DEFAULT AND TERMINATION definition

DEFAULT AND TERMINATION. For Cause - Subcontractor default occurs if the Subcontractor fails to perform any of the covenants or conditions of this Agreement or the Subcontractor fails to prosecute the work so as to endanger performance of this Agreement, and the Subcontractor does not cure such defects in performance within ten (10) days after receipt of written notice from the Grantee informing it of such defects in performance. If at the end of such cure period, the Subcontractor is still in default or noncompli­ance, then the Grantee may terminate this Agreement. Upon such termination, the Grantee may pursue any and all legal, equitable and other remedies available to the Grantee. The Subcontractor shall be liable for any and all expenses that are incurred by the Grantee as a result of the default, including, but not limited to, the costs of procuring substitute performance, legal fees, and losses incurred due to default.
Sample 1
DEFAULT AND TERMINATION. If the LESSEE shall fail to keep and perform any of the covenants, conditions and agreements herein provided to be performed by said LESSEE, and such default shall continue for a period of 30 days, the LESSOR shall serve upon said LESSEE notice in writing of such default; and if such default shall then continue without being wholly remedied for a period of 10 days after the service of such notice, the LESSOR may at its option without further notice, declare this Lease ended and null and void. Thereupon the LESSOR is authorized to re-enter and repossess the leased premises and the building and improvements thereon, either with or without legal process, and the LESSEE does in such event hereby waive any demand for possession of the leased premises, and agrees to surrender and deliver up said above described premises and property peaceably to said LESSOR. In the event of such forfeiture, the LESSEE shall have no claim whatsoever against the LESSOR by reason of improvements made upon the premises, rents paid, or from any other cause whatsoever. The provisions of this paragraph shall not be construed so as to divest the LESSOR, in the event of such default, of any legal right and remedy which they may have by statutory or common law, enforceable at law or in equity, it being intended that the provisions of this paragraph shall afford to the LESSOR a cumulative remedy in addition too such other remedy or remedies as the law affords lessors when the terms of a lease have been broken by the LESSEE. The LESSEE recognizes the validity and applicability of the summary remedies provided by the statutes of the State of Florida for the protection of landlords and enforcement of landlords' rights.
Sample 1
DEFAULT AND TERMINATION. If Sublessee defaults in its obligation under this Sublease, and such default continues for a period of ten days after written notice has been delivered to Sublessee, Sublessor may, at its option, terminate the Sublease. If the default cannot be remedied within ten (10) days by use of reasonable diligence by Sublessee, additional time may be granted by Sublessor. Upon termination of this Sublease due to default by Sublessee, Sublessee shall immediately surrender the Premises to Sublessor, in good order and condition, reasonable wear and tear excepted. Any unpaid rent or other sums due Sublessor shall draw interest at the rate of 10% per annum from the date due until paid.
Sample 1

Examples of DEFAULT AND TERMINATION in a sentence

  • The Contract shall take effect upon signature, with the initial term continuing until three (3) years from the Service Commencement Date, unless terminated earlier pursuant to Section 10, DEFAULT AND TERMINATION PROVISIONS.

  • Notwithstanding anything set forth in the provisions of Article VIII, DEFAULT AND TERMINATION, this Agreement shall terminate in the event the State does not appropriate funds for the payments required hereunder.

  • Variations 145 SCHEDULE 10B 147 REMEDIES, EVENTS OF DEFAULT AND TERMINATION EVENTS 147 SCHEDULE 10.1B 148 PROCEDURE FOR REMEDYING A CONTRAVENTION OF THE FRANCHISE AGREEMENT .

  • In section 2, the class of faults that could result in an application missing its deadline were identified.

  • THE RIGHTS AND REMEDIES OF SELLER SET FORTH HEREIN FOR DEFAULT AND TERMINATION ARE EXCLUSIVE AND NO OTHER REMEDIES OF ANY KIND WHATSOEVER SHALL APPLY IN THE EVENT OF SUCH DEFAULT AND TERMINATION.

  • DEFAULT AND TERMINATION: LIT may terminate the Contract without cause at any time upon thirty (30) days advance written notice to Contractor, in which event Contractor will be entitled to payment of an amount that will compensate Contractor for any goods accepted or services satisfactorily performed in accordance with the Contract from the time of the last payment date to the termination date; provided, that, Contractor has delivered or performed all such goods or services to LIT for which payment is made.

  • DEFAULT AND TERMINATION In the event of the failure of OWNER to pay for the services of CONTRACTOR in accordance with the procedure described in the General Conditions, and fails to correct such default within five days after receipt of written notice from CONTRACTOR, CONTRACTOR shall have the right to terminate this Contract by forwarding written notice to OWNER and this Contract will immediately terminate without any further obligation on the part of the CONTRACTOR to the OWNER.

  • CHAPTER IV: DEFAULT AND TERMINATION Article 19 ― Definition of default 1.

  • Development Review Board: Joe Longo was present for the DRB budget.

