Special Default Sample Clauses
The "Special Default" clause defines specific circumstances or actions that constitute a default under the agreement, beyond the standard default provisions. It typically outlines particular events, such as failure to meet certain financial covenants, insolvency, or breaches of key obligations, that trigger immediate consequences like acceleration of payment or termination rights. This clause serves to clearly identify and address critical risks, ensuring that parties can respond swiftly to significant breaches and protect their interests.
Special Default. If, on any Business Day, the Lessee or the Guarantor obtains actual knowledge that a Group II Truck included in the Borrowing Base (other than any Group II Truck that is an Eligible Truck solely by reason of the proviso to the definition of “Eligible Truck”) is not titled in the name of CPF with the Trustee or an Applicable Nominee Lienholder noted as the first lienholder on the Certificate of Title for such Group II Truck (or, the Lessee or the Guarantor obtains actual knowledge that the Titling Procedures have not been properly satisfied with respect to any Group II Truck included in the Borrowing Base), then the Lessee shall within three (3) Business Days make an application (or correct its application, as the case may be) with the Oklahoma Tax Commission (the “OTC”) or any Oklahoma motor vehicle license agent (“License Agent”) to properly title such Group II Truck in the name of CPF with a lien in favor of the Trustee (or an Applicable Nominee Lienholder, as the case may be). If the Lessee fails to perform under the preceding sentence by the close of business on the third Business Day after obtaining such knowledge, then the Lessee shall promptly, but in no event later than three (3) Business Days thereafter, sell or purchase any improperly titled Group II Trucks (or any such Group II Truck with respect to which the Titling Procedures have not been properly satisfied). If the proceeds of the sale of any such Group II Truck are less than the applicable Vehicle Purchase Price for such improperly titled Group II Truck, then the Lessee shall pay to CPF an amount equal to such deficiency; provided, that if the Lessee purchases any such Group II Truck, it shall pay to the Lessor the applicable Vehicle Purchase Price therefor.
Special Default. Lessee’s failure to pay any amount of Rent, or any amount of rent under a Related Lease, in each such case when due, (2) any Default referred to in § 13.7 of the Lease, or any similar default set forth in any Related Lease, or (3) any Event of Default. Standard & Poor’s or S&P: Standard & Poor’s Ratings Group, a division of The ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc., and its successor and assigns and, if Standard & Poor’s Ratings Group and its successors and assigns no longer issues securities ratings, the term “Standard & Poor’s” shall include, at the option of the Lessee, any other Person that issues internationally accepted securities ratings designated by the Lessee in a written notice to the Owner Participant and reasonably acceptable to the Owner Participant and, upon the inclusion in this definition of such other Person, each reference in the Operative Documents to a rating issued by Standard & Poor’s shall be deemed automatically replaced with a reference to the comparable rating issued by such Person.
Special Default. Failure by the Carrier to maintain required insurance, to replace or renew expired or exhausted policies or, if self-insurance has been authorized, to maintain adequate reserves, standby coverages or other conditions of the authorization shall be grounds for immediate termination of this Agreement by the Department; provided however that this Agreement may be reinstated by the Department, if, within five days after such termination, the Carrier provides proof, satisfactory to the Department, that the coverages or policies are then as required herein.
Special Default. Lessee’s failure to pay any amount of Rent, or any amount of rent under a Related Lease, in each such case when due, (2) any Default referred to in § 13.7 of the Lease, or any similar default set forth in any Related Lease, or (3) any Event of Default.
Special Default. Regeneron shall promptly notify Procter & ▇▇▇▇▇▇ if any of its Key Executives leaves, or makes a decision to leave the employment of Regeneron prior to the beginning of Fiscal Year 5. The "Regeneron Key Executives" are listed in Attachment 10.3(b). Procter & ▇▇▇▇▇▇ may, after the end of a *** waiting period following such notification, provide Regeneron with notice of termination, with the termination to be effective *** after such notice of termination of the Agreement. Rights in technology shall be as set forth in Section 5.5. Notwithstanding the foregoing, this Section 10.3(b) shall not be operative with respect to the Parties' rights and obligations under this Agreement for AXOKINE.
Special Default. Regeneron shall promptly notify Procter & ▇▇▇▇▇▇ if any of its Key Executives leaves, or makes a decision to leave the employment of Regeneron prior to the beginning of Fiscal Year 5. The "Regeneron Key Executives" are listed in Attachment 10.3(b). Procter & ▇▇▇▇▇▇ may, after the end of a ***** waiting period following such notification, provide Regeneron with notice of termination, with the termination to be effective ***** after such notice of termination of the Agreement. Rights in technology shall be as set forth in Section 5.5.
Special Default