Default and Insolvency Sample Clauses

Default and Insolvency a. The occurrence of any one or more of the following events shall constitute a default and breach of this Lease by Tenant:
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Default and Insolvency. If (i) CSR fails to make any payment under any Contract and/or Purchase Order when due; (ii) CSR fails to make any payment under any Other Agreements when due; (iii) any distress or execution is levied upon CSR’s property or assets; (iv) CSR makes or offers any arrangement or composition with its creditors; (v) CSR is a body corporate and any resolution or petition to wind up CSR’s business (other than for the purpose of amalgamation or reconstruction) is passed or presented; (vi) a receiver, administrator, manager or analogous person is appointed in respect of the undertaking, property or assets of CSR or any part thereof; or (vii) CSR exceeds its credit limit, then, without prejudice to any other right or remedy available to Distributor, the full price of all Cloud Services delivered to CSR under any Contract, but not paid, shall become immediately due (notwithstanding any previously agreed credit terms) and Distributor may take any or all of the following courses of action: (a) by notice, suspend or terminate any Contract and/or Purchase Order or any part thereof, without liability, suspend or terminate any Cloud Services; (b) charge CSR interest, both pre- and post-judgment, on any unpaid amount past due, at the rate of 2.5% (or the highest rate allowed by law) per month until full payment is made (for clarity, a part of a month shall be treated as a full month for the purpose of calculating interest); (c) set-off any amounts due against any credit note, balance or other liability issued by Distributor to CSR; (d) appropriate any payment made by CSR to such Cloud Services (including Cloud Services supplied under any other contract between CSR and Distributor or any Distributor branch or subsidiary) as Distributor may deem fit (notwithstanding any purported appropriation by CSR); and/or (e) alter CSR’s payment terms, which may include withdrawing or altering any credit limit previously granted, requiring prepayment, and demanding adequate assurance of due performance by CSR through the provision of a bank guarantee.
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Default and Insolvency. 9.3 A party (the Terminating Party) shall be entitled to terminate this Agreement forthwith by notice in writing to the other party if any of the events set out below shall occur in relation to the other party, namely:
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Default and Insolvency a. Default in the performance of any covenant, agreement, obligation or condition herein, or breach of any warranty or representation herein, voluntary institution of any insolvency proceedings or steps, as debtor or insolvent, whether such default, breach or institution be on the part of Tenant or Landlord, or involuntary insolvency proceedings brought against either Tenant or Landlord which are not dismissed within sixty (60) days, shall entitle the other party, at its option, to terminate this lease, if, after giving notice by such other party to the offending party of such intention to terminate, setting forth the grounds therefor, the offending party does not within thirty (30) days take prompt and diligent steps to remedy such ground or grounds of termination. The party which has the option of terminating this lease under the provisions of the preceding sentence may, at its option, and in lieu of its other rights and remedies, correct such default and charge the reasonable cost thereof to the offending party, which said charge shall constitute a legal and valid debt of the party so charged. In the event of any default under this lease by Landlord, Tenant may after obtaining a judgment against Landlord, without being judged in default hereunder, withhold payments of rent or other sums due Landlord by Tenant, and apply same to cure any such default by Landlord. Upon any such termination for any default of Tenant, Landlord, its agent or attorney, shall have the right, without further notice or demand, to reenter and remove all persons and Tenant's property therefrom without being deemed guilty of any manner of trespass, or Landlord, its agent or attorney, may resume possession of the Demised Premises and re-let the same for the remainder of the term at the best rent Landlord, its agent or attorney, may obtain, making reasonable efforts in connection therewith, for the account of Tenant which shall make good any deficiency. In addition to the foregoing rights, each party shall have such other and further rights as are allowed by law or in equity. Failure to exercise any right hereunder on any one or more occasions shall not be .deemed a waiver of such right or any subsequent right. In the event either party is in default in the performance of any term, covenant, agreement or condition contained in this lease, the defaulting party shall reimburse the non-defaulting party for all costs and expense, including without limitation, court costs and reasonable a...
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Default and Insolvency. The seller shall be entitled to recover from the buyer or the buyer’s representative all costs and damaged incurred by the seller as a result of default or insolvency, including a reasonable allowance for overheads and profit (including but not limited to the loss of prospective profits and overheads).
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Default and Insolvency. 12.1 If:
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Default and Insolvency 
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Related to Default and Insolvency

