EFFECT OF BUILDER’S DEFAULT Sample Clauses

EFFECT OF BUILDER’S DEFAULT. If any such default as referred to in Paragraph3 above occurs, then the BUYER may terminate this CONTRACT by promptly notifying the BUILDER in writing but not later than two (2) weeks from the date of the BUILDER’s default takes place or after the period to remedy it has expired. Such cancellation is to be effective as of the date when such notice of cancellation is received by the BUILDER and the provisions of Article X. 5 shall apply in respect of such termination. In any event the BUYER shall be entitled to pursue such claims and remedies as it may elect subject to the applicable law. (End of Article)
Sample 1Sample 2Sample 3See All (6)
AutoNDA by SimpleDocs
EFFECT OF BUILDER’S DEFAULT. If any such default as referred to in Paragraph (c) above occurs then the Buyer may cancel this Contract by promptly notifying the Builder in writing after the period to remedy it has expired (if any). Such cancellation is to be effective as of the date when such notice of cancellation is received by the Builder (such notice shall be deemed received by the Builder within 24 hours from the moment it was sent by fax or e-mail by the Buyer) and the provisions of Article 10(g) shall apply in respect of such cancellation. In the event that the Buyer elects not to cancel this Contract it shall be entitled to pursue such claims and remedies as it may elect subject to the applicable law. (End of Article)
Sample 1Sample 2Sample 3See All (4)
EFFECT OF BUILDER’S DEFAULT. (a) If any default by the BUILDER occurs as defined in Paragraph 1 of this Article, BUYER may, at its election, either cancel this Contract as provided in Article XI, or require BUILDER to deliver possession of the VESSEL and all of its Appurtenances and Components (as defined in Article VII, Paragraph 5) to BUYER (and title thereto, to the extent that title to any such items is not already vested in the BUYER), in whatever state of completion the same may be at the date of such election. If BUYER elects to take possession of the VESSEL (and title thereto, to the extent that title to any such items is not already vested in the BUYER), as aforesaid, then BUYER may bring such workers to the Shipyard as BUYER chooses and perform such work as may be necessary to prepare the VESSEL for removal, and may so remove the VESSEL from BUILDER's Shipyard to a reputable shipyard of international standing in BUYER's reasonable opinion for completion or another location of BUYER's selection for disposal. BUYER may thereafter proceed to contract with or employ any other person or persons to complete the work or any part thereof and provide any equipment, materials and labor as may be necessary for such completion. Upon completion of the work by the BUYER, the BUYER shall document the cost to the BUYER of completing the work including all expenses, charges, losses and damages incurred by the BUYER in consequence of and incidental to the default of the BUILDER. Once BUYER has documented BUYER's cost to complete, BUILDER shall be entitled to receive, (or shall be required to repay to BUYER, as the case may be) a sum arrived at in the following manner: The sum of (a) all progress payments paid by BUYER to BUILDER, plus (b) BUYER's documented cost of completion, as aforesaid, subtracted from the Contract Price set forth in Article II, including interest on the amount receivable (or payable, as the case may be) hereunder at the rate of ten percent (10%) per annum computed from the time BUYER has documented its cost to complete the VESSEL to BUILDER until remittance of the amounts receivable or payable. The rights conferred upon the BUYER under the terms of this Article XIV shall be in addition to, and not in substitution for, any rights which the BUYER would have in either law or equity upon the happening of the events of default specified herein, or upon any failure on the part of the BUILDER to perform the undertakings, agreements, and covenants on its part to be performed her...
Sample 1Sample 2
EFFECT OF BUILDER’S DEFAULT. If the BUILDER shall be in any default as provided for in Clause 1 of this Article hereinabove, the BUYER may, at its option, rescind this Contract in accordance with provisions of this Article X.
Sample 1
EFFECT OF BUILDER’S DEFAULT. (a) If any default by the BUILDER occurs as defined in Paragraph 1 of this Article, BUYER may, at its election, either cancel this Contract as provided in Article XI, or require BUILDER to deliver possession of the VESSEL and all of its Appurtenances and Components (as defined in Article VII, Paragraph 5) to BUYER (and title thereto, to the extent that title to any such items is not already vested in the BUYER), in whatever state of completion the same may be at the date of such election. If BUYER elects
Sample 1
EFFECT OF BUILDER’S DEFAULT. (a) If any default by the BUILDER occurs as defined in Paragraph 1 of this Article, BUYER may, at its election, either cancel this Contract as provided in Article XI, or require BUILDER to deliver possession of the VESSEL and all of its Appurtenances and Components (as defined in Article VII, Paragraph 5) to BUYER (and title thereto, to the extent that title to any such items is not already vested in the BUYER), in whatever state of completion the same may be at the date of such election. If BUYER elects to take possession of the VESSEL (and title thereto, to the extent that title to any such items is not already vested in the BUYER), as aforesaid, then BUYER may bring such workers to the Shipyard as BUYER chooses and perform such work as may be necessary to prepare the VESSEL for removal, and may so remove the VESSEL from BUILDER's Shipyard to another location for completion or disposal. BUYER may thereafter proceed to contract with or employ any other person or persons to complete the work or any part thereof and provide any equipment, materials and labor as may be necessary for such completion. Upon completion of the work by the BUYER, the BUYER shall document the cost to the BUYER of completing the work including all expenses, charges, losses and damages incurred by the BUYER in consequence of and incidental to the default of the BUILDER.
Sample 1

