Default Provisions Clause Examples
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Default Provisions. In addition to any Default arising under Section 20.1 above, each of the following shall constitute a Default: (a) if Tenant fails to pay Rent or any other payment when due hereunder within ten (10) days after written notice from Landlord of such failure to pay on the due date; provided, however, that if in any consecutive 12 month period, Tenant shall, on two (2) separate occasions, fail to pay any installment of Rent on the date such installment of Rent is due, then, on the third such occasion and on each occasion thereafter on which Tenant shall fail to pay an installment of Rent on the date such installment of Rent is due, Landlord shall be relieved from any obligation to provide notice to Tenant, and Tenant shall then no longer have a ten (10) day period in which to cure any such failure; (b) except as is otherwise provided below in this Section 20.2, if Tenant fails, whether by action or inaction, to timely comply with, or satisfy, any or all of the obligations imposed on Tenant under this Lease (other than the obligation to pay Rent) for a period of 30 days after Landlord’s delivery to Tenant of written notice of such default under this Section 20.2(b); provided, however, that if the default cannot, by its nature, be cured within such 30 day period, but Tenant commences and diligently pursues a cure of such default promptly within the initial 30 day cure period, then, as long as Tenant continues to diligently pursue such a cure to completion, Landlord shall not exercise its remedies under Section 21 unless such default remains uncured for more than 270 days after the initial delivery of Landlord’s original default notice and same shall not be deemed to be a “Default” for purposes of this Lease; (c) the occurrence of a default under any or all of the leases scheduled on Exhibit D (“Other Leases”), which default under one or more of the Other Leases is not cured on a timely basis, pursuant to the terms of the applicable Other Lease(s) (“Other Lease Default”); upon the occurrence of an Other Lease Default, there shall be no notice required to be delivered hereunder, nor shall any cure period be available to Tenant hereunder; rather, the occurrence of an Other Lease Default shall immediately constitute a Default under this Lease; and (d) Guarantor defaults under any or all of its obligations under that certain Guaranty of Lease, dated of even date herewith (the “Guaranty”), and fails to cure same within the time period, if any, provided in the Guaranty ...
Default Provisions. The Grantee will be in default under this Grant Agreement if any of the following occur:
1. Substantial breaches of this Grant Agreement, or any supplement or amendment to it, or any other agreement between the Grantee and the State evidencing or securing the Grantee’s obligations;
2. Making any false warranty, representation, or statement with respect to this Grant Agreement or the application filed to obtain this Grant Agreement;
3. Failure to operate or maintain project in accordance with this Grant Agreement.
4. Failure to make any remittance required by this Grant Agreement.
5. Failure to comply with Labor Compliance Plan requirements.
6. Failure to submit timely progress reports.
7. Failure to routinely invoice the State.
8. Failure to meet any of the requirements set forth in Paragraph 13, “Continuing Eligibility.” Should an event of default occur, the State shall provide a notice of default to the Grantee and shall give the Grantee at least ten (10) calendar days to cure the default from the date the notice is sent via first-class mail to the Grantee. If the Grantee fails to cure the default within the time prescribed by the State, the State may do any of the following:
9. Declare the funding be immediately repaid, with interest, which shall be equal to the State of California general obligation bond interest rate in effect at the time of the default.
10. Terminate any obligation to make future payments to the Grantee.
11. Terminate the Grant Agreement.
12. Take any other action that it deems necessary to protect its interests. In the event the State finds it necessary to enforce this provision of this Grant Agreement in the manner provided by law, the Grantee agrees to pay all costs incurred by the State including, but not limited to, reasonable attorneys' fees, legal expenses, and costs.