  • Bankruptcy and Insolvency Borrower or any of its Restricted Subsidiaries shall (a) become insolvent or generally fail to pay, or admit in writing its inability or unwillingness to generally pay, debts as they become due; (b) apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or other custodian for Borrower, or any of its Restricted Subsidiaries, or any substantial part of the property of any thereof, or make a general assignment for the benefit of creditors; (c) in the absence of such application, consent or acquiescence, permit or suffer to exist the appointment of a trustee, receiver, sequestrator or other custodian for Borrower, or any of its Restricted Subsidiaries, or for a substantial part of the property of any thereof, and such trustee, receiver, sequestrator or other custodian shall not be discharged within 60 days, provided that Borrower and each Restricted Subsidiary hereby expressly authorizes the Administrative Agent, each other Agent and each Lender to appear in any court conducting any relevant proceeding during such 60-day period to preserve, protect and defend their rights under the Loan Documents; (d) permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of Borrower or any of its Restricted Subsidiaries, and, if any such case or proceeding is not commenced by Borrower or such Restricted Subsidiary, such case or proceeding shall be consented to or acquiesced in by Borrower or such Restricted Subsidiary or shall result in the entry of an order for relief or shall remain for 60 days undismissed, provided that Borrower and each Restricted Subsidiary hereby expressly authorizes the Administrative Agent and each Lender to appear in any court conducting any such case or proceeding during such 60-day period to preserve, protect and defend their rights under the Loan Documents; or (e) take any corporate or partnership action authorizing, or in furtherance of, any of the foregoing.

  • Bankruptcy Defaults When any Event of Default described in subsections (j) or (k) of Section 9.1 hereof has occurred and is continuing, then all outstanding Notes shall immediately become due and payable together with all other amounts payable under the Loan Documents without presentment, demand, protest or notice of any kind, the obligation of the Lenders to extend further credit pursuant to any of the terms hereof shall immediately terminate and the Borrower shall immediately pay to the Administrative Agent the full amount then available for drawing under all outstanding Letters of Credit, the Borrower acknowledging and agreeing that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Lenders, and the Administrative Agent on their behalf, shall have the right to require the Borrower to specifically perform such undertaking whether or not any draws or other demands for payment have been made under any of the Letters of Credit.

  • DEFAULT AND POSSESSION In the event that the Lessee shall fail to pay said rent, and expenses as set forth herein, or any part thereof, when the same are due and payable, or shall otherwise be in default of any other terms of said Lease for a period of more than 15 days, after receiving notice of said default, then the parties hereto expressly agree and covenant that the Lessor may declare the Lease terminated and may immediately re-enter said Premises and take possession of the same together with any of Lessee’s personal property, equipment or fixtures left on the Premises which items may be held by the Lessor as security for the Lessee’s eventual payment and/or satisfaction of rental defaults or other defaults of Lessee under the Lease. It is further agreed, that if the Lessee is in default, that the Lessor shall be entitled to take any and all action to protect its interest in the personal property and equipment, to prevent the unauthorized removal of said property or equipment which threatened action would be deemed to constitute irreparable harm and injury to the Lessor in violation of its security interest in said items of personal property. Furthermore, in the event of default, the Lessor may expressly undertake all reasonable preparations and efforts to release the Premises including, but not limited to, the removal of all inventory, equipment or leasehold improvements of the Lessee’s, at the Lessee’s expense, without the need to first procure an order of any court to do so, although obligated in the interim to undertake reasonable steps and procedures to safeguard the value of Lessee’s property, including the storage of the same, under reasonable terms and conditions at Lessee’s expense, and, in addition, it is understood that the Lessor may xxx the Lessee for any damages or past rents due and owing and may undertake all and additional legal remedies then available. In the event any legal action has to be instituted to enforce any terms or provisions under this Lease, then the prevailing party in said action shall be entitled to recover a reasonable attorney's fee in addition to all costs of said action. Rent which is in default for more than days after due date shall accrue a payment penalty of one of the following: (Choose One) ☐ - Interest at a rate of percent ( %) per annum on a daily basis until the amount is paid in full. ☐ - Late fee of dollars ($ ) per day until the amount is paid in full. In this regard, all delinquent rental payments made shall be applied first toward interest due and the remaining toward delinquent rental payments.

  • Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings If an Event of Default specified under Sections 9.1.1 through 9.1.10 shall occur and be continuing, the Lenders and the Administrative Agent shall be under no further obligation to make Loans and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required Lenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security interest in, all such cash as security for such Obligations; and

  • Non-Bankruptcy Defaults When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellation, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.

  • Event of Default and Illegality If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default.

  • Voluntary Bankruptcy or Insolvency Proceedings The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) admit in writing its inability to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; or

  • Involuntary Bankruptcy or Insolvency Proceedings Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within thirty (30) days of commencement.

  • Default and Foreclosure 5 3.1 Remedies....................................................... 5 3.2

  • Insolvency; Voluntary Proceedings The Company or any Material Subsidiary (i) ceases or fails to be solvent, or generally fails to pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any, whether at stated maturity or otherwise; (ii) voluntarily ceases to conduct its business in the ordinary course; (iii) commences any Insolvency Proceeding with respect to itself; or (iv) takes any action to effectuate or authorize any of the foregoing; or

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