DEFAULT; REMEDIES UPON DEFAULT a. Should Lessee (i) default in the timely payment of any sum due to Lessor with respect to the equipment, or (ii) default in the performance of its other obligations with respect “to the equipment hereunder or under any other lease contract(s) made between Lessor and Lessee, or (iii) suffer any distress, execution or other legal process which has the effect of a levy on any of the equipment leased hereunder or thereunder, or (iv) cease doing business as a going concern, become insolvent, commit an act of bankruptcy, or become the subject of any proceeding under any applicable Bankruptcy Act, or (v) be seized or nationalized or should any of Lessee’s assets be seized by a government or government instrumentality; then Lessor may without notice and without relieving Lessee of its obligations hereunder, terminate the leasing of the equipment, invoke the default provisions hereof and/or of any other leases made between Lessor and Lessee, declare the balance of all rental accrued and to be accrued hereunder and thereunder to be due and payable, demand and retake possession of the equipment and all other equipment leased by Lessor to Lessee free of any claims of Lessee, assert maritime or other liens against Lessee’s property wherever it may be found, and exercise any other right or remedy available to Lessor under applicable law. In the event Lessor terminates the leasing of equipment or invokes the aforesaid default remedies, Lessee shall no longer be in possession of Lessor’s equipment with Lessor’s consent, and the rental payable therefor shall immediately increase to the spot lease rates charged by Lessor for like type equipment at the time of default: Lessee shall immediately notify Lessor of the exact location of the equipment. If Lessee fails to redeliver such equipment to Lessor within twenty days of Lessor’s demand for redelivery, Lessor may retake possession of any or all of its equipment in the possession of Lessee, and for such purpose may enter upon any premises belonging to or in the occupation or control of Lessee. LESSEE HEREBY WAIVES ANY AND ALL RIGHTS TO A JUDICIAL HEARING PRIOR TO LESSOR’S REPOSSESSION OF THE EQUIPMENT.
DEFAULT; REMEDIES UPON DEFAULT. (a) What is an event of default? You commit an event of default under this Agreement if (i) you fail to pay any charges when due under the Quote or this Agreement and you do not remedy your failure within two
DEFAULT; REMEDIES UPON DEFAULT. (a) (i) Upon (A) the nonpayment of the whole or any part of any of the amounts described in Subsection 1(b) hereof (including the Payments) at the time when the same are to be paid as provided herein or in the Trust Agreement, (B) the violation by City of any other covenant or provision of this Agreement or the Trust Agreement, (C) the occurrence of an event of default with respect to the First Purchase Agreement or any Additional Revenue Obligations or (D) the insolvency or bankruptcy of City as the same may be defined under any law of the United States of America or the State, or any voluntary or involuntary action of City or others to take advantage of, or to impose, as the case may be, any law for the relief of debtors or creditors, including a petition for reorganization, and
DEFAULT; REMEDIES UPON DEFAULT. A. Any of the following events will constitute an "Event of Default" under the Agreement: (i) non-payment of any amounts due hereunder to BISYS by Client; (ii) non-performance of any of Client's or BISYS' other material obligations hereunder; (iii) if any representation or warranty of Client or BISYS is materially breached; (iv) if Client or BISYS files a petition for bankruptcy or becomes the subject of an involuntary bankruptcy petition which is not vacated within 60 days of filing, or becomes insolvent; or (v) if any substantial part of Client's or BISYS' property becomes subject to any levy, seizure, assignment, application or sale for or by any creditor or governmental agency.
DEFAULT; REMEDIES UPON DEFAULT. (a) What is an event of default? You commit an event of default under this Agreement if (i) you fail to pay any charges when due under this Agreement and you do not remedy your failure within two (2) business days of the date that we notify you in writing of your failure; (ii) you fail to perform any other obligation under this Agreement and you do not remedy your failure within five (5) business days of the date that we notify you in writing of your failure; or (iii) you cease doing business, have a liquidator, administrator, receiver and manager, controller or other like officer appointed over any or all of your assets, become insolvent, commit an act of bankruptcy or become the subject of any proceeding under any bankruptcy act, or its counterpart under the law of Australia or any territory outside of the jurisdiction of Australia.
