Builder Default Sample Clauses

POPULAR SAMPLE Copied 3 times
Builder Default. Each of the following constitutes a Builder “Act of Default” and a material breach of this Contract by Builder: (1) Builder shall file a voluntary or involuntary petition in bankruptcy; (2) Builder fails to close; or (3) Builder breaches any material provision herein.
View Source
Builder Default. Subject to an Event of Force Majeure (as defined herein) and provided that Owner is not in default hereunder, in the event that Builder fails to perform any of the items required of Builder hereunder within the time allowed therefor or otherwise persistently fails or neglects to carry out the work required hereunder following the expiration of thirty (30) days after receipt of written notice from Owner to Builder of such failure or neglect, Owner may, without prejudice to any other remedy Owner may have, cure such defaults and set off the costs of curing such deficiencies against monies otherwise due to Builder. In addition, Owner may, at its option, proceed in law or equity to enforce its rights under this Contract which rights include, but are not limited to, terminating this Contract without any liability to Builder therefor and finishing all work to be performed by Builder hereunder in a commercially reasonable manner consistent with the construction methods utilized by contractors experienced in the construction of structures similar to the Home. If such expenses exceed the unpaid balance of the Construction Price, Builder shall be liable to pay to Owner the difference. Under no circumstances and under no events shall Owner be entitled to seek from Builder consequential, punitive, special or any other damages from Builder other than actual damages as set forth herein.
View Source
Builder Default. Should any event occur which may result in the Builder being unable to continue the construction of the Vessel or being unable to fulfill any obligations of the Builder under this Contract, the Buyer may terminate the Contract in accordance with Article VII(g).
View SourceView Similar (8)
Builder Default. Should BUILDER be in default or fail to comply with any term of this Agreement, LRWP in its absolute discretion may terminate the Agreement without notice.
View Source

Related to Builder Default

  • Owner Default Failure of the Owner, which has not been remedied or waived, to pay the Contractor as required under the Construction Contract or to perform and complete or comply with the other material terms of the Construction Contract.

  • Customer Default The occurrence at any time of any of the following events shall constitute a “Customer Default”:

  • Major Default The Purchasers shall be considered to be in “Major Default” in the event that (a) the Purchasers are in breach of their obligations under the Agreement and (b) such breaches, individually or in the aggregate, resulted or would reasonably be expected to result in (i) material Losses to the Sellers or their Affiliates, (ii) material reputational harm to the Sellers or their Affiliates, (iii) material and adverse regulatory consequences to the Sellers or their Affiliates, for which, in each case of clauses (i) through (iii), indemnification by the Purchasers pursuant to Article 8 of the Agreement would not be sufficient to remedy all damages incurred by the Sellers and their Affiliates or (iv) if the Sellers reasonably determine, based on the advice of counsel, that it would reasonably be expected to be a violation of their fiduciary duties under applicable Law to not terminate the Agreement, taking into account the indemnification by the Purchasers pursuant to Article 8 of the Agreement; provided, that the following breaches shall be excluded, and not taken into account, in determining if a Major Default has occurred: (x) any breach to the extent resulting from any action taken by the Purchasers pursuant to and in accordance with written direction given by the Sellers and (y) any breach to the extent arising out of or resulting from, directly or indirectly, a breach by the Sellers of the Agreement, the Transition Services Agreement or the Purchase Agreement.

  • Borrower Default Unless the Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that Borrower will not make such payment, the Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

  • Contractor Default Failure of the Contractor, which has neither been remedied nor waived, to perform or otherwise to comply with the terms of the Construction Contract.