Default and Dissolution Sample Clauses
The "Default and Dissolution" clause defines the circumstances under which a party's failure to fulfill contractual obligations constitutes a default, and outlines the process for dissolving the agreement as a result. Typically, this clause specifies what actions or omissions are considered defaults, such as non-payment or breach of key terms, and describes the steps required before dissolution, like providing notice or an opportunity to cure the default. Its core practical function is to provide a clear framework for ending the contract in cases of serious non-compliance, thereby protecting the interests of the non-defaulting party and ensuring predictability in the event of a breakdown in the contractual relationship.
Default and Dissolution. 1. Any material breach with the obligations on the part of the Customer, shall entitle MCi to dissolve the Agreement without prior reminder or notification of default by means of a written declaration to that effect, and/or to request from the Customer that the latter carry out (part of) the performance for its account or make undone (part of) the completed performance for its own account and at its own risk or condone that MCi and/or a third party perform or make undone (part of) the completed performance for the account and at the risk of the Customer.
2. MCi shall be entitled to terminate the Agreement in whole or in part, with immediate effect and without intervention by the courts, by means of a written notification to the Customer, without prejudice to MCi's other rights if (i) any Goods are attached, or (ii) the Customer is being granted temporary or permanent moratorium of payment, or (iii) the Customer has been declared bankrupt, or (iv) if the company of the Customer has been wound up, terminated or in case of change of control, or (v) the Customer fails to offer adequate security for the performance of its obligations.
3. In the event of dissolution of the Agreement the Customer shall repay the amounts prepaid to it by MCi under the Agreement within seven (7) calendar days. Failure to do shall oblige the Customer to pay the statutory interest relating to such amount.
4. Without prejudice to the provisions of Article 11, MCi shall be entitled to dissolve the Agreement in whole or in part in the event of its regular course of business being interrupted by fire, strikes, sit ins, war or any other cause, including any form of government regulations.
Default and Dissolution. Binding Effect of Agreement; Representations, Warranties and Covenants of the Parties. . . .
Default and Dissolution. (a) The occurrence of any of the following events shall constitute an event of default (an "EVENT OF DEFAULT") hereunder on the part of the Member with respect to whom such event occurs:
(i) The failure of the Member to make any additional capital contribution to the Company as required pursuant to the provisions of SECTION 2.05 hereof unless such contribution is made by another Member or Members as contemplated in SECTION 2.05(c) hereof;
(ii) The unauthorized transfer by a Member of any of its Company interest in violation of the restrictions set forth in SECTION 3.03 (other than 3.03(c), which shall be governed by the provisions thereof) of this Agreement;
(iii) Institution by a Member of proceedings of any nature under any laws of the United States or of any state, whether now existing or subsequently enacted or amended, for the relief of debtors wherein such Member is seeking relief as debtor; or a general assignment by a Member for the benefit of creditors; or the institution by a Member of a proceeding under any section or chapter of the Federal Bankruptcy Code as now existing or hereafter amended or becoming effective; or the institution against a Member of a proceeding under any section or chapter of the Federal Bankruptcy Code as now existing or hereafter amended or becoming effective, which proceeding is not dismissed, stayed or discharged within a period of sixty (60) days after the filing thereof or is stayed, which stay is thereafter lifted without a contemporaneous discharge or dismissal of such proceedings; or the calling of a general meeting of its creditors by a Member for the appointment of a receiver, trustee or a like officer to take possession of assets having a value in excess of $100,000 of a Member if the pendency of said receivership would reasonably tend to have a materially adverse effect upon the performance by said Member of its obligations under this Agreement, which receivership remains undischarged for a period of thirty (30) days from the date of its imposition; or admission by a Member in writing of his or its ability to pay his or its debts as they mature;
(iv) Attachment, execution or other judicial seizure of all or any substantial part of a Member's assets or of a Member's Company Interest, or any part thereof, such attachment, execution or seizure being with respect to an amount not less than $100,000 and remaining undismissed or undischarged for a period of fifteen (15) days after the levy thereof, if the occurrence ...
Default and Dissolution. 10.1 Events of Default 10.2 Causes of Dissolution 10.3 Election of Non-Defaulting Members 10.4 Dissolution and Termination of LLC 10.5 Final Accounting 10.6 Disposition of Books and Records
Default and Dissolution. 16.1 In the event of failure by Customer to fulfill any obligation arising for it from any Agreement or these Terms and Conditions, or to fulfill same by the stipulated date, Customer shall be in default without any notice of default, and Kooyman may suspend the performance of that Agreement and agreements directly related thereto (e.g. on transportation by third parties), until payment will have been guaranteed sufficiently, or dissolve that Agreement and agreements directly related thereto in whole or in part.
Default and Dissolution. 9.1 Events of Default ----------------- The occurrence of any of the following events shall constitute an event of default ("Event of Default") hereunder:
(a) the failure by a Party to make any capital contribution as required in herein;
(b) any transfer by a Party of its Interest hereunder, except as may be permitted herein;
(c) a general assignment by a Party for the benefit of creditors;
(d) the filing by a Party of a petition of Bankruptcy which petition remains undismissed and undischarged for a period of 90 days.
(e) default in performance of any other material agreements of a Party herein if the default continues for a period of 60 days following written notice of such default, except that an Event of Default shall not be deemed to have occurred if any such default is of a non material nature or that it reasonably requires more than 60 days to cure, and is capable of being fully cured within a reasonable time, and the defaulting Party is diligently proceeding to cure said default.
Default and Dissolution a. The consumer is considered to be in default if he fails to fulfil any obligation from the agreement or fails to do so in time, as well as when the consumer fails to comply with a written demand to comply after all within a reasonable term of 14 days.
b. If the consumer defaults, the entrepreneur is entitled to fully or partially dissolve the agreement by means of an appropriate written notification addressed to the consumer and/or to demand that any amount the consumer owes the entrepreneur is paid in full and/or to revoke the retention of title, without being obliged to pay any compensation and without prejudice to his rights.
Default and Dissolution. 24 Section 10.1. Events of Default and Withdrawal.....................................................24 (a) LP Event of Default................................................................24 (b) Event of Withdrawal................................................................24 Section 10.2. Election of Nondefaulting or Nonwithdrawing Partner..................................25 (a) Purchase in LP Event of Withdrawal.................................................26 (b)
Default and Dissolution. 9.1 Events of Default ----------------- The occurrence of any of the following events shall constitute an event of default ("Event of Default") hereunder:
(a) the failure by a Party to make any capital contribution as required in herein;
(b) any transfer by a Party of its Interred hereunder, except as may be permitted herein; (c) a general assignment by a Party for the benefit of creditors;
Default and Dissolution. Section 8.1. Events of Default and Withdrawal......................................................16 Section 8.2. Election of Nonwithdrawing Member.....................................................18 Section 8.3.