  • Time lost for delays will be determined hourly in 4 hour periods according to the daily schedule below:Consecutive Time lost for Delay Stage 3 Time Extension 1 - 4 hours 6 hours4 - 8 hours 10 hours8 - 12 hours 14 hours12 - 16 hours 18 hours16 - 20 hours 22 hours20 - 24 hours 26 hours 108.14 DEFAULT AND TERMINATION OF CONTRACTOR’S RIGHT TO PROCEED 108.19 COMPLETION AND ACCEPTANCETHE FOLLOWING IS ADDED:No Incentive Payment for Early Completion is specified for this project.

Related to DEFAULT AND TERMINATION

  • Termination Events means each of the events specified in Clause 10.3 of this Contract.

  • Event of Termination has the meaning specified in Section 7.01.

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Automatic Termination shall have the meaning set forth in Section 2.3.2.

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.

  • Potential Termination Event means an event which, with the passage of time or the giving of notice, or both, would constitute a Termination Event.

  • Forbearance Termination Event has the meaning set forth in Section 3(a) hereto.

  • 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.

  • Additional Termination Event has the meaning specified in Section 5(b).

  • Termination or “Terminated” means, for purposes of this Plan with respect to a Participant, that the Participant has for any reason ceased to provide services as an employee, officer, director, consultant, independent contractor or advisor to the Company or a Parent or Subsidiary of the Company. An employee will not be deemed to have ceased to provide services in the case of (i) sick leave, (ii) military leave, or (iii) any other leave of absence approved by the Committee; provided, that such leave is for a period of not more than 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute or unless provided otherwise pursuant to formal policy adopted from time to time by the Company and issued and promulgated to employees in writing. In the case of any employee on an approved leave of absence, the Committee may make such provisions respecting suspension of vesting of the Award while on leave from the employ of the Company or a Parent or Subsidiary of the Company as it may deem appropriate, except that in no event may an Award be exercised after the expiration of the term set forth in the applicable Award Agreement. The Committee will have sole discretion to determine whether a Participant has ceased to provide services and the effective date on which the Participant ceased to provide services (the “Termination Date”).

  • Partial Termination has the meaning set forth in the Section 6.3(a).

  • Termination Event means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event.

  • Termination With Cause and “Cause” shall have the same meaning specified in any effective severance or employment agreement existing on the date hereof or hereafter entered into between the Executive and the Bank. If the Executive is not a party to a severance or employment agreement containing a definition of termination with cause, Termination with Cause means the Bank terminates the Executive’s employment for any of the following reasons –

  • Consultation Termination Event shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

  • Unmatured Termination Event means an event that, with the giving of notice or lapse of time, or both, would constitute a Termination Event.

  • Event of Servicing Termination means an event specified in Section 8.1 of the Sale and Servicing Agreement.

  • Exercise Termination Event (i) the Effective Time (as defined in the Merger Agreement) of the Merger; (ii) termination of the Merger Agreement in accordance with the provisions thereof if such termination occurs prior to the occurrence of an Initial Triggering Event, except a termination by Grantee pursuant to Section 8.1(d) of the Merger Agreement (unless the breach by Issuer giving rise to such right of termination is non-volitional); or (iii) the passage of 12 months after termination of the Merger Agreement if such termination follows the occurrence of an Initial Triggering Event or is a termination by Grantee pursuant to Section 8.1(d) of the Merger Agreement (unless the breach by Issuer giving rise to such right of termination is non-volitional) (provided that if an Initial Triggering Event continues or occurs beyond such termination and prior to the passage of such 12-month period, the Exercise Termination Event shall be 12 months from the expiration of the Last Triggering Event but in no event more than 18 months after such termination). The "Last Triggering Event" shall mean the last Initial Triggering Event to expire. The term "Holder" shall mean the holder or holders of the Option.

  • Event of Servicer Termination With respect to the Servicing Agreement, a Servicing Default as defined in Section 6.01 of the Servicing Agreement.

  • Company Termination Event has the meaning set forth in Section 10 hereof.

  • Normal Termination means termination of employment or service with the Company and Affiliates: (i) by the Optionee; (ii) upon retirement; (iii) on account of death or Disability; or (iv) by the Company, a Subsidiary or Affiliate without Cause.

  • Incipient Event of Termination means an event that but for notice or lapse of time or both would constitute an Event of Termination.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Anticipatory Termination means a termination of employment where PNC terminates your employment with PNC (other than for Misconduct or Disability) prior to the date on which a Change of Control occurs, and you reasonably demonstrated that such termination of employment (i) was at the request of a third party that has taken steps reasonably calculated to effect a Change of Control or (ii) otherwise arose in connection with or in anticipation of a Change of Control.

  • Servicer Event of Termination One or more of the events described in Section 7.01.

  • Acceleration Event means the occurrence of an Event of Default (a) in respect of which Agent has declared all or any portion of the Obligations to be immediately due and payable pursuant to Section 10.2, (b) pursuant to Section 10.1(a), and in respect of which Agent has suspended or terminated the Revolving Loan Commitment pursuant to Section 10.2, and/or (c) pursuant to either Section 10.1(e) and/or Section 10.1(f).