Default Provisions. The failure of an Investor General Partner to timely make a required additional Capital Contribution under this section results in his personal liability to the other Investor General Partners for the amount in default. The remaining Investor General Partners, in proportion to their respective number of Units, must pay the defaulting Investor General Partner’s share of Partnership liabilities and obligations called for by the Managing General Partner. In that event, the remaining Investor General Partners:
Default Provisions. (a) Events Of Default And Acceleration Of Maturity: PAYEE ---------------------------------------------- MAY, WITHOUT NOTICE OR DEMAND (except as otherwise required by statute or otherwise specifically provided in this Note or the Pledge Agreement), ACCELERATE THE MATURITY OF THIS NOTE AND DECLARE THE ENTIRE UNPAID PRINCIPAL BALANCE AT ONCE DUE AND PAYABLE IF:
(i) There is default by Issuer in the performance of any covenant, condition, or agreement contained in this Note or the Pledge Agreement, including any instrument securing the payment of this Note, and such default continues for a period of thirty (30) days following written notice to Issuer specifying such default;
(ii) if Issuer makes an assignment for the benefit of creditors, or petitions or applies for the appointment of a liquidator, receiver or custodian (or similar official) of it or of any substantial part of its assets, or if Issuer commences any proceeding or case relating to it under the Bankruptcy Code or any other bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, or takes any action to authorize any of the foregoing; or
(iii) if any petition or application of the type described in subparagraph (c) immediately above is filed or if any such proceeding or case described in subparagraph (c) is commenced against Issuer and is not dismissed within sixty (60) days, or if Issuer indicates its approval thereof, consents thereto or acquiesces therein, or if an order is entered appointing any such liquidator or receiver or custodian (or similar official), or adjudicating Issuer bankrupt or insolvent, or approving a petition in any such proceeding, or if a decree or order for relief is entered in respect of Issuer in an involuntary case under the Bankruptcy Code or any other bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction.
Default Provisions. The Recipient will be in default under this Agreement under any of the following circumstances:
Default Provisions. If LESSEE defaults under any provisions of this lease or fails to pay any amounts due to LESSOR, the LESSOR may, at its election, declare the lease in default, accelerate the rent due under this Lease, and proceed against LESSEE in any manner allowed by law. LESSEE shall pay collection charges and attorney's fees incurred by LESSOR in enforcing this lease. LESSEE shall pay an office charge of $300.00, due upon default of any lease terms. LESSEE agrees that the attorney's fee shall be equal to the greater of $750.00 plus $250.00 per hour in excess of three (3) hours, or 30% of the amount due to LESSOR at the time the account is turned over for collection. LESSEE agrees that said amount is reasonable. [LESSEE’S INITIALS]. The aforesaid fees or collection costs shall be due whether or not litigation is commenced by LESSOR. In addition, at the end of the school year, LESSEE agrees that any charges that LESSOR deems to be due pursuant to this lease shall be chargeable to the LESSEE's Student Account at ▇▇▇▇▇▇▇▇ University and may also be collected in accordance with ▇▇▇▇▇▇▇▇ University policy. The LESSEE agrees to allow LESSOR to pursue all legal claims and suits in the Circuit Court of Macon County, Illinois, thereby waiving any defense of lack of jurisdiction or venue in said suits. The LESSOR, attorney, or debt collector is granted permission to request a credit report on LESSEE and/or LESSEE's guarantor(s) or contact any of LESSES provided references at the time of application and/or if LESSEE's outstanding balance to LESSOR is past due over thirty (30) days.
Default Provisions. If the Depositor does not choose any of the distribution methods under Article IV of this Agreement by the April 1st following the calendar year in which the Depositor reaches age 70 1/2, distribution shall be determined based upon the distribution period in the uniform lifetime distribution period table in Regulation section 1.401(a)(9)-9. However, no payment will be made until the Depositor provides the Custodian with a proper distribution request acceptable to the Custodian. The Custodian reserves the right to require a minimum balance in the Custodial Account in order to make periodic payments from the Custodial Account. Upon receipt of such distribution request, the Depositor may switch to a joint life expectancy in determining the required minimum distribution if the Depositor's spouse was the sole beneficiary as of January 1st of the distribution calendar year and such spouse is more than 10 years younger than the Depositor.
Default Provisions. The occurrence and continuance of one or more of the following events shall constitute an event of default of this entire Agreement:
6.1 The nonpayment of any principal or interest by VMN on this loan within five business days of when the same shall have become due and payable.
6.2 The entry of a decree or order by a court having appropriate jurisdiction adjudging VMN bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of VMN under the federal Bankruptcy Act or any other applicable federal or state law, or appointing a receiver, liquidator, assignee or trustee of VMN, or any substantial part of its property, or if the Collateral, as defined in Section 8, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days.
