Escalation of Default Situations Sample Clauses

Escalation of Default Situations. Notwithstanding the foregoing provisions of this Section, neither party shall exercise any of the remedies described in Sections 13.1 or 13.2 until after it has notified the other party of its intent to do so and invited discussions between Vice Presidents of each party to discuss such other party's default(s). Such Vice Presidents shall meet within thirty (30) days after the defaulting party's receipt of the non-defaulting party's notice to discuss the status of the default(s), the reason(s) for the default(s), and possible efforts that could be undertaken to resolve the problems in a manner agreeable to the non-defaulting party. If such Vice Presidents cannot agree upon a mutually agreeable plan to address the default(s), or if the defaulting party does not respond to the non-defaulting party's invitation to meet or fails to meet with the non-defaulting party within the above 30-day period, then the non-defaulting party may exercise the remedies set forth in Sections 13.1 and/or 13.2, as applicable, without further notice to the defaulting party. Nothing in this paragraph shall obligate the non- defaulting party to waive any default of the other PAGE 19 party hereunder or any rights or remedies it may have under this Agreement. The non-defaulting party shall have no obligation under this Section 13.3 if, after any meeting described hereunder, the default continues and the defaulting party fails to take the action agreed upon at the meeting, or upon the subsequent default by the defaulting party related to the initial default(s) for which the meeting was held (which is not cured within any applicable cure period) within the twelve (12) month period following any meeting described in this paragraph. All negotiations conducted pursuant to this Section shall be confidential. Notwithstanding the foregoing, this paragraph shall not prevent a party from immediately seeking injunctive relief to prevent perceived irreparable harm and shall not apply to any such action.
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Related to Escalation of Default Situations

  • Lease Events of Default The following events shall constitute Lease Events of Default hereunder (whether any such event shall be voluntary or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) and each such Lease Event of Default shall be deemed to exist and continue so long as, but only as long as, it shall not have been remedied:

  • Notice of Default or Event of Default promptly, and in any event within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;

  • Notification of Defaults and Events of Default Each Lender hereby agrees that, upon learning of the existence of a Default or an Event of Default, it shall promptly notify the Administrative Agent thereof. The Administrative Agent hereby agrees that upon receipt of any notice under this §14.10 it shall promptly notify the other Lenders of the existence of such Default or Event of Default.

  • Consequences of Event of Default In every such event (other than an event with respect to the Borrower described in clause (l) of Section 7.01), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (l) of Section 7.01, (i) the Commitments shall automatically terminate, and (ii) the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

  • Notice of Events of Default or Unmatured Events of Default A statement of a Financial Officer of the Servicer setting forth details of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Servicer proposes to take with respect thereto.

  • Events of Default, Etc During the period during which an Event of Default shall have occurred and be continuing:

  • Consequences of Events of Default (i) If an Event of Default has occurred and is continuing, the interest rate on this Note shall increase immediately by an increment of an additional two hundred basis points, to the extent permitted by applicable law. Any increase of the interest rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this subparagraph).

  • Notice of Events of Default The Issuer shall give a Responsible Officer of the Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

  • Notification of default (a) Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).

  • Events of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders of the Capital Securities and the Guarantor, notices of all Events of Default actually known to a Responsible Officer of the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, however, that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Capital Securities.

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