Forfeiture of Benefit of Time Sample Clauses

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Forfeiture of Benefit of Time. I. The Borrower shall naturally forfeit the benefit of time with respect to all obligations owed to the Bank without a notice, etc. from the Bank and shall immediately repay the obligations if even one of the following events occurs with respect to the Borrower: 1. the Borrower files or is filed against a petition of suspension of payment, the commencement of bankruptcy proceedings, the commencement of civil rehabilitation proceedings or commencement of special liquidation; 2. the Borrower is subject to the suspension of transactions by a clearinghouse or suspension of use of debtors of the Electronic Monetary Claim Recording Institution; 3. a provisional seizure, a protective seizure, or an order or notice of seizure is delivered with respect to the Borrower’s or the Guarantor’s deposits or other claims against the Bank; or
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Forfeiture of Benefit of Time. If the following matter causes in the Lessee, the Lessee shall forfeit the benefit of time without notice and the Lessor may claim all of the payments. (1) Non-payment of the Fee (2) Attachment, provisional disposition, compulsory execution, auction as exercise of security interest, coercive tax collection, etc. (3) Bankruptcy, civil rehabilitation, corporation reorganization, special liquidation, etc. (4) Other material change in the Lessee’s assets, credit or solvency
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Forfeiture of Benefit of Time. 1. If any of the following events occurs with respect to the Borrower, and the lender issues a notice or warning, the Borrower shall automatically lose the benefit of term and shall immediately pay the entire amount of debt owed to the Lender. i. When payment is suspended or bankruptcy proceedings are initiated. ii. In addition to the preceding paragraph, in the event that the Borrower initiates legal proceedings related to debt reorganization involving court intervention or when facts are recognized as having occurred that payment has been suspended. iii. When provisional seizure, preservation seizure, seizure order, or delinquent disposition is received. 2. In the following cases, the Borrower shall lose the term benefit with respect to all debts owed to the Lender at the request of the Lender and shall immediately pay the full amount of the debts owed to the Lender. i. When the Borrower is delayed in performing even a part of the debt owed to the Lender. ii. When the Borrower violates any article of this Agreement. iii. When equivalent reasons requiring the preservation of the right to claim arise in addition to the above.
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Forfeiture of Benefit of Time. The occurrence of any of the following events by the Borrower shall forfeit the benefit of time without any notice from the Lender and the Borrower shall repay the principal amount together with accrued interest immediately. 1) If the Borrower is filed for provisional attachment, or filed for attachment, provisional disposition, auction, compulsory execution, disposition of failure to pay taxes against property that belongs to the Borrower. 2) If the Borrower is filed for bankruptcy, civil rehabilitation, reorganization, or special liquidation proceedings, or by other liabilities 3) If the notes or cheques drawn, endorsed or secured by the borrower became dishonored 4) If the Borrower changes his address without any notification to the Lender.
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Forfeiture of Benefit of Time. ● If any of the following circumstances occur to Party B, Party B shall forfeit the benefit of time without any notice from Party A and immediately repay the remaining debt: 1. Filing for bankruptcy, civil rehabilitation, corporate reorganization, company arrangement, or special liquidation. 2. Receiving a transaction suspension from a clearinghouse. 3. Receiving provisional attachment, provisional disposition, forced execution, or auction.
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Forfeiture of Benefit of Time. 25.1 When a reason falling under any provision of Article 24 occurs to either party, the relevant party shall forfeit the benefit of time in regard to all obligations arising from transaction.
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Forfeiture of Benefit of Time. (1) In case that any of the following events occurs with respect to Party A, Party A shall automatically forfeit the benefit of time with respect to all obligations owed to Party B and shall immediately perform such obligations, even if no notices are given by Party B: (a) In case of suspension of payments or filing of a petition for commencement of bankruptcy proceedings, civil rehabilitation proceedings, corporate reorganization proceedings, special liquidation proceedings, or any other similar legal liquidation proceedings (b) In case that a transaction suspension order is issued by a clearing house or an electronic monetary claim recording institution (c) In case that an order or notice of provisional attachment, preservative attachment or attachment has been dispatched with respect to the deposits of Party A or its guarantor or any other claims against Party B (d) In case that the whereabouts of Party A are unknown to Party B due to reasons attributable to Party A (2) In case that any of the following events occurs with respect to Party A, Party A shall, at the request of Party B, forfeit the benefit of time with respect to all obligations owed to Party B and shall immediately pay such obligations. (a) In case of delay in the performance of any of the obligations owed to Party B (b) In case that the subject matter of the collateral is subject to attachment or commencement of auction procedures (c) In case of violating an agreement with Party B (d) In case that a note issued by Party A is dishonored and the electronically recorded monetary claims recorded as accrued by Party A become insolvent (limited to cases in which dishonor and insolvent occur within six (6) months) (e) In case that Party A’s guarantor falls under any of the items set forth in the preceding paragraph and this paragraph (f) In addition to each of the preceding items, when there are reasonable grounds for Party A to require preservation of claims (3) In case of the preceding paragraph and the request from Party B has been delayed or has not arrived due to reasons attributable to the fault of Party A, such as Party A’s failure to notify Party B of the change of address, the benefit of time shall be deemed to have expired at the time it should have normally arrived.
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Forfeiture of Benefit of Time. In the event that one Party falls under any of the items of paragraph 1 of the preceding Article, the other Party may send written notice to the Party, causing it to forfeit the benefit of time for all its obligations.
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Forfeiture of Benefit of Time. If the Debtor forfeits the benefit of time, the Debtor shall, upon demand by the Bank, pay to the Bank the Settlement Amount as calculated pursuant to the preceding Article.
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Related to Forfeiture of Benefit of Time

