Non-Payment Default. Except under circumstances when the terms of Section 2.02 or Section 2.05 of this Agreement are applicable, if (a) a Non-Payment Default shall have occurred and be continuing, (b) the Subordinated Lenders or the Subordinated Indebtedness Representative shall have received a Non-Payment Default Notice, and (c) no Non-Payment Default Notice shall have been given within the 360-day period immediately preceding the giving of such Non-Payment Default Notice, then neither the Borrower nor any Subsidiary may make, and no Subordinated Lender shall accept, receive or collect, any direct or indirect payment or distribution of any kind or character (in cash, securities, other Property, by setoff, or otherwise other than Reorganization Securities) of any properties or assets of the Borrower or any Subsidiary on account of the Subordinated Obligations during the Non-Payment Blockage Period; provided, however, that in the case of any Scheduled Payment on or in respect of any Subordinated Obligation that would (in the absence of any such Non-Payment Default Notice) have been due and payable on any Scheduled Payment Date during such Non-Payment Blockage Period pursuant to the terms of the Subordinated Notes as in effect on the date hereof or as amended consistent with the requirements of Section 2.12 of this Agreement, the provisions of this Section 2.03 shall not prevent the making and acceptance of such Scheduled Payment, together with any additional default interest as is due on the Subordinated Notes, on or after the date immediately following the termination of such Non-Payment Blockage Period. In the event that, notwithstanding the foregoing, the Borrower or any Subsidiary shall make any payment or distribution to any Subordinated Lender prohibited by the foregoing provisions of this Section 2.03, then and in such event such payment or distribution shall be held in trust for the benefit of and immediately shall be paid over to the holders of the Senior Indebtedness or the Senior Indebtedness Representative for application against the Senior Indebtedness remaining unpaid until such Senior Indebtedness is paid in full in cash. Any Non-Payment Default Notice shall be deemed received by the Subordinated Lenders upon the date of actual receipt by the Subordinated Lenders or the Subordinated Indebtedness Representative of such Non-Payment Default Notice in writing.
Non-Payment Default. A breach or failure of performance by the Tenant or the Issuer of any provision of this Bond Agreement (other than as referred to in (1) above) that is not remedied within 30 days after the Tenant or the Issuer, as the case may be, has received written notice thereof from the Bank or any Owner;
Non-Payment Default. In case of non-payment or default by THE COMPANY, PrevenTech has the right to terminate this Agreement and reasonable attorney's fees and costs of collection shall be paid by THE COMPANY, whether suit is filed or not. In addition, interest at the highest rate allowable by law will be assessed for the period of delinquency.
Non-Payment Default. The Borrower fails to pay when and as required to be paid herein, any interest payment or amount of principal borrowed under the Facility, or otherwise fails to comply with any of its obligations hereunder; or
Non-Payment Default. The obligation of Avast Pest Control LLC hereunder is conditioned upon payment in full of the Initial charge and all regular service charges, and failure to pay such charges shall cancel this Plan in its entirety and discharge Avast Pest Control LLC of any liability, and any amount paid shall become the property of Avast Pest Control LLC.
Non-Payment Default. Failure to pay Total Initial Costs as listed under the PAYMENT INFORMATION Section of this Agreement or failure to pay consecutive Renewal Maintenance Fees as specified in the RENEWAL MAINTENANCE Section will render this agreement and full warranty null and void. The Purchaser will pay all collection costs if payment is not received according to Service Agreement. A finance charge of 1.5% per month or 18% per year will be assessed on all past due amounts older than 30 days.
Non-Payment Default. Once the parked vehicle is in Default Status for Non-Payment, the vehicle will be towed from its existing parking space and location, to another lot and held in impound while the court orders are being filed. Please refer to item # 11 Abandoned Vehicles for additional description of exactly what happens when a vehicle is left unpaid. We reserve the right to move any vehicle to another lot due to non- payment.
Non-Payment Default. 6 obligation ................................................. 6
Non-Payment Default. In case of default by the Purchaser, Big Apple Pest Control & Termite has the right to terminate this Agreement after thirty (30) days for non-payment.
Non-Payment Default. Member fails to perform or observe any term, covenant, agreement or obligation set forth in the Loan Documents and that failure is not cured within the time period (in no event shorter than ten (10) days) specified in a notice thereof given by WPPI to Member;