Related to EFFECT OF BUILDER’S DEFAULT

  • Effect of Default If Tenant is in Default, Landlord is irrevocably authorized, as Tenant’s agent and attorney-in-fact, to direct any transferee under any sublease, license or other occupancy agreement to make all payments under such agreement directly to Landlord (which Landlord shall apply towards Tenant’s obligations hereunder) until such Default is cured. Such transferee shall rely upon any representation by Landlord that Tenant is in Default, whether or not confirmed by Tenant.

  • Effect of Event of Default If any Event of Default described in Section 13.1.4 shall occur in respect of the Company, the Commitments shall immediately terminate and the Loans and all other Obligations hereunder shall become immediately due and payable and the Company shall become immediately obligated to Cash Collateralize all Letters of Credit, all without presentment, demand, protest or notice of any kind; and, if any other Event of Default shall occur and be continuing, the Administrative Agent may (and, upon the written request of the Required Lenders shall) declare the Commitments to be terminated in whole or in part and/or declare all or any part of the Loans and all other Obligations hereunder to be due and payable and/or demand that the Company immediately Cash Collateralize all or any Letters of Credit, whereupon the Commitments shall immediately terminate (or be reduced, as applicable) and/or the Loans and other Obligations hereunder shall become immediately due and payable (in whole or in part, as applicable) and/or the Company shall immediately become obligated to Cash Collateralize the Letters of Credit (all or any, as applicable), all without presentment, demand, protest or notice of any kind. The Administrative Agent shall promptly advise the Company of any such declaration, but failure to do so shall not impair the effect of such declaration. Any cash collateral delivered hereunder shall be held by the Administrative Agent (without liability for interest thereon) and applied to the Obligations arising in connection with any drawing under a Letter of Credit. After the expiration or termination of all Letters of Credit, such cash collateral shall be applied by the Administrative Agent to any remaining Obligations hereunder and any excess shall be delivered to the Company or as a court of competent jurisdiction may elect.

  • Buyer’s Default Should the deposit not be paid in accordance with Clause 2, the Sellers have the right to cancel this Agreement, and they shall be entitled to claim compensation for their losses and for all expenses incurred together with interest. Should the Purchase Price not be paid in accordance with Clause 3, the Sellers have the right to cancel the Agreement, in which case the deposit together with interest earned shall be released to the Sellers. If the deposit does not cover their loss, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest.

  • Tenant’s Default 14.1 Any other provisions in this Lease notwithstanding, it shall be an event of default (“Event of Default”) under this Lease if: (i) Tenant fails to pay any installment of rent or any other sum payable by Tenant hereunder when due and such failure continues for a period of ten (10) days after written notice from Landlord to Tenant that such payment has not been received, or (ii) Tenant fails to observe or perform any other material covenant or agreement of Tenant herein contained and such failure continues after written notice given by or on behalf of Landlord to Tenant for more than thirty (30) days, provided, however, that if such non-monetary Event of Default by Tenant cannot reasonably be cured within such thirty (30) day period, and provided further that Tenant is proceeding with due diligence to effect a cure of said Event of Default, no Event of Default hereunder shall be declared by Landlord if Tenant continues to proceed with diligence to cure said Event of Default, but in no event shall such cure period extend beyond ninety (90) days following notice from Landlord of such violation, default or breach, or (iii) Tenant files a petition commencing a voluntary case, or has filed against it a petition commencing an involuntary case, under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files or has filed against it a petition or answer in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law, and, in the case of any such involuntary action, such action shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or Tenant consents or acquiesces in the filing thereof, or (iv) a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant’s property or of the Premises shall be appointed in any proceedings brought by or against Tenant and, in the latter case, such entity shall not be discharged within sixty (60) days after such appointment or Tenant consents to or acquiesces in such appointment, or (v) Tenant shall generally not pay Tenant’s debts as such debts become due, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due. The notice and grace period provisions in clauses (i) and (ii) above shall have no application to the Events of Default referred to in clauses (iii) through (v) above.

