DEFAULT BY EITHER OF THE PARTIES Sample Clauses

DEFAULT BY EITHER OF THE PARTIES. 18.1 Should the estate of either of the PARTIES be provisionally or finally sequestrated or liquidated as insolvent or placed under judicial management prior to transfer of the PROPERTY to the PURCHASER, or should either of the PARTIES fail to pay any amount, or fail to provide the guarantee(s) or undertaking(s) required in terms of this Agreement on due date, or commit a breach of any of the other terms and conditions of this Agreement and remain in default for 7 (seven) days after dispatch of a written notice requiring payment and/or delivery of the guarantee(s) or undertaking(s) and/or requiring such breach to be remedied, the other PARTY (“the aggrieved PARTY”) shall be entitled without prejudice to any other rights of the aggrieved party in law or in terms of this Agreement including the right to claim interest in terms of Clauses 6.2 and 12 above, if applicable, to:

Related to DEFAULT BY EITHER OF THE PARTIES

Termination This Agreement may be terminated at any time prior to the Closing:
Term The term of this Agreement will be ten (10) years from the Effective Date (as such term may be extended pursuant to Section 4.2, the “Term”).
Entire Agreement The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.
Indemnification In the event any Registrable Securities are included in a Registration Statement under this Agreement:
Notices All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:
Counterparts This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Definitions As used in this Agreement, the following terms shall have the following meanings:
Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
Governing Law This Agreement shall be governed by and construed in accordance with the laws of the State of New York.
IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.