CERTAIN DEFAULT Sample Clauses

The 'Certain Default' clause defines specific events or conditions that constitute a default under the agreement. Typically, this clause outlines actions such as failure to make payments, breach of key obligations, insolvency, or misrepresentation that would trigger a default status. By clearly identifying what constitutes a default, the clause provides certainty for both parties and enables swift enforcement of remedies, thereby protecting the interests of the non-defaulting party and ensuring contractual compliance.
CERTAIN DEFAULT. In the event a default by Tenant occurs~in the performance or observance of any term, covenant, condition, or agreement on Tenant's part to be performed under this Lease (other than a term covenant, condition or agreement requiring the payment of a sum of money) which cannot practicably be cured by the Leasehold Mortgagee without taking possession of the Leased Premises (or if such default is of such a nature that the same is not susceptible of being cured by the Leasehold Mortgagee), then Landlord shall not serve a notice of election to terminate this Lease pursuant to the terms of Paragraph 17.2(a), or otherwise terminate the leasehold estate or any other estate, right, title or interest of Tenant hereunder by reason of such default without allowing the Leasehold Mortgagee reasonable time within which: (a) In the case of a default which cannot practically be cured by the Leasehold Mortgagee without taking possession of the Leased Premises, to obtain possession of the Leased Premises as mortgagee (through the appointment of a receiver of otherwise), and, upon obtaining possession, to commence promptly and diligently prosecute to completion such action as may be necessary to cure such default. If the Leasehold Mortgagee agrees to undertake such cure and require additional time as aforesaid to complete same and thereafter the Leasehold Mortgagee fails to complete such cure, and such failure results in the direct result of additional damage to Landlord, the Leasehold Mortgagee shall indemnify Landlord against loss arising out of such damage; and (b) In the case of a default which is not susceptible of being cured by the Leasehold Mortgagee, to commence promptly and diligently prosecute to completion foreclosure proceedings or to acquire Tenant's estate hereunder, either in its own name or through a nominee, by-assignment in lieu of foreclosure. If the Leasehold Mortgagee agrees to undertake such cure and require additional time as aforesaid to complete same and thereafter the Leasehold Mortgagee fails to complete such cure, and such failure results in the direct result of additional damage to Landlord, the Leasehold Mortgagee shall indemnify Landlord against loss arising out of such damage. The Leasehold Mortgagee shall not be required to continue to proceed to obtain possession, or to continue in possession as mortgagee, of the Leased Premises pursuant to clause (i) above, or to continue to prosecute foreclosure proceedings pursuant to clause (ii) above, if...
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CERTAIN DEFAULT. Owner may terminate this Agreement by 30 days' written notice to Manager at any time within one year after the occurrence of a "Termination Default Event." As used herein, "Termination Default Event" means the material fraudulent conduct by the Manager resulting in material damage to Owner (but unauthorized acts of employees of Manager, such as employee theft, will not constitute fraud by the Manager), (ii) willful breach of fiduciary duty resulting in material damage to Owner, or (iii) the occurrence during any two calendar year period of three or more Untimely Cured Notice Defaults which cover similar defaults by Manager. As used herein, "Untimely Cured Notice Default means the occurrence of a material default by Manager hereunder and the failure of Manager to cure the same within thirty (30) days after written notice of such default by Owner (unless the same is a nonmonetary default which cannot be cured within such thirty (30) day period, in which event such default will not be an Untimely Cured Notice Default if Manager promptly commences and diligently and continuously pursues to completion for the cure of same).
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Related to CERTAIN DEFAULT

  • Action Upon Default Agent shall not be deemed to have knowledge of any Default or Event of Default, or of any failure to satisfy any conditions in Section 6, unless it has received written notice from a Borrower or Required Lenders specifying the occurrence and nature thereof. If a Lender acquires knowledge of a Default, Event of Default or failure of such conditions, it shall promptly notify Agent and the other Lenders thereof in writing. Each Secured Party agrees that, except as otherwise provided in any Loan Documents or with the written consent of Agent and Required Lenders, it will not take any Enforcement Action, accelerate Obligations (other than Secured Bank Product Obligations) or assert any rights relating to any Collateral.

  • Upon Default Landlord shall have the right to pursue any one or more of the following remedies: (a) Terminate this Lease, in which case Tenant shall immediately surrender the Premises to Landlord. If Tenant fails to surrender the Premises, Landlord, in compliance with Law, may enter upon and take possession of the Premises and remove Tenant, Tenant’s Property and any party occupying the Premises. Tenant shall pay Landlord, on demand, all past due Rent and other losses and damages Landlord suffers as a result of Tenant’s Default, including, without limitation, all Costs of Reletting (defined below) and any deficiency that may arise from reletting or the failure to relet the Premises. “Costs of Reletting” shall include all reasonable costs and expenses incurred by Landlord in reletting or attempting to relet the Premises, including, without limitation, legal fees, brokerage commissions, the cost of alterations and the value of other concessions or allowances granted to a new tenant.

  • Rights on Default On the occurrence of an Event of Default, we may exercise our rights under this clause, except that in the case of the occurrence of any Event of Default specified in paragraphs (b) or (c) of the definition of Events of Default (each a "Bankruptcy Default"), the automatic termination provision of this clause shall apply.

  • Reservation Default Failure by the Borrower to have reserve for issuance upon conversion of the Note the amount of Common stock as set forth in the Subscription Agreement.

  • Termination; Default We may reduce the Credit Limit or terminate your ability to receive further credit under this Agreement at any time without notice. You may terminate your ability to receive further credit under this Agreement by giving us notice of termination and returning to us all Cards and Credit Devices. Termination by you will be effective on the date we receive written notice from you along with the Cards and Credit Devices (unless they are lost or stolen, in which case you agree to sign an affidavit to that effect and stating that no credit received after the date of loss or theft was authorized by you).