DEFAULT; REMEDIES UPON DEFAULT. 6.1 The terms of Article 9.0 of the Master Contract (Events of Default and Remedies) govern this VAAPFAP Funding Agreement. The following are additional Events of Default for this VAAPFAP Funding Agreement:
DEFAULT; REMEDIES UPON DEFAULT. (a) Lessee shall be in default of this Agreement if it: (i) fails to pay rent or any other charges arising under this Agreement when due, (ii) fails to perform any of its other material obligations under this Agreement or under any other agreement between Lessee and CAI, (iii) ceases doing business, becomes insolvent, makes an assignment for the benefit of creditors, commits an act of bankruptcy, or becomes the subject of any voluntary or involuntary proceedings under any applicable Bankruptcy Act, or (iv) is seized or nationalized, or has any material portion of its assets seized by any government or entity acting under color of law.
DEFAULT; REMEDIES UPON DEFAULT. A. Any of the following events will constitute an "Event of Default" under the Agreement: (i) non-payment of any amounts due hereunder to BISYS by Client; (ii) non-performance of any of Client's or BISYS' other material obligations hereunder; (iii) if any representation or warranty of Client or BISYS is materially breached; (iv) if Client or BISYS files a petition for bankruptcy or becomes the subject of an involuntary bankruptcy petition which is not vacated within 60 days of filing, or becomes insolvent; or (v) if any substantial part of Client's or BISYS' property becomes subject to any levy, seizure, assignment, application or sale for or by any creditor or governmental agency. B. Upon occurrence of an Event of Default under the Agreement, the non-defaulting party may, at its option, terminate this Agreement provided at least 30 days (or longer period as may be required by the applicable regulatory authorities) prior written notice has been given to the other and such default has not been cured within such period. Upon such termination by BISYS, BISYS may declare all amounts due and to bxxxxx dxx xxreunder immediately due and payable. The remedies contained in this Paragraph 15 are cumulative and in addition to all other rights and remedies available to the parties under this Agreement or by operation of law or otherwise.
DEFAULT; REMEDIES UPON DEFAULT. (a) Each of the following shall be a Default hereunder: (1) the failure of Tenant to pay when due any installment of Monthly Base Rent, Additional Rent or any other charge hereunder within five (5) days after written notice from Landlord advising of such default; (2) the failure of Tenant to timely or fully perform or observe any other provision of this Lease and the continuation of such failure for thirty (30) days after Landlord gives Tenant written notice thereof (provided, however, Tenant shall have no such grace period with respect to any subordination or estoppel agreement required pursuant to the provisions of Section 23 and Section 26 hereof or for any items listed in clauses (3) through (7) herein); (3) the breach by Tenant of any material representation or warranty in this Lease; (4) the filing by or against Tenant or any guarantor hereof of any petition in bankruptcy; (5) the filing of any voluntary or involuntary proceeding instituted to declare Tenant or any guarantor hereof insolvent or unable to pay its debts as they mature; (6) the making by Tenant or any guarantor hereof of an assignment for the benefit of its creditors; or (7) the appointment of a trustee or receiver for Tenant or any guarantor hereof or for the major part of Tenant’s or guarantor’s property.
DEFAULT; REMEDIES UPON DEFAULT. A. Should I/ESG (a) default in the payment of any sum of money hereunder, (b) default in the performances of any of its other obligations under this Agreement or (c) commit an act of bankruptcy or become the subject of any proceeding under the Bankruptcy Act or become insolvent, or if any substantial part of I/ESG's property becomes subject to any levy, seizure, assignment, application, or sale for or by any creditor or governmental agency, then, in any such event, AIMCO, at its option may, upon written notice thereof, immediately terminate this Agreement. Nothing in this Section 11 shall in any way limit AIMCO's rights and remedies under Section 9 hereof.
