Default; Remedies for default Sample Clauses

Default; Remedies for default. 13.1 Should this Agreement or any addendum hereto be breached by Lessee prior to the end of the agreed upon term, or for any other default, then a daily rental rate for the Equipment leased hereunder shall be applied which will be calculated on a pro-rata basis in accordance with the agreed lease rate specified within the existing Lease Order. If the default is for failure to timely pay the lease payments due under this Agreement, any outstanding balances will be subject to an interest charge of 1.5% of per month plus a $ 25.00 USD monthly administrative charge. An invoice will be issued to the Lessee reflecting the rental rate and/or other charges pursuant to this paragraph. 13.2 The Lessor may terminate the Lease without prejudice to any other rights after ten (10) days written notice to the Lessee if (i) the Lessee fails to pay rent or any other charges when due, (ii) the Lessee is in default in the performance of any obligation under this Agreement and fails to remedy fully such default within ten (10) days after receipt of written notice from the Lessor to do so, or (iii) the Lessee is the subject of any proceedings under the bankruptcy laws applicable to the Lessee or has become insolvent, or otherwise places Lessor’s interest in its Equipment in jeopardy. Immediately upon notification of termination, a pro-rata daily rental rate calculated in accordance with the existing Agreement shall apply until each item of Equipment has been returned to Lessor. 13.3 Upon any default, the Lessor may utilize all legal remedies available to it to secure possession of or to protect the Equipment, or may retake possession of the Equipment without resort to judicial process and in such case the Lessee shall be required to notify the Lessor of the exact location of all Equipment on lease and promptly redeliver same to the Lessor. 13.4 The Lessee agrees to pay all reasonable legal fees and costs incurred and incidental to the enforcement of Lessor’s rights under this Agreement, including, but not limited to, measures to collect payment of outstanding invoices or claim repossession of Equipment.
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Default; Remedies for default. The following describes the Parties exclusive remedies in the event of a default, breach or termination of this Agreement. In the event this Agreement is terminated, the Parties shall have no further rights or obligations hereunder except for those rights and obligations that are expressly identified in this Agreement as surviving such a termination. For purposes of this Article 10, the Parties agree that the term Property does not include any portion of the Property not owned in fee simple title by the County or the Xxxxx Parcels.
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Default; Remedies for default. (a) oThe following shall be deemed to constitute a default of the terms of this Agreement:o 1.oThe failure by City to pay any amount of money due under this Agreement;o
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Related to Default; Remedies for default

  • Remedies for Default (a) Enterprise Services’ rights to suspend and terminate Contractor’s rights under this Master Contract are in addition to all other available remedies. (b) In the event of termination for default, Enterprise Services may exercise any remedy provided by law including, without limitation, the right to procure for all Purchasers replacement goods and/or services. In such event, Contractor shall be liable to Enterprise Services for damages as authorized by law including, but not limited to, any price difference between the Master Contract price and the replacement or cover price as well as any administrative and/or transaction costs directly related to such replacement procurement – e.g., the cost of the competitive procurement.

  • Default Remedies (a) If an Event of Default (other than an insolvency Event of Default) has occurred and is continuing, the Lender, by notice to the Company, may declare the Loan Amount of this Note and all accrued interest thereon to be immediately due and payable, and upon any such declaration, such Loan Amount and accrued interest shall thereupon become due and payable immediately within five (5) business days from the Lender’s written request. In the event the Company fails to pay all outstanding Amounts within this five (5) business day period, the interest rate on the unpaid and outstanding Loan Amount of this Note shall be increased to, and this Note shall bear interest at, a monthly rate equal to one and a half percent (1.5%) or to the maximum rate permitted by law (the "Default Rate") from the expiration of the five (5) business day period until such unpaid and outstanding Loan Amount of this Note is repaid in full. If an insolvency Event of Default has occurred, the Loan Amount of this Note and accrued Interest thereon will become immediately due and payable without any declaration or any act on the part of any Lender. Such declaration of acceleration may be rescinded and past defaults may be waived by the Lender. (b) No course of dealing or delay or failure on the part of the Lender to exercise any right under this Section shall operate as a waiver of such right or otherwise prejudice the Lender’s rights, powers and remedies. The Company will pay or reimburse the Lender, to the extent permitted by law, for all reasonable costs and expenses, including but not limited to reasonable attorneys’ fees, incurred by the Lender in collecting any sums due on this Note or in otherwise enforcing any of the Lender's rights hereunder. (c) No right or remedy herein conferred upon the Lender is intended to be exclusive of any other right or remedy contained herein or existing at law, in equity, by statute or otherwise, and every such right or remedy shall be cumulative and shall be in addition to every other such right or remedy contained herein and therein or now or hereafter existing at law, in equity, by statute or otherwise.

  • Events of Default Remedies If any of the following events (each, an “Event of Default”) shall have occurred and be continuing for any reason whatsoever (whether voluntary or involuntary, arising or effected by operation of law or otherwise): (a) any payment of principal of the Loans or the Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the Note; (b) any payment of interest on the Loans or the Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the Note, and such default is not cured within two days; (c) the Borrower shall default in the performance or observance of any other term, covenant or agreement contained herein, and such default shall continue without cure for a period of 30 days after receipt of written notice thereof from the Lender, or any representation or warranty contained herein or therein shall at any time prove to have been incorrect or misleading in any material respect when made; or (d) a case or proceeding shall be commenced against the Borrower, or the Borrower shall commence a voluntary case, in either case seeking relief under any Bankruptcy Law, in each case as now or hereafter in effect, or the Borrower shall apply for, consent to, or fail to contest, the appointment of a receiver, liquidator, custodian, trustee or the like of the Borrower or for all or any part of its property, or the Borrower shall make a general assignment for the benefit of its creditors, or the Borrower shall fail, or admit in writing its inability, to pay, or generally not be paying, its debts as they become due; then during the continuance of any Event of Default (other than any Event of Default specified in clause (d) above), the Lender may by written notice to the Borrower declare, in whole or from time to time in part, the principal of, and accrued interest on, the Loans and the Note and all other amounts owing hereunder to be, and the Loans and the Note and such other amounts shall thereupon and to that extent become, due and payable to the Lender. During the continuance of any Event of Default specified in clause (d) above, automatically and without any notice to the Borrower, the principal of, and accrued interest on, the Loans and the Note and all other amounts payable hereunder shall be due and payable to the Lender and the Commitment shall terminate.

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