Examples of Act of Default in a sentence

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).
If it becomes apparent to the Council that the costs outlined in the Recipient’s Grant Award Letter are ineligible for support under the UK Government Rules, then all or part of the Recipient’s claim may be invalidated or ineligible, and the Recipient will be liable to repay all or part of the Grant Sum under the provisions of Clause 11 below, and this shall be construed as an Act of Default.

More Definitions of Act of Default

Act of Default refers to the occurrence of any one or more of the following:

Act of Default exception – disputed invoices: The customer may dispute within 2 business days of receiving an invoice only if there is no supporting purchase order or the purchase order does not match the invoice. If an invoice does not match a purchase order due to interest being applied following late payment by the Customer, the invoice cannot be disputed. If the invoice is not disputed within this period it is considered accepted. If an invoice is disputed the customer has 2 business days to provide evidence supporting the dispute. If evidence cannot be provided the invoice will be considered accepted. If an invoice is accepted as disputed, nonpayment will not be considered an “act of default”. If the Customer commits an act of default then Provider may at its discretion terminate this Agreement by notice in writing taking effect forthwith on receipt of the notice by the Customer. If Provider commits an act of default then the Customer may terminate this Agreement by notice in writing taking effect forthwith on receipt of the notice by the Provider. Any termination of this Agreement for any reason shall be without prejudice to any other rights or remedies a party may be entitled to hereunder or at law and shall not affect any accrued rights or liabilities of either party nor the coming into force or the continuance in force of any provision hereof which is expressly or by implication intended to come into or continue in force on or after such termination.

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 an act of default as defined in Article 12;

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.

Act of Default means: "