6.3 The institution by VMN of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the federal Bankruptcy Act or any other applicable federal or state law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee or trustee of the Company, or of any substantial part of its property, or if the Collateral, as defined in Section 8, shall become subject to the jurisdiction of a federal bankruptcy court or similar state court, or if VMN shall make an assignment for the benefit of its creditors, or if there is a receivership, execution or other material judicial seizure, or if there is an admission in writing by VMN of its inability to pay its debts generally as they become due, or the taking of corporate action by VMN in furtherance of any such action.
6.4 Default in the obligation of VMN for borrowed money, other than this Loan, which shall continue for a period of sixty (60) days, or any event that results in acceleration of the maturity of any material indebtedness of VMN under any note, indenture, contract, or agreement.
6.5 VMN's failure to comply with any material term, obligation, covenant, or condition contained in this Agreement, within 10 days after the expiration of all cure periods and receipt of written notice from the Investor demanding such compliance.
6.6 Any warranty, covenant, or representat...
Default Provisions. The Grantee will be in default under this Grant Agreement if any of the following occur:
A. Substantial breaches of this Grant Agreement, or any supplement or amendment to it, or any other agreement between the Grantee and the State evidencing or securing the Grantee’s obligations;
i. Making any false warranty, representation, or statement with respect to this Grant Agreement or the application filed to obtain this Grant Agreement;
ii. Failure to operate or maintain the Project in accordance with this Grant Agreement.
iii. Failure to make any remittance required by this Grant Agreement, including any remittance recommended as the result of an audit conducted pursuant to Paragraph D.5.
iv. Failure to submit quarterly progress reports pursuant to Paragraph 4.
v. Failure to routinely invoice the State pursuant to Paragraph 7.
vi. Failure to meet any of the requirements set forth in Paragraph 10, “Continuing Eligibility.”
vii. A determination pursuant to Government Code section 11137 that the Grantee has violated any of the following: Government Code sections 11135 or 12960 et seq.; Civil Code sections 51- 54.2, inclusive; or any regulations adopted to implement these sections.
B. Should an event of default occur, the State shall provide a notice of default to the Grantee and shall give the Grantee at least ten (10) calendar days to cure the default from the date the notice is sent via first-class mail to the Grantee. If the Grantee fails to cure the default within the time prescribed by the State, the State may do any of the following:
i. Declare the funding be immediately repaid, with interest, which shall be equal to the State of California general obligation bond interest rate in effect at the time of default.
ii. Terminate any obligation to make future payments to the Grantee.
iii. Terminate the Grant Agreement.
iv. Take any other action that it deems necessary to protect its interests. In the event the State finds it necessary to enforce this provision of this Grant Agreement in the manner provided by law, the Grantee agrees to pay all costs incurred by the State including, but not limited to, reasonable attorneys' fees, legal expenses, and costs.
Default Provisions. Funding Recipient will be in default under this Funding Agreement if any of the following occur:
A. Substantial breaches of this Funding Agreement, or any supplement or amendment to it, or any other agreement between Funding Recipient and State evidencing or securing Funding Recipient’s obligations;
B. Making any false warranty, representation, or statement with respect to this Funding Agreement;
C. Failure to operate or maintain Project in accordance with this Funding Agreement.
D. Failure to make any remittance required by this Funding Agreement, including any remittance recommended as the result of an audit conducted pursuant to Paragraph D.5.
E. Failure to submit timely progress reports.
F. Failure to routinely invoice State.
G. Failure to meet any of the requirements set forth in Paragraph 8, “Continuing Eligibility.” Should an event of default occur, State shall provide a notice of default to the Funding Recipient and shall give Funding Recipient at least ten (10) calendar days to cure the default from the date the notice is sent via first-class mail to the Funding Recipient. If the Funding Recipient fails to cure the default within the time prescribed by the State, State may do any of the following:
a. Declare the funding be immediately repaid at the time of the default.
b. Terminate the Funding Agreement.
c. Take any other action that it deems necessary to protect its interests. In the event State finds it necessary to enforce this provision of this Funding Agreement in the manner provided by law, Funding Recipient agrees to pay all costs incurred by State including, but not limited to, reasonable attorneys' fees, legal expenses, and costs.