Default and Remedies definition

Default and Remedies. If either party defaults in any respect on any material obligations under this Contract, the non-defaulting party may elect to be released from all obligations under this Contract by canceling this Contract as provided in Lines 298-305 below. The non-defaulting party may thereafter proceed against the party indefault upon any claim or remedy which the non-defaulting party may have in law or equity. In the case of the Seller, because it would be difficult to fix actual damages in the event of Buyer's default, thx xxxunt of the earnest money may be xxxxxx a reasonable estimate of the damages; and Seller may at Seller's option retain the earnest money deposit, xxxxect to any compensation to Brokers, as Seller's sole right to damages. In the event that the non-defaulting party elects not to cancel this Contract, the non-defaulting party may proceed against the party in default for specific performance of this Contract or any of its terms, in addition to any claim or remedy which the non-defaulting party may have in law or equity. In the event that either party pursues specific performance of this Contract, that party does not waive the right to cancel this Contract pursuant to Lines ??? below at any time, and proceed against the defaulting party as otherwise provided herein, or in law or equity. If Buyer or Seller files suit against the other to enforce any provision of this Contract or for damages sustained by reason of its breach, all parties prevailing in such action, on trial and appeal, shall receive their reasonable attorneys' fees and costs as awarded by the court. In addition, both Seller and Buyer agree to indemxxxx and hold harmless all Brokers against all costs and expenses, which any Broker may incur or sustain in connection with any lawsuit arising from this Contract and will pay the same on demand unless the court shall grant judgment in such action against the party to be indemnified. Costs shall include, but not be limited to, attorneys' fees, expert witness fees, fees paid to investigators, and court costs.
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Default and Remedies. Any of the following events will constitute cause for the State to declare Contractor in default of the contract 1. Nonperformance of contractual requirements; 2. A material breach of any term or condition of this contract. The State will issue a written notice of default providing a period in which Contractor will have an opportunity to cure. Time allowed for cure will not diminish or eliminate Contractor's liability for liquidated or other damages. If the default remains, after Contractor has been provided the opportunity to cure, the State may do one or more of the following: 1. Exercise any remedy provided by law; 2. Terminate this contract and any related contracts or portions thereof; 3. Impose liquidated damages; 4. Suspend contractor from receiving future bid solicitations.
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Default and Remedies. The Lease contains customary default and remedy provisions
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Examples of Default and Remedies in a sentence

  • To note the planned road closure notification 25244 by NYCC at Storth Gill Lane between 18th and 22nd May 2020 for cable installation.To note the planned road closure notification 25322 by NYCC at Eldroth Road to Settle bypass between 4th and 8th May 2020 for Network Rail to repair a damaged parapet on the railway bridge.

  • Notwithstanding the Liability and Indemnity Section or this Cancellation, Default and Remedies Section, the Consultant shall not be relieved of liability to the City for damages sustained by the City as a result of any breach of this Contract by the Consultant.

  • The following provisions are incorporated into the Agreement: Default and Remedies.

  • This Contract shall be in full force and effect from through unless otherwise extended by the City or terminated earlier under Section XV, Cancellation, Default and Remedies.

  • Notwithstanding anything herein to the contrary, the Outstanding TIFIA Loan Balance and any accrued interest thereon shall be due and payable in full on the Final Maturity Date (or on any earlier date on which the maturity of the TIFIA Loan shall be accelerated pursuant to the provisions of Section 20 (Events of Default and Remedies)).

  • ISO Recourse to Section 103.7 Financial Default and Remedies11 The failure of a market participant to comply with its obligations to provide financial security under this Section 103.3, or to keep the financial security in force and effect, is deemed to be a default event which will allow the ISO to have recourse to the rights and remedies of the ISO under Section 103.7 of the ISO rules, Financial Default and Remedies.

  • Our respective rights and obligations under Sections 11 (Limitation of Liability), 12 (Default and Remedies) and 13 (Taxes) will survive termination of this Agreement.

  • Default and Remedies After Confirmation‌ If a debtor defaults after confirmation of a plan, creditors must decide what remedies are available and how to invoke them.

  • The inclusion of the Performance Guarantees in this Contract is intended to address unsatisfactory performance in the context of ongoing operations without resort to the default provisions set forth in Section 8: Events of Default and Remedies.

  • Our respective rights and obligations under Section G3 (Limitation of Liability), G4 (Default and Remedies) and G5 (Taxes) survive termination of this Agreement.


More Definitions of Default and Remedies

Default and Remedies. Provisions governing default and remedies including the provisions described in Appendix “C”.
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Related to Default and Remedies

  • Permitted Remedies means, with respect to any securities, one or more of the following remedies:

  • Events of Default has the meaning specified in Section 6.01.

