On Default Clause Samples
The "On Default" clause defines the rights and remedies available to a party when the other party fails to fulfill its contractual obligations. Typically, this clause outlines what constitutes a default, such as missed payments or failure to perform required actions, and specifies the steps the non-defaulting party may take, such as issuing a notice, suspending performance, or terminating the agreement. Its core function is to provide a clear process for addressing breaches, thereby protecting parties from ongoing non-compliance and offering a structured way to resolve issues.
On Default. In the event of a default by the Borrower or any Guarantor in their respective obligations under this Commitment, Loan or Security (as hereinafter defined) that is not cured within the timeframes set out herein, the Lender shall, notwithstanding anything contained herein to the contrary, be entitled to receive from the Borrower an amount equal to all fees, charges and disbursements incurred as a result thereof.
On Default. (a) The Holder may seize or otherwise take possession of the Collateral or any part thereof and sell the same by public or private sale at such price and upon such terms as the Holder in its sole discretion may determine and the proceeds of such sale less all costs and expenses of the Holder (including costs as between a solicitor and its own client on a full indemnity basis) shall be applied on the Indebtedness and the surplus, if any, shall be disposed of according to law;
(b) The Holder has the right to enforce this Agreement by any method provided for in this Agreement and as permitted by law, and to dispose of the Collateral by any method permitted by law, including disposal by lease or deferred payment;
(c) The Holder may appoint any person or persons to be a Receiver of any Collateral, and may remove any person so appointed and appoint another in his stead. The term "Receiver" as used in this Agreement includes a Receiver-Manager;
On Default. If Supplier defaults in performance of any provision of the Agreement, and has not remedied such default to Conestoga’s reasonable satisfaction within ten (10) days of written notice thereof, or such shorter time period identified by Conestoga acting reasonably, Conestoga may terminate this Agreement and/or any Order Document and cancel delivery of Products or Services in whole or in part without any liability whatsoever in respect of the cancelled Products or Services. In the event of such occurrence, as contemplated in this section, Supplier shall be liable for all damages arising from Supplier’s failure to perform, including direct and indirect damages. Remedies available to Conestoga shall be cumulative and not exclusive, and are in addition to any other remedies Conestoga may have at law.
On Default. If an Event of Default shall occur and be continuing, the Secured Party, for so long as said Event of Default shall continue to exist, shall be entitled to receive and retain as collateral security for the Obligations any and all dividends and other distributions at any time and from time to time declared upon or paid with respect to any of the Collateral and to exercise any and all voting rights and all rights of payment, conversion, exchange, subscription or any other rights, privileges or options pertaining to the Collateral as if the Secured Party were the absolute owner thereof, including, without limitation, the right to exchange, at the discretion of the Secured Party any and all of the Collateral upon any merger, consolidation, reorganization, recapitalization or other readjustment of the issuing corporation, and upon the exercise of any such right, privilege or option pertaining to the Collateral, to deposit and deliver any and all of the Collateral with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Secured Party may determine, all without liability except to account for property actually received by the Secured Party; PROVIDED, HOWEVER, that the Secured Party shall have no duty to Latorella to exercise any of the aforesaid rights, privileges or op▇▇▇▇▇ ▇▇▇ shall not be responsible for any failure or delay with respect to the exercise of any such rights, privileges or options.
On Default. Trustee may take appropriate action. In case of an Event of Default hereunder the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. All powers and remedies given by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee, of any holder of any of the Securities or any holder of Capital Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to the provisions of Section 8.04, every power and remedy given by this Article or by law to the Trustee, to the Securityholders or the holders of Capital Securities may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee, by the Securityholders or by the holders of Capital Securities, as the case may be. In the case of Securities of a series issued to a Bear Stearns Trust, any holder of the corresponding series of Capital Se▇▇▇▇▇▇▇s issued by such Bear Stearns Trust shall have the right, upon the occurrence of an Event of ▇▇▇▇▇▇t described in Section 6.01(a) or (b) above, to institute a suit directly against the Company for enforcement of payment to such holder of principal of (including premium, if any) and interest (including any Additional Sums, Additional Interest, Compounded Interest and Special Interest, if any) on the Securities having a principal amount equal to the aggregate liquidation amount of such Capital Securities of the corresponding series held by such holder.
On Default. Either Party may, for itself or on behalf of the Company, terminate the operation of any Center upon the occurrence of an event of default and compliance with all notices and actions required by Paragraph 21 herein.
On Default. Collateral Agent may seize or otherwise take possession of the Collateral or any part thereof and sell the same by public or private sale at such price and upon such terms as Collateral Agent in its sole discretion may determine, and the proceeds of such sale less all costs and expenses of Collateral Agent (including costs as between a solicitor and its own client on a full indemnity basis) shall be applied on the Indebtedness and the surplus, if any, shall be disposed of according to law;
On Default. In the event that the Company shall default in the due and punctual payment of any installment of interest on the Debentures when and as the same shall become due and payable and such default shall continue for 30 days, in addition to the other remedies available to the Limited Partnership, the Company shall nominate, and use its best efforts to have promptly elected or appointed such number of individuals as shall, when added to the director referred to in Section 4(a), give the Limited Partnership a majority of the total number of directors of the Company for so long as any principal amount shall remain outstanding under the Debentures. To facilitate the foregoing, the Company has, concurrently with the execution hereof, amended its by-laws in a manner satisfactory to the Limited Partnership and the Company shall not change such amended provision of its by-laws without the Limited Partnership's prior written consent. Failure to obtain such prior written consent to any such change shall constitute an Event of Default under the Debentures.
On Default. Without prejudice to the right of any Lender Party to obtain any repayment or prepayment of any Obligation from the Project Accounts, at any time when any Event of Default or Insolvency Default shall have occurred and be continuing, no withdrawal may be made from any Project Account without the prior consent of the Required Lenders.