENT AGAINST THE PROPERTY), THEN PURCHASER SHALL BE LIABLE FOR ALL LOSS, COST, DAMAGE, LIABILITY OR EXPENSE (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES, COURT COSTS AND DISBURSEMENTS AND CONSEQUENTIAL DAMAGES) INCURRED BY SELLER BY REASON OF SUCH ACTION TO CONTEST BY PURCHASER.

  • 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.

  • Default of Underwriters If any Underwriter or Underwriters default in their obligations to purchase Offered Securities hereunder on either the First or any Optional Closing Date and the aggregate number of shares of Offered Securities that such defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed 10% of the total number of shares of Offered Securities that the Underwriters are obligated to purchase on such Closing Date, CSFBC may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Underwriters, but if no such arrangements are made by such Closing Date, the non-defaulting Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Underwriters agreed but failed to purchase on such Closing Date. If any Underwriter or Underwriters so default and the aggregate number of shares of Offered Securities with respect to which such default or defaults occur exceeds 10% of the total number of shares of Offered Securities that the Underwriters are obligated to purchase on such Closing Date 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 Underwriter or the Company, except as provided in Section 9 (provided that if such default occurs with respect to Optional Securities after the First Closing Date, this Agreement will not terminate as to the Firm Securities or any Optional Securities purchased prior to such termination). As used in this Agreement, the term "Underwriter" includes any person substituted for an Underwriter under this Section. Nothing herein will relieve a defaulting Underwriter from liability for its default.

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