Default Option. The interest rate margin and index described in the "VARIABLE INTEREST RATE" paragraph above (the "Default Option").
Default Option. 24 The Union and the County realize that the existing compensation arrangements are 25 jointly owned as a product of a series of contracts that have been freely entered into. There is also 26 a joint recognition that any process such as the above which is not, and cannot be, precisely 27 specified in advance, must involve a concerted effort of discussion to be successful, and must be 28 disciplined by a default option; therefore: 29 If the County recommendations are rejected by the Union, the County will give the 30 Union thirty (30) days to appeal the study results, based upon a substantive failure to comply with 31 the mutually agreed upon guideline of the Labor Management Class Comp Committee. If the 32 parties are unable to resolve the appeal, provisions of Article 15.VI.B will apply. If the County 33 recommendations are rejected by the Union and there has been no substantive failure to comply 34 with the mutually agreed upon guidelines, the County may implement the study’s results at its own 1 expense. 2 In the event an employee’s rate of pay exceeds the new recommended maximum 3 pay rate as a result of a Classification/Compensation study, he or she will be paid in accordance 4 with Article 15.V.
Default Option. If, after the delivery of a Buy/Sell Notice by a Member, the buying Member (referred to herein as a “Defaulting Member”) shall fail to make payment of the Buy/Sell Purchase Price when and as required, the other Member (the “Non-Defaulting Member”) shall (a) if the Buy/Sell Notice relates to a Portfolio Impasse, have the right, at its option, to purchase all of the Interest of the Defaulting Member for ninety-five percent (95%) of the Buy/Sell Purchase Price that would have been payable by the non-Defaulting Member if it had been the buying Member (it being understood that said amount to be paid by the non-Defaulting Member shall be equal to 95% of the amount the Defaulting Member would receive upon liquidation of the Company for the Company Value (as reflected in the Buy/Sell Notice that triggered such buy/sell)) and the Non-Defaulting Member shall be entitled to retain the non-refundable cash deposit, and (b) if the Buy/Sell Notice relates to a Property Impasse, have the right, at its option, to purchase the Buy/Sell Properties for 95 % of the Buy/Sale Property Purchase Price and the Non-Defaulting Member shall be entitled to retain the non-refundable cash deposit. Such option shall be exercised by sending written notice thereof to the Defaulting Member within ten (10) days after the date specified for payment of the applicable Buy/Sell Purchase Price, which notice shall specify a closing date not later than sixty (60) days following the date such notice is given. If the Non-Defaulting Member elects not to exercise such option, the Non-Defaulting Member shall be entitled to all of its rights and remedies available at law or in equity as a result of the Defaulting Member’s default and shall also be entitled to reimbursement of its costs and expenses, including, without limitation, all appraisal, legal and accounting fees, incurred in connection with such Buy/Sell Notice.
Default Option. Following any Event of Default on the part of the Majority Shareholder, the Minority Shareholder shall have the right to require the former to sell to it or its nominee all (but not part only) of the Shares held by the Majority Shareholder at ninety percent (90%) of the Transfer Price determined in accordance with Article 40 hereof and as per the procedure laid down in Article 39.
Default Option. (a) Subject to paragraph 6(b) below, prior to any Transfer by the Secured Party to a Third Party pursuant to the exercise of its rights and remedies under the Finance Documents and applicable law, the Secured Party shall have given notice pursuant to this paragraph 6(a) and Kinross shall have been afforded the opportunity of exercising its rights under paragraph 6(g). The Secured Party may, at any time that an Event of Default has occurred and is continuing under, and as defined in, the Facility Agreement, deliver to Kinross notice of such Event of Default (a “Notice of Default”), together with a certificate signed by a representative of the Secured Party certifying that an Event of Default has occurred and is continuing under, and as defined in, the Facility Agreement. If the Secured Party has delivered to Kinross a Notice of Default, then the Secured Party shall promptly deliver to Kinross notice if such Event of Default is no longer continuing (a “Notice of Revocation”).
(b) Upon receipt of a Notice of Default and unless and until a Notice of Revocation is given, no Kinross Partner shall have the right to exercise its Default Option pursuant to Section 9.2(1)(a) of the Partnership Agreement (and for greater certainty, no obligation for the General Partner to appoint the Partnership Independent Valuator shall arise), provided that if a Kinross Partner has issued a notice pursuant to Section 9.2(1)(a) of the Partnership Agreement exercising its Default Option prior to the Notice of Default being delivered to Kinross and the Partnership Independent Valuator has been appointed, and such notice has not expired or been revoked by Kinross, then:
(i) Kinross shall promptly notify the Secured Party to that effect upon receipt of the Notice of Default (if it has not already done so pursuant to paragraph 2(b) above);
(ii) subject to paragraph 6(b)(v) below, that Notice of Default shall have no force or effect in relation to any Kinross Partner, and as a result no Transfer to a Third Party of either the ROFR Offered Interest or the GP Interest pursuant to paragraphs 3(a) or 3(b) may take place while the Partnership Independent Valuator is carrying out its valuation or during the related LPA Determination Period or, to the extent it arises, the LPA Transfer Period (each as defined below);
(iii) such Kinross Partner shall be entitled to complete the contemplated Transfer pursuant to Article 9 of the Partnership Agreement, provided that the Kinross Partner, notwithsta...
Default Option. If an employee does not select either Option A or Option B in writing prior to the first paycheck, the employee shall be paid under Option A.
Default Option. (a) Following any Event of Default on the part of NDC and/or Centrino, CGP shall have the right to require the defaulting Party to sell to CGP or any person that CGP nominates all (but not part only) of the defaulting Party’s Shares at ninety percent (90%) of the Transfer Price determined in accordance with Clause 4.5 and as per the procedure laid down in Clause 4.4.
(b) Following any Event of Default on the part of CGP, NDC and/or Centrino shall have the right to require CGP or any person that CGP nominates to purchase all (but not part only) of the Shares held by NDC and/or Centrino, as the case maybe, at one hundred and ten percent (110%) of the Transfer Price determined in accordance with Clause 4.5 and as per the procedure laid down in Clause 4.4.
Default Option. Following any Event of Default on the part of TVP and/or Centrino, CGP shall have the right to require the defaulting Party to sell to CGP or any person that CGP nominates all (but not part only) of the defaulting Party’s Shares at ninety percent (90%) of the Transfer Price determined in accordance with Article 47 hereto and as per the procedure laid down in Article 46 hereto.
Default Option. The Positive Pay Schedule contains a default option elected by Customer indicating whether Bank shall pay or return any Exception Item. Absent timely instructions to the contrary submitted by Customer strictly in accordance with Section 4(a) above and containing all required information, all Exception Items shall either be returned (with a return reason of “refer to maker”) or paid in accordance with the default option elected by Customer on the Positive Pay Schedule. Customer acknowledges that electing to have Exception Items returned would be commercially reasonable, and that electing to have Exception Items paid entails risk, which Customer assumes.
Default Option. Effective from 1 April 2017, the default investment arrangement of the scheme is DIS.