  • Forfeiture of Benefits This Agreement is subject to termination by Company at any time and without stated cause prior to the date the Executive attains age 65, or such earlier date as the Executive and Company may mutually agree (the “Vesting Date”). In the event Company shall terminate this Agreement prior to the Vesting Date, Executive shall forfeit all rights to receive any payment provided for herein. Likewise, in the event Executive’s employment is terminated prior to his Vesting Date, either voluntarily or involuntarily, for reasons other than his death, Executive shall forfeit all rights to receive any payment provided for herein. Executive acknowledges and agrees that, prior to the earlier of his death or Vesting Date, nothing contained herein shall be construed as conferring upon Executive any vested benefits or any vested rights to receive any payment provided for herein.

  • Limitation of Benefits (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any benefit, payment or distribution by the Company or any of its direct and/or indirect subsidiaries to or for the benefit of Employee (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section 18) (such benefits, payments or distributions are hereinafter referred to as “Payments”) would, if paid, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then, prior to the making of any Payments to Employee, a calculation shall be made comparing (i) the net after-tax benefit to Employee of the Payments after payment by Employee of the Excise Tax, to (ii) the net after-tax benefit to Employee if the Payments had been limited to the extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than the amount calculated under (ii) above, then the Payments shall be limited to the extent necessary to avoid being subject to the Excise Tax (the “Reduced Amount”). The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then, to the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual present value of such Payments as of the date of the change of control, as determined by the Determination Firm (as defined in Section 18(b) below). For purposes of this Section 18, present value shall be determined in accordance with Section 280G(d)(4) of the Code. For purposes of this Section 18, the “Parachute Value” of a Payment means the present value as of the date of the change of control of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment. (b) All determinations required to be made under this Section 18, including whether an Excise Tax would otherwise be imposed, whether the Payments shall be reduced, the amount of the Reduced Amount, and the assumptions to be used in arriving at such determinations, shall be made by an independent, nationally recognized accounting firm or compensation consulting firm mutually acceptable to the Company and Employee (the “Determination Firm”) which shall provide detailed supporting calculations both to the Company and Employee. All fees and expenses of the Determination Firm shall be borne solely by the Company. Any determination by the Determination Firm shall be binding upon the Company and Employee. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Determination Firm hereunder, it is possible that Payments hereunder will have been unnecessarily limited by this Section 18 (“Underpayment”), consistent with the calculations required to be made hereunder. The Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Employee, but no later than March 15 of the year after the year in which the Underpayment is determined to exist, which is when the legally binding right to such Underpayment arises.

  • Retention of Benefits Union leave under the following four (4) sections will be unpaid. The Employer will maintain regular pay and ▇▇▇▇ the Union for the costs of the employee’s salary and benefits. If the Union member is part-time or casual, and the leave is greater than their normal work hours, the Employer will pay the employee for the full length of the leave requested by the Union. The Employer will ▇▇▇▇ the Union for these days as noted above. The Union will pay these invoices within twenty-eight (28) days. Union leave is not unpaid leave for the purposes of Article 22.02 [i.e. such leave will not affect the employee’s benefits, seniority or increment anniversary date].

  • Duration of Benefits Eligibility for Income Protection benefits will cease upon the earliest of the following dates: 1.09.01 the date the member is no longer disabled from performing the duties of their regular position, or any alternative employment made available to the member by the City. 1.09.02 the date the member's Income Protection benefits have been expended. 1.09.03 the date the member dies.

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.