Firm Scheme Default Sample Clauses

Firm Scheme Default. 3.1 The following circumstances shall constitute a Firm Scheme Default: 3.1.1 a breach by the Provider of the warranties set out in Conditions 4.1 and 5.4; 3.1.2 an Insolvency Event has occurred in relation to the Provider; 3.1.3 a Prohibited Act has been committed by or on behalf of the Provider (in respect of which the Waiver Condition has not been satisfied); 3.1.4 a breach of Condition 8.1 3.1.5 the Provider ceases operating; 3.1.6 the Provider's status as a Registered Provider is lost or removed; 3.1.7 the Regulator directs or recommends that Financial Assistance is not to be given to the Provider by the Agency; 3.1.8 the Regulator directs the Provider to repay all or part of the DPF proceeds to be utilised by the Provider in meeting the Development Costs; and/or 3.1.9 a breach of the Provider's Firm Scheme Obligations. 3.2 The Provider must notify the Agency immediately in writing on the occurrence of a Firm Scheme Default. 3.3 Where the Firm Scheme Default is: 3.3.1 an occurrence specified in Condition 3.1.2, 3.1.3, 3.1.5, 3.1.6, and/or 3.1.7, the Agency shall be entitled forthwith and without any liability to the Provider terminate the Agreement; 3.3.2 an occurrence specified in Condition 3.1.1, 3.1.4, 3.1.8 and/or 3.1.9 the Agency may serve notice on the Provider requiring the Provider to remedy the breach and if within a period of thirty (30) Business Days following service of such notice: (a) the breach has not been remedied; or (b) where so permitted by the Agency the Provider has not given an undertaking to remedy the breach on terms satisfactory to the Agency; or (c) if it becomes apparent that the Firm Scheme Default is incapable of remedy either within such period or at all; the Agency shall be entitled on giving not less than ten (10) Business Days' notice and without any liability to the Provider (but without determining the whole of this Agreement) to terminate the Agreement insofar as it relates to the Firm Scheme in relation to which the relevant occurrence has arisen. 3.4 Where this Agreement is terminated by the Agency pursuant to:
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Related to Firm Scheme Default

  • Default Exceeding 10% of Firm Units In the event that the default addressed in Section 6.1 above relates to more than 10% of the Firm Units, the Representative may, in its discretion, arrange for it or for another party or parties to purchase such Firm Units to which such default relates on the terms contained herein. If within one (1) Business Day after such default relating to more than 10% of the Firm Units the Representative do not arrange for the purchase of such Firm Units, then the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties satisfactory to the Representative to purchase said Firm Units on such terms. In the event that neither the Representative nor the Company arrange for the purchase of the Firm Units to which a default relates as provided in this Section 6, this Agreement may be terminated by the Representative or the Company without liability on the part of the Company (except as provided in Sections 3.10, 5, and 9.3 hereof) or the several Underwriters (except as provided in Section 5 hereof); provided that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other several Underwriters and to the Company for damages occasioned by its default hereunder.

  • Default Not Exceeding 10% of Firm Units If any Underwriter or Underwriters shall default in its or their obligations to purchase the Firm Units and if the number of the Firm Units with respect to which such default relates does not exceed in the aggregate 10% of the number of Firm Units that all Underwriters have agreed to purchase hereunder, then such Firm Units to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.

  • Default Notice As soon as possible and in any event within two days after the occurrence of each Default or any event, development or occurrence reasonably likely to have a Material Adverse Effect continuing on the date of such statement, a statement of the chief financial officer of the Borrower setting forth details of such Default and the action that the Borrower has taken and proposes to take with respect thereto.

  • Events Requiring Notice to the Representative The Company shall use its best efforts to cause the Registration Statement to remain effective with a current prospectus for at least nine (9) months after the Applicable Time, and shall notify the Representative immediately and confirm the notice in writing: (i) of the issuance by the Commission of any stop order or of the initiation, or the threatening, of any proceeding for that purpose; (ii) of the issuance by any state securities commission of any proceedings for the suspension of the qualification of the Public Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iii) of the mailing and delivery to the Commission for filing of any amendment or supplement to the Registration Statement or Prospectus; (iv) of the receipt of any comments or request for any additional information from the Commission; and (v) of the happening of any event during the period described in this Section 3.5 that, in the judgment of the Company, makes any statement of a material fact made in the Registration Statement, the Pricing Disclosure Package or the Prospectus untrue or that requires the making of any changes in (a) the Registration Statement in order to make the statements therein not misleading, or (b) in the Pricing Disclosure Package or the Prospectus in order to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Commission or any state securities commission shall enter a stop order or suspend such qualification at any time, the Company shall make every reasonable effort to obtain promptly the lifting of such order.

  • Default of Underwriters If any Underwriter or Underwriters default in their obligations to purchase Offered Securities hereunder on either the First or any Optional Closing Date and the aggregate number of shares of Offered Securities that such defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed 10% of the total number of shares of Offered Securities that the Underwriters are obligated to purchase on such Closing Date, CSFBC may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Underwriters, but if no such arrangements are made by such Closing Date, the non-defaulting Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Underwriters agreed but failed to purchase on such Closing Date. If any Underwriter or Underwriters so default and the aggregate number of shares of Offered Securities with respect to which such default or defaults occur exceeds 10% of the total number of shares of Offered Securities that the Underwriters are obligated to purchase on such Closing Date and arrangements satisfactory to CSFBC and the Company for the purchase of such Offered Securities by other persons are not made within 36 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting Underwriter or the Company, except as provided in Section 9 (provided that if such default occurs with respect to Optional Securities after the First Closing Date, this Agreement will not terminate as to the Firm Securities or any Optional Securities purchased prior to such termination). As used in this Agreement, the term "Underwriter" includes any person substituted for an Underwriter under this Section. Nothing herein will relieve a defaulting Underwriter from liability for its default.