Default hereunder Clause Samples
The "Default hereunder" clause defines what constitutes a breach or failure to perform obligations under the agreement. Typically, it outlines specific actions or omissions—such as non-payment, failure to deliver goods or services, or violation of key terms—that will be considered a default. This clause is essential because it clarifies the circumstances under which one party may take remedial action, such as terminating the contract or seeking damages, thereby providing a clear framework for addressing non-compliance and protecting the interests of both parties.
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Default hereunder. The occurrence of any default of any kind whatsoever under the terms, covenants and conditions of this Stock Pledge Agreement; or
Default hereunder. Upon 24-hour notice from Seller, Buyer shall afford representatives of Seller full access to and opportunity to examine all reasonable information and/or documents requested by Seller concerning Buyer's Pellet consumption and/or Pellets held in bailment hereunder at any time during Buyer's regular business hours during the term of this Agreement and for a period of one year thereafter.
Default hereunder. If the Company materially defaults in the performance or observance of any term, condition or covenant contained in this Debenture and such default continues for a period of 15 Business Days or more after written notice thereof has been delivered by the Holder to the Company.
Default hereunder. Lessee and Lessor agree that this Lease is a “Finance Lease” as defined by the Uniform Commercial Code Article 2A, the Uniform Personal Property Leasing Act. Notwithstanding the foregoing, Lessee hereby grants to Lessor a security interest in the Property and in any of Lessee’s rights in any associated software, as security for all Lessee’s obligations to Lessor of every kind and nature. Lessee authorizes and ratifies Lessor’s filing of financing statement(s) (and Lessee agrees to pay the cost of filing the same in all public offices where filing is deemed by Lessor to be necessary or desirable) and naming of Lessor as lienholder and/or owner on any vehicle title(s). Lessee hereby acknowledges that all of the leased Property was selected by Lessee from supplier(s) chosen by Lessee. Lessee is familiar with all supply contract rights provided by the supplier(s) and is aware that the supplier(s) may be contacted for a full description of any rights Lessee may have under any supply contract. So long as Lessee is not in default under this Lease, Lessor hereby assigns to Lessee, without recourse, all of Lessor’s rights arising under any warranties applicable to the Property provided by the manufacturer or any other person. All proceeds of any warranty claim from the manufacturer or any other person shall first be used to repair the affected Property.
Default hereunder. At Beneficiary's option, Beneficiary's consent to a further encumbrance or transfer shall be subject to an increase in interest rate, modification of loan terms, and/or the payment of a fee.