TERMINATION BY DEFAULT OF THE BUYER Sample Clauses

TERMINATION BY DEFAULT OF THE BUYER. Should the Buyer fail (i) to pay the final balance due in respect of a Helicopter, Option Helicopter or RFR Helicopter after the remedy period provided in Article 7.4 (ie. 3 months from payment being due), or (ii) to accept a Helicopter, Option Helicopter or RFR Helicopter after the remedy period provided in Article 7.5 (ie. 75 days from default notice) , the Parties agree that Seller shall be entitled to terminate that part of this Contract related to the unpaid or unaccepted Helicopter, Option Helicopter or RFR Helicopter. Should any such default occur more than twice, the Seller may terminate the whole Contract in its sole discretion. In such case, any payments made under the Contract shall be retained by the Seller unless specified differently in the previous articles. • This Contract with its Preamble, twenty two (22) Articles and its Annexes 1, 2, 3, 4, 5, 6, and 7 is made in two original copies in the English language, for each Party to hold one. The English text of this Contract shall be valid and binding upon the Parties hereto. This Contract cancels and supersedes all prior representations, negotiations and commitment whether oral or written, and shall be considered as the entire Contract between the PARTIES with respect to its scope and there shall be no terms, obligations, covenants, representations, warranties, statement or conditions other than those contained herein In witness whereof, the Parties duly authorized have hereunder set their respective hands and seals on the date first before set out herein.
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Related to TERMINATION BY DEFAULT OF THE BUYER

  • Termination by Default If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but any vested rights of the Executive shall not be affected.

  • Default of the Bank If the Bank is in default (as defined in Section 3(x)(1) of the FDIA), all obligations under this Agreement shall terminate as of the date of default, but this provision shall not affect any vested rights of the contracting parties.

  • Termination Upon Event of Default If Foothill terminates this Agreement upon the occurrence of an Event of Default, in view of the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of Foothill's lost profits as a result thereof, Borrower shall pay to Foothill upon the effective date of such termination, a premium in an amount equal to the Early Termination Premium. The Early Termination Premium shall be presumed to be the amount of damages sustained by Foothill as the result of the early termination and Borrower agrees that it is reasonable under the circumstances currently existing. The Early Termination Premium provided for in this Section 3.7 shall be deemed included in the Obligations.

  • Result of Termination Upon termination of this Agreement pursuant to this Section 6.6, Employer shall pay to Executive, on the Termination Date, an amount equal to (i) all accrued and unpaid salary and other compensation payable to Executive by Employer and all accrued and unused vacation and sick pay payable to Executive by Employer with respect to services rendered by Executive to Employer through the Termination Date; and, (ii) an amount equal to twelve (12) months salary based upon the then existing salary of Executive, payable in the same manner as salary would have been paid to Executive had he continued to work for Employer hereunder. In addition to the foregoing, and notwithstanding the provisions of any other agreement to the contrary, Employer shall continue to provide to Executive all other benefits that would otherwise be payable to Executive pursuant to Section 5.1 hereof for the twelve (12) months following the Termination Date.

  • Termination and Default Either party, upon determination that the other party has failed or refused to perform or is otherwise in breach of any obligation or provision under this Agreement or the Contract Document, may give written notice of default to the defaulting party in the manner specified for the giving of notices herein. Termination of this Agreement by either party for any reason shall have no effect upon the rights or duties accruing to the parties prior to termination.

  • Default Termination a. In the event that the Property has been sold contrary to or any person bids in contravention of the provisions in Clause 4 above, then such sale shall be cancelled and become null and void and of no further effect wherein all monies paid by the Purchaser hitherto including the Deposit shall be forfeited absolutely and immediately.

  • Termination Upon Breach Either the Corporation or the Consultant may terminate this Agreement in the event of the breach of any of the material terms or provisions of this Agreement by the other party, which breach is not cured within 10 business days after notice of the same is given to the party alleged to be in breach by the other party.

  • Termination for Default The County may, by written notice to the Contractor terminate this contract for default in whole or in part (delivery orders, if applicable) if the Contractor fails to:

  • Termination upon Material Breach Notwithstanding the foregoing, a Party may terminate this Agreement if any other Party materially breaches a material provision of this Agreement and such material breach is not cured (i) within thirty (30) days after being given notice of the breach in the case of a material breach of an obligation to make payment hereunder or (ii) within sixty (60) days after being given notice of the breach in the case of any other material breach.

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