Default; Early Termination Clause Samples
Default; Early Termination. The Service Agreement may be terminated immediately upon notice if either Party:
a. Fails to fulfill any material obligation of this Agreement, or fails to remedy or cure such breach or default within ten (10) days following notice to the defaulting Party (the “Cure Period”);
b. Becomes insolvent, makes a general assignment for benefit of creditors, files a voluntary petition of bankruptcy, suffers or permits the appointments of receiver for its business or assets, or becomes subject to any proceedings under any bankruptcy or insolvency law, whether domestic or foreign;
c. Engages in actions or omissions hereunder which (i) constitute a violation of any law, regulation or tariff; (ii) are defamatory, fraudulent or deceptive; (iii) are intended to threaten, harass or intimidate; or (iv) are intended to damage the name or reputation of the other Party. Under no circumstances shall early termination of the Service Agreement, by either Party for any reason whatsoever, result in the waiver of Customer’s obligation to pay any Service Fees and/or Late Fees due and owed to Nex-Tech up to and through the date of termination. In the event the Service Agreement is terminated prior to the expiration of the Initial Term or any then-current Renewal Term Nex-Tech shall bill Customer, and Customer shall be obligated to pay, an “Early Termination Fee” equal to a) any outstanding Service Fees and/or Late Fees owed to Nex-Tech up to and through the date of termination, plus b) a monthly Service Fee calculated at one-hundred percent (100%) of Customer’s average monthly billing under the Service Agreement – using the three (3) most recent monthly invoices from Nex-Tech – for each month remaining in the then-current Term. Such payment shall be made to Nex-Tech within thirty (30) days of termination, using funds immediately available to Nex-Tech.
Default; Early Termination. Subject to any applicable cure period and notice requirements, each Party shall have the right to terminate this Agreement prior to the expiration of its Term upon the occurrence of any of the following events:
Default; Early Termination. Where Permittee fails to abide by the Permit, and does not timely cure a deficiency though demand is made, within ten (10) days of notice to address insurance, monetary, or hazardous condition matters, and within thirty (30) days otherwise, then WLMA shall have the right at any time thereafter while Permittee is in default to revoke this Permit [defaulted permit where multiple permits herein] forthwith without refund of permit fees, whereupon all rights and interest of Permittee in such Permit shall terminate. WLMA may also suspend or revoke Permit(s) at any time on fifteen (15) days' notice in accord with the Rules. Permit / boat use right terminates at revocation; the boat not removed within fifteen (15) days after revocation shall make it subject to removal by WLMA at the risk and expense of Permittee. WLMA may consider all other legal and equitable alternatives to satisfy its fees / costs with respect to Permit.
Default; Early Termination. A. The following shall be events of default under this Sub-Lease:
(i) if Tenant defaults in payment of any monetary amount due hereunder; (ii) if Tenant fails to perform any other term, covenant, condition or obligation of Tenant under this Sub-Lease and fails to cure such default within fifteen (15) days (or if such default specified by Landlord is not capable of cure within such 15 day period, if Tenant fails immediately after notice from Landlord to commence to cure such default, diligently to pursue completion of such cure, and to complete such cure within ninety (90) days after such notice); or, (iii) if Tenant abandons or vacates the Premises, or if the Premises remain unoccupied for a period of thirty (30) days or more.
B. Upon any such event of default, Landlord may without prejudice to its other rights hereunder, do any one or more of the following: (i) terminate this Sub-Lease and reenter and take possession of the Premises; (ii) recover possession of the Premises (with or without terminating this Sub-Lease, at Landlord's option) in the manner prescribed by any statute relating to summary process, (iii) Landlord may relet the Premises as Landlord may see fit without thereby avoiding or terminating this Sub-Lease, and for the purpose of such reletting, Landlord is authorized to make such repairs to the Premises as may be necessary to conform with the terms of this Sub-Lease and if a sufficient sum is not realized from such reletting (after payment of all costs and expenses of such repairs and the expense of such reletting and the collection of rent accruing therefrom) each month to equal the sums due from Tenant hereunder, then Tenant shall pay such deficiency upon demand therefor; and (iv) Landlord may declare immediately due and payable all the remaining installments of the rent and such amount, less the fair rental value of the Premises for the remainder of the Term, shall be construed as liquidated damages and shall constitute a debt provable in bankruptcy or receivership. In computing such liquidated damages, there shall be added to such deficiency any reasonable expenses as Landlord may incur in connection with reletting, such as court costs, attorneys' fees and disbursements, brokerage fees, and for putting and keeping the Premises in the condition required upon termination pursuant to the terms of this Sub-Lease. The failure of Landlord to relet the Premises or any part thereof after recovery of possession shall not release or affect Tenan...
Default; Early Termination. (a) In the event that CNE fails to pay when due the amounts required pursuant to clause 4.2(c) above, this Agreement shall terminate without further notice, and CNE shall have forfeited its right to participate in the Project or to earn any interest hereunder.
(b) In all other respects, should CNE fail to pay within 30 days any other amounts payable by it pursuant to this Article 4 during the Work Programme, Canadian Superior shall be entitled to give notice of such default (the “Default Notice”) to CNE. Should CNE fail to remedy such default within 30 days of the date the Default Notice is issued, the provisions of Article 8 of the Joint Operating Agreement shall apply.
Default; Early Termination