PDP event of default and termination by Employer Clause Samples

PDP event of default and termination by Employer. (a) The PDP shall be in default under the PDP Agreement if any of the following events occurs (each, a “PDP Event of Default”):- (i) the PDP abandons any part of the Services except in relation to the instructions of a relevant authority or direction; (ii) the PDP assigns and/ or novates the PDP Agreement or any right or obligation under the PDP Agreement; (iii) the PDP is in breach of its obligations under the anti-bribery representation, warranty and covenant clauses as set out in the PDP Agreement; or (iv) the PDP commits a breach of any material term of the PDP Agreement and where applicable, has failed to remedy the breach in accordance with the provisions of the PDP Agreement. (b) Upon occurrence of a PDP Event of Default, the Employer may give written notice to the PDP specifying such PDP Event of Default ("PDP Default Notice") and the following shall apply:- (i) the PDP shall immediately commence and diligently continue to remedy the breach and to mitigate any adverse effects on the Employer; (ii) the PDP shall put forward, within 30 days of receipt of the PDP Default Notice, a reasonable plan and schedule for diligently remedying the breach and mitigating its effects; (iii) the plan and schedule shall specify in specific detail the manner that, and the latest date by when, such breach is proposed to be remedied, which latest date shall, in any event, be within 60 days of notice of the said breach, or if such breach is not capable of being rectified in such period, then such longer period as the Employer may agree upon; and (iv) the PDP shall perform the Services to achieve all elements of the MIP in accordance with its terms within the time for the performance of the Services. (c) If the PDP fails to comply with the requirements under Section 2.5.15(b) above, then the Employer may, without prejudice to any of its other rights and remedies, terminate the appointment of the PDP under the PDP Agreement with immediate effect. (d) If the PDP becomes insolvent or is unable to pay its debts or fails or admits in writing its inability to pay its debts as they become due; or declared by a court of law to be in receivership, winding up or liquidation (collectively referred to as “Event of Insolvency”), then the Employer shall have the right to terminate the PDP’s appointment under the PDP Agreement forthwith by giving notice to the effect.
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Related to PDP event of default and termination by Employer

  • Default and Termination (a) In the event that either Party (the “Non-defaulting Party”) determines that the other Party (the “Defaulting Party”) is in breach of any term or condition of this Agreement, unless the breach is a Substantial Breach, the Non- defaulting Party shall give the Defaulting Party fourteen (14) days from the day of written notification of the breach for the Defaulting Party to remedy the breach or if the breach cannot reasonably be cured within such period, provided the Defaulting Party proceeds to diligently remedy the default, such additional period of time as is reasonably required to remedy the breach, as determined by the Non-defaulting Party, acting reasonably. (b) In the event that: (i) the Non-defaulting Party determines that the Defaulting Party is in breach pursuant to Section 3.3(a); (ii) the breach was not a Substantial Breach at the time such breach occurred; and (iii) the Defaulting Party disputes the determination of the breach made by the Non-defaulting Party, the provisions of Schedule H shall apply with respect to the dispute. (c) In the event of a Substantial Breach, the Non-defaulting Party shall, without limiting any other rights it may have in law or equity, have the right to terminate this Agreement without cost, penalty, or process of law with a minimum of forty-eight (48) hours prior written notice to the Defaulting Party. (d) If the Service Provider materially defaults in the observation or performance of any term or condition of this Agreement, and fails to remedy such default within the period provided for herein, AHS shall be entitled, but not obligated, to take such steps as may be available or desirable to remedy such default, and all costs of AHS in that regard shall be paid by the Service Provider to AHS on demand. (e) The rights and remedies of the Parties as set forth in this Agreement are cumulative and shall in no way be deemed to limit any of the other provisions of this Agreement or otherwise to deny the Parties any other remedy at law or in equity which the Parties may have under any law in effect at the date hereof or which may hereinafter be enacted or become effective, it being the intent hereof that such rights and remedies of the Parties shall supplement or be in addition to or in aid of the other provisions of this Agreement and of any right or remedy at law or in equity which the Parties may possess.

  • Events of Default and Termination 12.1 A material breach of this Agreement by the Lessee shall constitute an "Event of Default" under this Agreement. Without limiting the generality of the foregoing provision, the Parties agree that the following cases are of essential interests for the Lessor, and shall be deemed to constitute an Event of Default under this Agreement: 12.1.1 The Lessee fails to pay the Outstanding Amounts, when they fall due pursuant to this Agreement; and/or 12.1.2 The Lessee is in breach of the provisions under Article 6 and Article 11 of this Agreement; and/or 12.1.3 The Lessee is in default under any other agreement that the Lessee may have entered into with the Lessor. 12.2 In case of an Event of Default, the Lessor shall send a written rectification notice (the “Rectification Notice”) to the Lessee requesting the immediate rectification of the Event of Default. The Rectification Notice shall also include any Penalty applied in relation to the breach, as well as the value of other overdue amounts at the date (jointly the Overdue Amounts). The Lessor shall also apply the relevant Late Payment Interest on such Overdue Amounts pursuant to this Agreement. 12.3 If within a period of 20 (twenty) days from the Rectification Notice the Lessee fails to comply with the Rectification Notice, or fails to offer an adequate compensation acceptable to the Lessor, if the Event of Default is impossible to be cured, the Lessor is entitled to terminate this Agreement by Notice to the Lessee (the “Termination Notice”). 12.4 The Termination Notice shall also include the value of the Termination Penalty applied by the Lessor, as well as the value of the other Overdue Amounts at that date (jointly the Overdue Amounts). The Lessor shall apply the relevant Late Payment Interest on such Outstanding Amounts pursuant to this Agreement. 12.5 A Termination Notice shall be issued by the Lessor not later than 7 (seven) days before the start of the repossession procedures pursuant to Article 13; unless within said period the Lessee voluntarily pays all of the Outstanding Amounts and accrued Late Payment Interest, the Termination Notice shall have the effect of terminating this Agreement immediately or, if appropriate, by any later date specified in the Termination Notice.

  • Events of Default and Termination Events The following Events of Default and Termination Events shall apply to Party A and Party B as set forth below:

  • Termination by Default If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but any vested rights of the Executive shall not be affected.

  • Default, Disruption and Termination H1 Termination on Change of Control and Insolvency H2 Termination on Default H3 Break H4 Consequences of Termination H5 Disruption H6 Recovery upon Termination H7 Force Majeure