Termination Upon an Event of Default. Notwithstanding the foregoing, and subject to Section 9.02 hereof, the Agent may, and if required by the Majority Lenders to do so shall, terminate this Agreement immediately upon the occurrence of an Event of Default.
Termination Upon an Event of Default. Upon an Event of Default the nondefaulting party may terminate this Agreement by written notice, which termination shall be effective as of the end of the month following the month in which the notice of termination is sent.
Termination Upon an Event of Default. Either party may terminate this Agreement by written notice to the other party upon the occurrence of an Event of Default; provided however, that the party serving such notice shall not then be in default of its obligations under this Agreement.
Termination Upon an Event of Default. (i) Upon the occurrence of any Event of Default under Section 12.1(a) by or with respect to one of the parties hereto (the “Defaulting Party”), the other party hereto (the “Non-Defaulting Party”) shall have the right (exercisable by the giving of written notice to the Defaulting Party) to terminate this Agreement, in whole, or, at the election of the Non-Defaulting Party, with respect to any Hotel subject to such breach, if the Defaulting Party fails to remedy such Event of Default within ten (10) days after its receipt of notice to remedy if such default relates to the payment of a sum of money and, in all other cases, within 90 days after its receipt of notice to remedy; provided, however, that if such Event of Default be of a non-monetary nature and if it cannot reasonably be remedied within such 90 day period, then such 90 day period shall be deemed to be extended for such additional period as may reasonably be required to remedy the same if the Defaulting Party shall promptly commence to remedy upon receipt of notice from the Non-Defaulting Party and shall continue therewith with due diligence.
Termination Upon an Event of Default. In the event that an Event of Default, as described below, with respect to either party hereto has occurred and is continuing, then the other party hereto may terminate this Agreement by giving the defaulting party prior written notice of such termination, specifying in reasonable detail the reason for the termination, and the date upon which the termination will be effective. Any such notice given while the applicable Event of Default is continuing shall remain valid and in effect even though the default or failure resulting in the Event of Default may thereafter be cured.
Termination Upon an Event of Default. Following the occurrence and during the continuance of an Event of Default, the Holder, at its option, may elect., in addition to all rights and remedies of the Holder under the Security Agreement and the Ancillary Agreements and all obligations of each Company under the Security Agreement and the Ancillary Agreements, to terminate the Security Agreement pursuant to Section 17 thereof and require the Companies, jointly and severally, to make a Default Payment ("Default Payment"). The Default Payment shall be one hundred twenty percent (120%) of the outstanding principal amount of the Note, plus accrued but unpaid interest, all other fees then remaining unpaid, and all other amounts payable hereunder. The Default Payment shall be applied first to any fees due and payable to the Holder pursuant to the Notes and/or the Ancillary Agreements, then to accrued and unpaid interest due on the Notes, the Security Agreement and then to the outstanding principal balance of the Notes. The Default Payment shall be due and payable immediately on the date that the Holder has exercised its rights pursuant to this Section 4.3.
Termination Upon an Event of Default. Either party may terminate this Agreement upon written notice to the other party upon the occurrence of any of the following events (each an “Event of Default”):
Termination Upon an Event of Default. In addition to and without limiting any other damages, recourse or remedy which may be available to Supplier if, at any time during the Term hereof, an Event of Default occurs, Supplier shall have the right to forthwith terminate this Agreement upon written notice to Purchaser. ARTICLE XV -- LIABILITY
Termination Upon an Event of Default. Upon the occurrence of any of the following events ("Events of Default"), the party not responsible may, by notice to the other party, terminate this Agreement subject to compliance with the terms of Section 10 ------------------- ** This portion has been redacted pursuant to a request for confidential treatment.
Termination Upon an Event of Default. If this Agreement is terminated due to an Event of Default as set forth in Section 8.3, (a) if Tanabe is the terminating party, (i) Tanabe shall have the right to have the option set forth in Section 5.1.1 and all licenses already granted under Section 5.1.1 remain in effect, in which case, Tanabe's obligations to make the milestone payments set forth in Sections 3.3.2 and 3.3.3 and the royalty obligations set forth in Section 5.5.1 shall also remain in effect, and (ii) the licenses granted by Tanabe in Section 5.1.2 shall terminate and (b) if OSI is the terminating party, (i) the licenses granted by Tanabe in Section 5.1.2 shall remain in effect, (ii) Tanabe's option in Section 5.1.1 shall terminate, and (iii) OSI shall have the right to determine whether any licenses granted by OSI under Section 5.1.1 remain in effect or are terminated. If such licenses granted by OSI remain in effect, Tanabe's obligations under Sections 3.3.2, 3.3.3 and ------------------- ** This portion has been redacted pursuant to a request for confidential treatment.
