DEFAULT OR INSOLVENCY a. If the Sub-Contractor commits an Event of Default Total may give the Sub-Contractor a written notice setting out:
i. details of the Event of Default; and
ii. the date by which the Event of Default must be cured,
b. If the Event of Default is not remedied by the time specified in the Default Notice Total may do one of the following:
i. terminate the Sub-Contract; or
ii. take over a part or all of the Sub-Contract Works (“Step-In”).
c. If there is an Event of Insolvency Total may terminate the Sub-Contract (without prior notice), or, may Step In (providing notice to the Sub-Contractor of same).
d. If Total terminates the Sub-Contract under this sub-clause:
i. Total may:
a. in its absolute discretion engage another Sub-Contractor to complete the work under the Sub-Contract (or it may complete itself);
b. have recourse to Security; and
c. without payment of compensation to the Sub-Contractor, take possession of the Sub-Contractor’s Constructional Plant and other equipment and materials as necessary to complete the Sub-Contract Works (to be returned on Completion);
ii. the Sub-Contractor must assign or novate all contracts (including secondary Sub-Contracts) concerning the Sub- Contract Works to Total and do everything and sign all documents necessary to give effect to this sub-clause; and
iii. if the costs to complete the work under the Sub-Contract exceed that which Total would have paid the Sub- Contractor, those costs will be a debt due from the Sub-Contractor to Total.
e. If Total takes over a part or all of the Sub-Contract Works under this sub-clause (exercising its Step-In right):
i. the Sub-Contractor’s obligations under the Sub-Contract are suspended for the period the Sub-Contractor is prevented from performing the Sub-Contract by Total exercising its Step-In right;
ii. the Sub-Contractor must assist Total to ensure Total is able to exercise its Step-In right effectively and expeditiously; and
iii. any cost incurred by Total arising out of or in connection with the exercise of its Step-In right will be a debt due from the Sub-Contractor to Total.
DEFAULT OR INSOLVENCY. Delete the existing text of paragraph (e) of subclause 39.2 and insert: '(e) in respect of subclauses 37.1 and 38.1, failing to provide a statutory declaration or documentary evidence or providing a statutory declaration or documentary evidence which is false, misleading or deceptive in any material respect; and
DEFAULT OR INSOLVENCY. If a petition in bankruptcy should be filed by CARRIER, or if CARRIER should be adjudicated as bankrupt, or if CARRIER should make a general assignment for the benefit of creditors, or if a receiver should be appointed on account of the insolvency of CARRIER, SHIPPER may, without prejudice to any other right of remedy, terminate this Agreement upon giving CARRIER at least five (5) days prior written notice to such termination. CARRIER shall have the same rights as SHIPPER under this item.
DEFAULT OR INSOLVENCY. Insert a new sub-subparagraph in subclause 25.2(a) as follows:
DEFAULT OR INSOLVENCY. In addition to expiration of this Agreement pursuant to Section 4.1, this Agreement may be terminated by written notice to the other parties and the Agent as follows: (a) Service Company may terminate this Agreement if at any time IBP fails to pay any undisputed Service Fee (other than due to any limitation on the amount of such fees that may be paid by IBP during the continuation of an event of default under the Financing Documents pursuant to the terms thereof) and such failure continues for a thirty (30) day period after written notice of such failure to IBP; and (b) either IBP, with the prior written approval of the Investors, or the Investors may terminate this Agreement if at any time Service Company materially fails to provide the Services in accordance with the provisions of this Agreement and such material failure continues for a thirty (30) day period after written notice of such failure to Service Company and the Agent.
DEFAULT OR INSOLVENCY. If a petition in bankruptcy should be filed by Carrier, or if Carrier should be adjudicated as bankrupt, or if Carrier should make a general assignment for the benefit of creditors, or if a receiver should be appointed on account of the insolvency of Carrier, Shipper may, without prejudice to any other right of remedy, terminate this Agreement upon giving Carrier at least five (5) days prior written notice to such termination. Carrier shall have the same rights as Shipper under this Section 8(b).
DEFAULT OR INSOLVENCY. If the Contractor defaults in the performance of its obligations under the Contract or refuses or neglects to comply with any direction given in writing in accordance with the Contract, LGL may issue to the Contractor a Show Cause Notice, in a similar form to Appendix 5/R, requiring the Contractor to show cause in writing why the powers hereinafter contained should not be exercised. Such notice shall specify the period (which shall not be less than three (3) days after service of notice) by which the Contractor is required to show cause as aforesaid. If the Contractor fails to show cause to the satisfaction of the Engineering Manager, why the powers hereinafter contained should not be exercised, LGL, without prejudice to any other rights or remedies that it may have against the Contractor, by notice in writing may:
DEFAULT OR INSOLVENCY. In clause 44.5, add the following paragraph at the end of the clause: “If the Principal takes work out of the hands of the Contractor under clause 44.4 (a) upon receipt of any such notice, the Contractor shall at the Contractor’s own cost, unless the notice requires otherwise:
DEFAULT OR INSOLVENCY. Without prejudice to any other rights at law or in equity, the Licensor must have the right to terminate this Agreement at any time upon 14 days’ notice given to the Licensee where the Licensee fails to faithfully perform any of the terms or conditions of this Agreement, including a payment.
(a) Either party may terminate this Agreement at any time immediately upon 14 days’ notice given to the other party if:
(i) where the other party is a company:
(A) an application is made for the winding up of the other party;
(B) notice of a meeting of the other party specifying the intention to propose a resolution for the winding up of that party is given or any such resolution is passed or deemed to have been passed;
(C) the other party is obliged to convene a meeting of its creditors for the purpose of placing that party under official management or any such meeting is convened or held;
(D) a compromise or arrangement is proposed between the other party and its creditors or any class of them or between the other party and its members or any class of them or a moratorium is declared on the payment of indebtedness of the other party or it commences negotiations with any one or more of its creditors with a view to any general re-adjustment or re-scheduling of its indebtedness or any class of that or with a view to avoiding circumstances in which it might be obliged to declare a moratorium on the payment of its indebtedness or any class of that;
(E) an encumbrancer takes possession or a receiver or similar officer is appointed of the property or any part of the property (including the income and any part of the income) of the other party or any such property is compulsorily acquired or forfeited or distress or execution or other analogous process for an amount exceeding $20,000.00 is issued against any of the property of the other party and is not satisfied or stayed within 14 days; or
(F) the other party threatens to cease to carry on its operations or any substantial part of that or disposes or parts with possession of the whole or any substantial part of its assets; or
(ii) where the other party is a natural person:
(A) the other party is declared bankrupt;
(B) the other party has execution levied against any of its property; or
(C) the other party enters or attempts to enter into any composition, assignment or arrangement with its creditors.
(b) The party in default must pay all reasonable legal and other costs incurred by the other party as a result of or in conne...
DEFAULT OR INSOLVENCY