  • Forbearance Default means: (A) the failure of the Company to provide the Noteholder Group and its financial advisors with reasonable access, as determined by the Noteholder Group in its reasonable discretion, to its Chief Executive Officer, other senior executives and outside advisors, including representatives of Xxxxx Xxxxx Xxxxxx that are working with the Company, and to provide the Noteholder Group and its legal and financial advisors with any and all due diligence information they may reasonably request, including, without limitation, the Company’s current 13-week cash flow schedule, and all updates thereto as soon as reasonably practicable after they are prepared, but in no event no later than two (2) business days thereafter; (B) the failure of the Company to engage in good faith negotiations with the Noteholder Group regarding a potential restructuring transaction, which determination shall be made by the Noteholder Group in its reasonable discretion; (C) the failure of the Company to promptly notify the Noteholder Group of the occurrence of a Forbearance Default (as defined in the DDJ Third Amended Forbearance Agreement) under the DDJ Third Amended Forbearance Agreement or any amendment or modification to the DDJ Third Amended Forbearance Agreement; (D) termination of the DDJ Third Amended Forbearance Agreement; (E) the execution of any amendment or modification to the DDJ Third Amended Forbearance Agreement, which amendment or modification has a material adverse effect on the Noteholder Group as determined by the Noteholder Group in its reasonable discretion; (F) termination by the Company of the Xxxxxx Engagement Letter or the failure of the Company to pay Xxxxxx’x fees, expenses and indemnity in accordance with the terms of the Xxxxxx Engagement Letter; (G) the occurrence of any Event of Default that is not a Specified Existing Default; (H) the failure of the Company to comply with any term, condition, covenant or agreement set forth in this Third Amended Forbearance Agreement; (I) the failure of any representation or warranty made by the Company under this Third Amended Forbearance Agreement to be true and correct in all material respects as of the date when made; (J) the commencement by or against the Company or any of the Subsidiaries of a case under title 11 of the United States Code; or (K) the commencement of any action or proceeding by any creditor of the Company or any of the Subsidiaries seeking to attach or take similar action against the assets of the Company or the Subsidiaries. Any Forbearance Default shall constitute an immediate Event of Default under the Indenture.

  • Remedies means actions designed to restore or preserve the complainant’s equal access to education after a respondent is found responsible. Remedies may include the same individualized services that constitute supportive measures, but need not be non-punitive or non-disciplinary, nor must they avoid burdening the respondent.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  • Exercise of Secured Creditor Remedies means, except as otherwise provided in the final sentence of this definition:

  • Event of Default Under the Trust Indenture With respect to any MBS, any “Event of Default” under the Trust Indenture pursuant to which such MBS was issued. Xxxxxx Xxx: Federal National Mortgage Association, a body corporate organized and existing under the laws of the United States, or its successor in interest or any successor appointed as herein provided. Unless the context requires otherwise, the term “Xxxxxx Mae” shall be deemed to refer to the Federal National Mortgage Association acting in its corporate capacity and not in its capacity as Trustee hereunder.

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Minor Default means any Event of Default that is not a Major Default.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Loan Event of Default An “Event of Default” as defined in the Loan Agreement.

  • Specified Event of Default means any Event of Default under Section 8.01(a), (f) or (g).

  • Default Rights has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

  • Lender Default means (a) the refusal or failure (which has not been cured) of a Lender to make available its portion of any Borrowing or to fund its portion of any Unpaid Drawing under Section 3.4 that it is required to make hereunder, (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, (c) a Lender has failed to confirm (within one Business Day after a request for such confirmation is received by such Lender) in a manner reasonably satisfactory to the Administrative Agent, the Borrower and, in the case of a Revolving Credit Lender, each Revolving Letter of Credit Issuer that it will comply with its funding obligations under this Agreement, (d) a Lender being deemed insolvent or becoming the subject of a bankruptcy or insolvency proceeding or has admitted in writing that it is insolvent; provided that a Lender Default shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in the applicable Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide the applicable Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit the applicable Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with the applicable Lender, or (e) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.

  • Bond Event of Default means the occurrence of any of the following (or such event or condition which with notice or lapse of time or both would constitute any of the following):

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.

  • Bankruptcy Event of Default means any Event of Default under Section 8.01(f) of the Credit Agreement.

  • Indenture Default means any condition, circumstance, act or event that, with the giving of notice, the lapse of time or both, would constitute an Indenture Event of Default.

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • Event of Default wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

  • Indenture Event of Default means an "Event of Default" as defined in the Indenture.

  • Owner Event of Default has the meaning specified in Section 16.2.

  • Customer Default has the meaning set out in clause 8.3.