Default Reporting Clause Samples
The Default Reporting clause requires a party to promptly notify the other party if it defaults on its obligations under the agreement. In practice, this means that if a party fails to make a payment, breaches a covenant, or otherwise does not fulfill a contractual duty, it must inform the counterparty within a specified timeframe and provide relevant details about the default. This clause ensures transparency and allows the non-defaulting party to take appropriate action, such as seeking remedies or initiating dispute resolution, thereby managing risk and maintaining trust between the parties.
Default Reporting. Grantee shall provide the Authority with notice of default, and Cure Reports as specified in Section 9(a) herein.
Default Reporting. If you fail to meet your commitments under the contract the Lender may provide information about that default to Equifax NZ, or any other such Credit Agency, for credit reporting purposes who may give information about the default to their customers. In the event of any default in payment and while the default continues you must pay the Default Fees on any unpaid balance. In the event of any breach of the contract or on enforcement of the contract, the default fees specified below are payable. Default fees:
Default Reporting. On or before the 15th day of each March, June, September and December, beginning June 15, 2006, so long as the Senior Loan Agreement is in effect, the Developer shall submit to the City a statement, substantially in the form attached as Exhibit G and confirmed by the Bank, that no event of default or event that would constitute an event of default by the Developer under the Senior Loan Agreement or which, with the giving or notice or lapse of time or both, would become such an event of default, has occurred and is continuing under the Senior Loan Agreement or any document executed in connection therewith. The Developer shall immediately notify the City if any such event shall occur and shall provide the City a copy of any notice from the Bank of any event of default under the Senior Loan Agreement or any document executed in connection therewith.