Default by Inability to Pay Sample Clauses

Default by Inability to Pay. Buyer or Guarantor shall immediately provide the State with Notice if Buyer or Guarantor is unable to pay any of its debts when due, makes an arrangement for the benefit of creditors, files a bankruptcy petition, or is otherwise insolvent. Upon Notice from Buyer or Guarantor, or if the State independently determines that Buyer or Guarantor is unable to pay any of its debts when due or is otherwise insolvent, the State’s obligations to deliver and sell Sale Oil to Buyer shall automatically and immediately terminate without any requirement of Notice to Buyer or Guarantor or other action by the State. Within 30 Days after termination under this Article 10.1.2, the State shall have the right, upon consent of Buyer or Guarantor, to reinstate all of the State’s, Buyer’s and Guarantor’s obligations under this Agreement retroactive to the date of termination.
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Related to Default by Inability to Pay

  • Default by City City shall not be in default under this Agreement unless City fails to perform an obligation required of City under this Agreement within twenty (20) days after written notice by Tenant to City. If the nature of City's obligation is such that more than twenty (20) days are reasonably required for performance or cure, City shall not be in default if City commences performance within such twenty (20) day period and thereafter diligently prosecutes the same to completion. In no event may Tenant terminate this Agreement or withhold the payment of rent or other charges provided for in this Agreement as a result of City’s default.

  • Compensation for default by the Concessionaire Subject to the provisions of Clause 35.6, in the event of the Concessionaire being in material default or breach of this Agreement, it shall pay to the Authority by way of compensation, all direct costs suffered or incurred by the Authority as a consequence of such material default or breach, within 30 (thirty) days of receipt of the demand supported by necessary particulars thereof; provided that no compensation shall be payable under this Clause 35.1 for any material breach or default in respect of which Damages are expressly specified and payable under this Agreement.

  • Events of Default by Either Party It shall constitute an event of default (“Event of Default”) by either Party hereunder if:

  • Default Termination a. In the event that the Property has been sold contrary to or any person bids in contravention of the provisions in Clause 4 above, then such sale shall be cancelled and become null and void and of no further effect wherein all monies paid by the Purchaser hitherto including the Deposit shall be forfeited absolutely and immediately.

  • Default by Contractor Contractor will be in default under this Contract if:

  • DEFAULT BY THE TENANT 10.1 The Landlord reserves the right to re-enter the Room or Studio if:-

  • Default by Owner If one or more of the following Events of Default shall occur and be continuing, that is to say:

  • Default by Developer If Developer causes either an Event of Monetary Default or an Event of Non-Monetary Default, then the City may commence proceedings to modify or terminate this Agreement pursuant to this Section 11.4.

  • Customer Default The occurrence at any time of any of the following events shall constitute a “Customer Default”:

  • Developer Default Each of the following shall be an Event of Default by Developer:

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