Act of Default definition

Act of Default has the meaning given in Section 7.1;

Act of Default or “Default” means failure to timely, fully, and completely comply with one or more requirements, obligations, performance criteria, duties, terms, conditions or warranties, as stated in this Agreement.

Act of Default has occurred when: a) The Licensee has breached its covenants or failed to perform any of its obligations under this License; and (i) the City has given thirty (30) days notice, or such longer period as the City may determine in its sole discretion, specifying the nature of the default and the steps required to correct it; and, (ii) The Licensee has failed to correct the default as required by the notice; b) The Licensee has; (i) become bankrupt or insolvent or made an assignment for the benefit of creditors; (ii) had its property seized or attached in satisfaction of a judgment; (iii) had a receiver appointed; (iv) committed any act or neglected to do anything with the result that a Construction Lien or other encumbrance is registered against the City’s property; (v) without the consent of the City, made or entered into a license to make a sale of its assets to which the Bulk Sales Act applies; (vi) taken action if the Licensee is a corporation, with a view to winding up, dissolution or liquidation; (vii) ceased to exist. c) any insurance policy is cancelled or not renewed by reason of the use or occupation of the Lands, or by reason of non-payment of premiums; d) the Lands; (i) become vacant or remain unoccupied by the Licensee for a period of ninety (90) consecutive days or (ii) is used by any other person or persons, or for any other purpose than as provided for in this License without the written consent of the City. e) When an Act of Default on the part of the Licensee has occurred the City shall have the right to terminate this License. f) If, because an Act of Default has occurred, the City exercises its right to terminate this License prior to the end of the Term, the Licensee shall nevertheless be liable for payment of the License Fee and all additional fees and all other amounts payable by the Licensee in accordance with the provisions of this License. g) If, when an Act of Default has occurred, the City chooses not to terminate the License, the City shall have the right to take any and all necessary steps to rectify any or all Acts of Default of the Licensee and to charge the costs of such to the Licensee. h) If, when an Act of Default has occurred, the City chooses to waive its right to exercise the remedies available to it under this License or at law, the waiver shall not constitute condonation of the Act of Default, nor shall the waiver be pleaded as an estoppel against the City to prevent its exercising its remedies with respect to a subse...

Examples of Act of Default in a sentence

• At any time during the Term, expiry of the Term, if an Act of Default occurs or upon termination of this Lease if the Tenant is in arrears of any rent whatsoever the Tenant agrees that the Landlord shall be permitted to register such lien on the Hangar under the Personal Property Security Act and possession of the Hangar will not be obtained by the Tenant until the lien is paid in full with all accrued interest and legal fees.

• Should Tenant do any of the foregoing without the prior written consent of Landlord, it shall constitute an Act of Default (as hereinafter defined) and shall enable Landlord to resort to any of its remedies hereunder.

• Notwithstanding any other provision of this Agreement, if the Hauler commits an Act of Default, then until the resolution of such Act of Default and for a period of [two years] thereafter, OTS may in its sole discretion require that Hauler advise it, no less than [48 hours] in advance, of the time and location all deliveries of Used Tires to Registered Processors, and permit an OTS representative to observe any aspect of such delivery.

• If CMAR commits an Act of Default under Section B of this Article, County will give written notice by FAX and Certified Mail, Return Receipt Requested to CMAR and CMAR’s Performance Bond Surety (“Surety”).

• The Association may also advance funds to any Injured Person, Threatened Owner or any other person who is damaged by an Act of Default to compensate them for their expenses (including legal fees).

More Definitions of Act of Default

Act of Default means failure in some material respect to comply timely, fully and completely with one or more requirements, obligations, duties, terms, conditions or warranties set forth in this Agreement, including but not limited to:

Act of Default has occurred when: 13.1.1. The Licensee has breached its covenants or failed to perform any of its obligations under this License; and a) the City has given fifteen (15) days’ notice, or such longer period as the City may determine in its sole discretion, specifying the nature of the default and the steps required to correct it; and, b) The Licensee has failed to correct the default as required by the notice; 13.1.2. The Licensee has; a) become bankrupt or insolvent or made an assignment for the benefit of creditors; b) had its property seized or attached in satisfaction of a judgment; c) had a receiver appointed; d) committed any act or neglected to do anything with the result that a Construction Lien or other encumbrance is registered against the City’s property; e) without the consent of the City, made or entered into a license to make a sale of its assets to which the Bulk Sales Act applies; f) taken action if the Licensee is a corporation, with a view to winding up, dissolution or liquidation; g) ceased to exist. 13.1.3. any insurance policy is cancelled or not renewed by reason of the use or occupation of the Lands, or by reason of non-payment of premiums; 13.1.4. the Lands; a) become vacant or remain unoccupied by the Licensee for a period of ninety (90) consecutive days or b) is used by any other person or persons, or for any other purpose than as provided for in this License without the written consent of the City.

Act of Default exception – disputed invoices:

Act of Default means an act of default as defined in Article 12;

Act of Default any of the following: (i) the Customer fails to pay any moneys due to OscarOnline under the Agreement (or otherwise due from the Customer (or any of its Affiliates) to OscarOnline (or any of its Affiliates)) within 30 days of the due date; (ii) a party commits any material breach of any term of these Conditions (other than one falling under (i) above) and which, in the case of a breach capable of being remedied, is not remedied within 30 days of a written request by the other party to remedy the same; or (iii) an Insolvency Event occurs in respect of the other party.

Act of Default means and include any --------------- one or more of the following events:

Act of Default or “Default” means failure by a Party to comply with the requirements of this Agreement, as more particularly provided in Article 8 and Article 9.