Consequences of failure to comply with Default Notice Sample Clauses

Consequences of failure to comply with Default Notice. If a Default Event is not remedied by the time specified in the Default Notice, or if the Operator receives notice from the defaulting Member that it is not likely to remedy the Default Event, then the Operator may do any or all of the following:
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Consequences of failure to comply with Default Notice. If a Default Event is not remedied by the time specified in the Default Notice, or if AEMO receives notice from the Auction Participant that it is not likely to remedy the Default Event, then AEMO may do any or all of the following: give notice to the Auction Participant terminating this Agreement with effect from the date in the notice and publish a statement on its website that the notice has been given and apply the Close-Out procedure under clause A.12.4; if it has not already done so, make a claim upon any Credit Support held in respect of the Auction Participant in accordance with clause A.6.6(ppp); calculate a provisional Settlement Statement for the Auction Participant in respect of all or any part of its Prudential Exposure and require payment of the amount in the provisional Settlement Statement within 2 Business Days of the issue of that statement; apply the Auction Participant’s Security Deposit (if any) against any provisional statement amount; withhold the payment of any amount otherwise due by AEMO to the Auction Participant under this Agreement until the relevant liabilities of the Auction Participant have been finally determined; and set off any amount payable by AEMO under this Agreement against any other amount payable by the Auction Participant to AEMO under this Agreement or the Exchange Agreement. Close-Out under this Agreement If AEMO gives a termination notice to the Auction Participant under clause A.12.3(gggggg), termination will take effect from the date specified in the notice. At the time of giving a termination notice to the Auction Participant under clause A.12.3(gggggg), or as soon as reasonably practicable afterwards: AEMO must give a notice to the Auction Participant that Close-Out will apply to the Auction Participant; AEMO must determine and notify the Auction Participant of the Auction Agreement Close-Out Amount; and the Auction Agreement Close-Out Amount is due and payable on the date of termination specified in the notice under clause A.12.3(gggggg). Simultaneous Close-Out under Exchange Agreement Application of this clause This clause A.13 applies if the Auction Participant is also an Exchange Member. To the extent that there is any inconsistency between this clause A.13 and the Exchange Agreement or any other provision of this Agreement, this clause A.13 prevails.
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Consequences of failure to comply with Default Notice. ‌ If a Default Event is not remedied by the time specified in the Default Notice, or if the Operator receives notice from the defaulting Member that it is not likely to remedy the Default Event, then the Operator may do any or all of the following: give notice to terminate this agreement in respect of the Member under Deleted: 20 March clause 4.3(c), publish a statement on its website that the notice has been given and, if the defaulting Member is a Trading Participant, apply the close out and offset provisions under clause 20.5; Deleted: 2014 if it has not already done so, make a claim upon any Credit Support held in respect of the Member in accordance with clause 9.2.5(a), deregister any applicable Reallocation Requests for a Gas Day which has not yet occurred and remove any Pre-matched Trades from the Trading System; calculate a provisional statement for the Member in respect of all or any part of its Prudential Exposure and require payment of the amount in the provisional statement within 2 Business Days of the issue of that statement; apply any credit balance of the Member in the security deposit account against any provisional statement amount; withhold the payment of any amount otherwise due by the Operator to that Member under this agreement until the relevant liabilities of that Member have been finally determined; and set off any amount payable by the Operator in respect of a Close Out Quantity against any other amount payable by the Trading Participant to the Operator, whether or not arising under this agreement.
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Related to Consequences of failure to comply with Default Notice

  • Consequences of Events of Default and Corrective Action If an Event of Default occurs, the Province may, at any time, take one or more of the following actions:

  • Consequences of Default Upon the occurrence of any Event of Default, as defined in the Revenue Sharing Agreement:

  • Notification of Default (a) Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).

  • Consequences of non-compliance If a beneficiary breaches any of its obligations under this Article, the grant may be reduced (see Article 43). Such breaches may also lead to any of the other measures described in Chapter 6.

  • Consequences of an Event of Default (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following:

  • Notice of Event of Default If the Mortgagee shall have Actual Knowledge of an Event of Default or of a Default arising from a failure to pay Rent, the Mortgagee shall give prompt written notice thereof to the Owner Trustee, the Owner Participant, Lessee, and each Note Holder. Subject to the terms of Sections 2.13, 4.03, 4.04, 4.08, 5.02 and 5.03 hereof, the Mortgagee shall take such action, or refrain from taking such action, with respect to such Event of Default or Default (including with respect to the exercise of any rights or remedies hereunder) as the Mortgagee shall be instructed in writing by a Majority in Interest of Note Holders. Subject to the provisions of Section 5.03, if the Mortgagee shall not have received instructions as above provided within 20 days after mailing notice of such Event of Default to the Note Holders, the Mortgagee may, subject to instructions thereafter received pursuant to the preceding provisions of this Section 5.01, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default or Default as it shall determine advisable in the best interests of the Note Holders; PROVIDED, HOWEVER, that the Mortgagee may not sell the Aircraft or any Engine without the consent of a Majority in Interest of Note Holders. For all purposes of this Trust Indenture, in the absence of Actual Knowledge on the part of the Mortgagee, the Owner Trustee or the Owner Participant, the Mortgagee, the Owner Trustee or the Owner Participant, as the case may be, shall not be deemed to have knowledge of a Default or an Event of Default (except, in the case of the Mortgagee, the failure of Lessee to pay any installment of Basic Rent within one Business Day after the same shall become due, if any portion of such installment was then required to be paid to the Mortgagee, which failure shall constitute knowledge of a Default) unless notified in writing by Lessee, the Owner Trustee, the Owner Participant or one or more Note Holders.

  • Default and Consequences of Default 18.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a half percent (2.5%) per calendar month (and at the Supplier’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.

  • Notice of Events of Default The Issuer shall give a Responsible Officer of the Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

  • Default by State If the State, sixty (60) days after receipt of written notice, fails to correct or cure any material breach of this Contract, the Contractor may cancel and terminate this Contract and institute measures to collect monies due up to and including the date of termination.

  • Payment Default Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereof). During the cure period, the failure to cure the payment default is not an Event of Default (but no Credit Extension will be made during the cure period);

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