Defaulting Event Sample Clauses
A Defaulting Event clause defines the circumstances under which a party is considered to be in default under the agreement. Typically, this clause outlines specific actions or failures—such as missing payments, breaching material terms, or insolvency—that trigger a default status. By clearly identifying what constitutes a default, the clause provides a basis for the non-defaulting party to exercise remedies like termination or acceleration of obligations, thereby protecting against ongoing risk and uncertainty.
Defaulting Event. “Defaulting Event” means (i) a Member’s withdrawal as a Member from the Company in willful and intentional breach of Section 9.1(b), (ii) the fraud, Gross Negligence or intentional or willful misconduct of either Member, (iii) the Transfer by a Member of all or any part of its Interest in willful and intentional breach of Sections 7.1 and 7.2, or (iv) a Member’s Bankruptcy.
Defaulting Event. Any of the following events shall constitute default of Guarantor against Creditor:
(1) any representations, explanations or warranties made by Guarantor hereunder, or any notices, authorizations, licenses, consents, certificates and other documents made in accordance with or in relating to this Contract are incorrect or misleading at the time they are made, or have proven to be incorrect or misleading, or invalid or nullified or have no legal force.
(2) Guarantor breaches any provision of the Article 4 hereof.
(3) Guarantor is wound up, reorganized, liquidated, administered or in trust, dissolved, unlicensed or deregistered, or bankrupted, or ceases its business or operation.
(4) Guarantor is dead or declared dead, if it is natural person. Shanghai Pudong Development Bank Maximum Loan Guarantee Contract
(5) Guarantor shifts or attempts to shift its assets away under the disguise of conjugal changes.
(6) Guarantor experiences deteriorating financial situation or operating difficulties, or such other events that adversely influence Guarantor’s normal operation, financial conditions or debt-serving capacity.
(7) Guarantor or its controlling shareholder, actual controller or associated parties are involved in significant action or arbitration, or its/their assets are detached, sealed, frozen, mandatory executed, or otherwise subjecting to such measures of equal force, or its/their legal representative, directors, overseers or executive officers are involved in action, arbitration or other mandatory proceedings which adversely influences Guarantor’s debt-serving capacity.
(8) Guarantor otherwise acts against this Contract that prevents normal performance hereof, or infringes upon Creditor’s righteous interests.
Defaulting Event