  • Owners’ default (i) The Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing if any moneys payable by the Owners under this Agreement and/or the owners of any associated vessel, details of which are listed in Annex “D”, shall not have been received in the Managers’ nominated account within ten running days of receipt by the Owners of the Managers written request or if the Vessel is repossessed by the Mortgagees.

  • TENANT’S DEFAULTS In addition to any other event of default set forth in this Lease, the occurrence of any one or more of the following events shall constitute a default by Tenant:

  • Lessor's Default It shall be a breach of this Lease if Lessor fails to observe or perform any term, covenant or condition of this Lease on its part to be performed and such failure continues for a period of 30 days after Notice thereof from Lessee, unless such failure cannot with due diligence be cured within a period of 30 days, in which case such failure shall not be deemed a breach if Lessor proceeds within such 30-day period, with due diligence, to cure the failure and thereafter diligently completes the curing thereof. The time within which Lessor shall be obligated to cure any such failure also shall be subject to extension of time due to the occurrence of any Unavoidable Delay. If Lessor does not cure any such failure within the applicable time period as aforesaid, Lessee may declare the existence of a "Lessor Default" by a second Notice to Lessor. Thereafter, Lessee may forthwith cure the same in accordance with the provisions of Article 32, subject to the provisions of the following paragraph. Lessee shall have no right to terminate this Lease for any Lessor Default and no right, for any such Lessor Default, to offset or counterclaim against any Rent or other charges due hereunder. If Lessor shall in good faith dispute the occurrence of any Lessor Default and Lessor, before the expiration of the applicable cure period, shall give Notice thereof to Lessee, setting forth, in reasonable detail, the basis therefor, no Lessor Default shall be deemed to have occurred and Lessor shall have no obligation with respect thereto until final adverse determination thereof, whether through arbitration or otherwise; provided, however, that in the event of any such adverse determination, Lessor shall pay to Lessee interest on any disputed funds at the Base Rate, from the date demand for such funds was made by Lessee until the date of final adverse determination and, thereafter, at the Overdue Rate until paid. If Lessee and Lessor shall fail, in good faith, to resolve any such dispute within ten (10) days after Lessor's Notice of dispute, either may submit the matter for determination by arbitration, but only if such matter is required to be submitted to arbitration pursuant to any provision of this Lease, or otherwise by a court of competent jurisdiction.

  • Landlord’s Default and Tenant’s Remedies In the event Landlord fails to perform its obligations under this Lease, Landlord shall nevertheless not be in default under the terms of this Lease until such time as Tenant shall have first given Landlord written notice specifying the nature of such failure to perform its obligations, and then only after Landlord shall have had thirty (30) days following its receipt of such notice within which to perform such obligations; provided that, if longer than thirty (30) days is reasonably required in order to perform such obligations, Landlord shall have such longer period. In the event of Landlord’s default as above set forth, then, and only then, Tenant may then proceed in equity or at law to compel Landlord to perform its obligations and/or to recover damages proximately caused by such failure to perform (except as and to the extent Tenant has waived its right to damages as provided in this Lease).

  • Seller’s Default Should the Sellers fail to give Notice of Readiness in accordance with Clause 5 a) or fail to be ready to validly complete a legal transfer by the date stipulated in line 61 the Buyers shall have the option of cancelling this Agreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement the deposit together with interest earned shall be released to them immediately. Should the Sellers fail to give Notice of Readiness by the date stipulated in line 61 or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement.

  • Effect of Default on Options (a) Lessee shall have no right to exercise an Option, notwithstanding any provision in the grant of Option to the contrary: (i) during the period commencing with the giving of any notice of Default under Paragraph 13.1 and continuing until the noticed Default is cured, or (ii) during the period of time any monetary obligation due Lessor from Lessee is unpaid (without regard to whether notice thereof is given Lessee), or (iii) during the time Lessee is in Breach of this Lease, or (iv) in the event that Lessor has given to Lessee three (3) or more notices of separate Defaults under Paragraph 13.1 during the twelve (12) month period immediately preceding the exercise of the Option, whether or not the Defaults are cured.

Time is Money Join Law Insider Premium to draft better contracts faster.