Default by the Trustee Sample Clauses
The "Default by the Trustee" clause defines the circumstances under which the trustee is considered to have failed in fulfilling their obligations under the agreement. Typically, this clause outlines specific actions or omissions—such as not making required payments, failing to perform administrative duties, or breaching fiduciary responsibilities—that would constitute a default. In practice, it may also describe the process for notifying the trustee of the default and any cure periods allowed. The core function of this clause is to protect the interests of the beneficiaries or other parties by providing a clear mechanism for addressing trustee misconduct or negligence, thereby ensuring accountability and recourse in the event of a trustee's failure.
Default by the Trustee. If:
(a) the Trustee fails to pay any sum payable by it under this Agreement when due; or
(b) the Trustee commits any material breach of any other provision of this Agreement which, in the reasonable opinion of the Company, is either:
(i) not capable of remedy; or
(ii) is capable of remedy and has not been remedied within 21 days after the earlier of the date of notice by the Company requiring such remedy, or the date on which the Trustee first becomes aware of the breach, the Company may declare that the Preference Share Loan and/or the Armadillo Share Loan have/has become immediately due and payable by written notice to the Trustee. The Trustee shall be required to repay such Loan(s), together with any other amounts outstanding, including interest payable in accordance with Clause 3.
Default by the Trustee. Notwithstanding any default by the Trustee hereunder, the City shall not have the right to exclude the Trustee from the Project Site or to take possession thereof (except pursuant to the Lease) or to terminate this Base Lease prior to the termination of the Base Lease term; except that if, upon exercise of the option to purchase the Trustee’s interest in the Project Site under the Lease granted to the City in the Lease and after the payment of the purchase price specified therein and the other sums payable under the Lease, the Trustee fails to convey its interest therein to the City pursuant to said option, then the City shall have the right to terminate this Base Lease, such termination to be effective 30 days after delivery of written notice of such termination to the Trustee. However, in the event of any default by the Trustee hereunder, the City may maintain an action for damages or, if permitted in equity, for specific performance. In no event shall the Trustee be liable for consequential or punitive damages.
Default by the Trustee. Notwithstanding any default by the Trustee hereunder, the City shall not have the right to exclude the Trustee from the Project Site or to take possession thereof (except pursuant to the Lease) or to terminate this Base Lease prior to the termination of the Base Lease term; except that if, upon exercise of the option to purchase the Trustee’s interest in the Project Site under the Lease granted to the City in the Lease and after the payment of the purchase price specified therein and the other sums payable under the Lease, the Trustee fails to convey its interest therein to the City pursuant to said option, then the City shall have the right to terminate this Base Lease, such termination to be effective