Common use of Default; Remedies Upon Default Clause in Contracts

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. (b) If a charge to any nominated credit card, direct debit or other manner of payment is not honoured, then you will be liable for an administration fee as fairly determined by us from time to time, without limiting our rights upon such default. (c) What are our rights after an event of default? If an event of default occurs, we may (but are not obliged to) immediately and without releasing you from any accrued obligations do one or more of the following (i) terminate this Agreement; (ii) declare the balance of the charges due and payable by you (discounted by our cost of borrowing), and we will refund any amounts we obtain from re-hiring the Equipment during the balance of the agreed hire period; (iii) retake possession of the Equipment; and (iv) remedy any default that you commit under this Agreement (at your cost). (d) Right to terminate on 30 days notice: We are also entitled to terminate this Agreement at any time on giving 30 days’ written notice. (e) Your rights to use the Equipment cease. On termination of this Agreement you must immediately return the Equipment to us and pay us all charges owing under this Agreement, and any legal fees to recover possession of the Equipment. We will be entitled to treat any Equipment not returned at the end of an agreed hire period as stolen.

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. (b) If a charge to any nominated credit card, direct debit or other manner of payment is not honoured, then you will be liable for an administration fee as fairly determined by us from time to time, without limiting our rights upon such default. (c) What are our rights after an event of default? If an event of default occurs, we may (but are not obliged to) immediately and without releasing you from any accrued obligations do one or more of the following (i) terminate this Agreement; (ii) declare the balance of the charges due and payable by you (discounted by our cost of borrowing), and we will refund any amounts we obtain from re-hiring the Equipment during the balance of the agreed hire period; (iii) retake possession of the Equipment; and (iv) remedy any default that you commit under this Agreement (at your cost). (d) Right to terminate on 30 days notice: We are also entitled to terminate this Agreement at any time on giving 30 days’ written notice. (e) Your rights to use the Equipment cease. On termination of this Agreement you must immediately return the Equipment to us and pay us all charges owing under this Agreement, and any legal fees to recover possession of the Equipment. We will be entitled to treat any Equipment not returned at the end of an agreed hire period as stolen, and report the matter to the Police for action.

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. (b) If a charge to any nominated credit card, direct debit or other manner of payment is not honoured, then you will be liable for an administration fee as fairly determined by us from time to time, without limiting our rights upon such default. (c) What are our rights after an event of default? If an event of default occurs, we may (but are not obliged to) immediately and without releasing you from any accrued obligations do one or more of the following (i) terminate this Agreement; (ii) declare the balance of the charges due and payable by you (discounted by our cost of borrowing), and we will refund any amounts we obtain from re-hiring the Equipment during the balance of the agreed hire period; (iii) retake possession of the Equipment; and (iv) remedy any default that you commit under this Agreement (at your cost). (d) Right to terminate on 30 days notice: We are also entitled to terminate this Agreement at any time on giving 30 days’ written notice. (e) Your rights to use the Equipment cease. On termination of this Agreement you must immediately return the Equipment to us and pay us all charges owing under this Agreement, and any legal fees to recover possession of the Equipment. We will be entitled to treat any Equipment not returned at the end of an agreed hire period as stolen, and report the matter to the Police for action.

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. (b) If a charge to any nominated credit card, direct debit or other manner of payment is not honoured, then you will be liable for an administration fee as fairly determined by us from time to time, without limiting our rights upon such default. (c) What are our rights after an event of default? If an event of default occurs, we may (but are not obliged to) immediately and without releasing you from any accrued obligations do one or more of the following (i) terminate this Agreement; (ii) declare the balance of the charges due and payable by you (discounted by our cost of borrowing), and we will refund any amounts we obtain from re-hiring the Equipment during the balance of the agreed hire periodHire Term; (iii) retake possession of the Equipment; and (iv) remedy any default that you commit under this Agreement (at your cost). (d) Right to terminate on 30 days notice: We are also entitled to terminate this Agreement at any time on giving 30 days’ written notice. (e) Your rights to use the Equipment cease. On termination of this Agreement you must immediately return the Equipment to us and pay us all charges owing under this Agreement, and any legal fees to recover possession of the Equipment. We will be entitled to treat any Equipment not returned at the end of an agreed hire period as stolen, and report the matter to the Police for action.