Stop Notice Sample Clauses
A Stop Notice clause allows a party, typically a subcontractor or supplier, to formally notify the paying party or project owner to withhold payment from the main contractor until outstanding debts are resolved. In practice, this clause is used when a subcontractor has not been paid for work or materials supplied, enabling them to serve a notice that effectively freezes certain payments due to the main contractor. The core function of the Stop Notice clause is to protect the interests of lower-tier parties in the contractual chain by providing a legal mechanism to secure payment and prevent financial loss.
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Stop Notice. 1. District may issue a Stop Notice to Recipient should any of the following occur:
a) Breach, or failure to abide by any terms or conditions of this Agreement;
b) Assignment of any benefits of this Agreement, or delegation of any duties due under this Agreement to a third party;
c) Bankruptcy, or dissolution of Recipient;
d) Failure by Recipient to perform duties and responsibilities in a timely, professional or competent manner;
e) Failure by Recipient to make reasonable progress toward implementing this Agreement.
2. Upon receipt of a Stop Notice Recipient shall cease implementation of the Project by the date indicated in the notice.
Stop Notice. Each Lender acknowledges and agrees that in issuing, amending, renewing or extending any Letter of Credit, the applicable Issuing Bank shall be entitled to conclusively rely, and shall not incur any liability for relying, upon the representation and warranty of the Borrower deemed made pursuant to Section 3.02. If the Required Lenders reasonably determine at any time that the conditions set forth in Section 3.02 would not be satisfied in respect of the issuance of a Letter of Credit at such time, then the Required Lenders may request that the Administrative Agent issue a “Stop Notice” to the Issuing Banks, whereupon the Administrative Agent shall issue such notice to each Issuing Bank. No Letter of Credit shall be issued, amended to increase the amount thereof, renewed or extended while a Stop Notice is in effect; provided that an Issuing Bank shall incur no liability for an issuance, amendment, renewal or extension of any Letter of Credit while a Stop Notice is in effect (and neither its rights nor the obligations of the Borrower or the Lenders hereunder with respect to any such Letter of Credit shall be diminished or otherwise affected in any manner) unless such Issuing Bank shall have received such Stop Notice at least one Domestic Business Day prior to the time such Letter of Credit is so issued, amended, renewed or extended (or, in the case of an automatic extension permitted pursuant to Section 2.04(b)(iii), at least one Domestic Business Day prior to the time by which the notice of termination or non-extension must be made by the applicable Issuing Bank). The Administrative Agent and the Issuing Banks may conclusively rely upon any Stop Notice while it remains in effect. Any Stop Notice shall be withdrawn upon a determination by the Required Lenders that the circumstances giving rise thereto no longer exist. The Required Lenders may request issuance of a Stop Notice under this Section 2.04(f) only if there is a reasonable basis therefor, and shall consider reasonably and in good faith a request by the Borrower for withdrawal thereof on the basis that the conditions in Section 3.02 would be satisfied.
Stop Notice. Each Holder agrees that, upon receipt of any notice (a ----------- "Stop Notice") from the Parent that the Board of Directors of the Parent has determined, in its good faith reasonable judgment, that the disposition of the Shares pursuant to the registration statement would materially interfere with, or require the premature disclosure of, any financing, acquisition or reorganization involving the Parent or any of its subsidiaries, or otherwise would require premature disclosure of any other material nonpublic information as to which the Parent has a good faith, bona fide business purpose for maintaining its confidentiality (the "Board of Directors' Determination"), such Holder will immediately discontinue disposition of the Shares pursuant to the registration statement until such Holder's receipt of a copy of a supplemented or amended prospectus or written notice from the Parent that the reason for the Board of Directors' `Determination has lapsed and, if so directed by the Parent, such Holder shall deliver to the Parent (at the expense of the Parent) or destroy (and deliver to the Parent a certificate of destruction) all copies in its possession, of the prospectus covering the Shares current at the time of receipt of the Stop Notice; provided, however, that any restriction on trading -------- ------- resulting from a Board of Directors' Determination shall be limited to a maximum of thirty (30) consecutive days and ninety (90) days in any 12-month period; and, provided further, that the period set forth in Section 1 of this attachment shall be extended by one day for each day that a Stop Notice remains in effect.
Stop Notice. If DataCo concludes that a breach of the Conditions of Use (and/or Compliance Undertaking) has occurred but has not been remedied to DataCo’s reasonable satisfaction, it shall then be entitled (but not obliged) to issue a notice to the Relevant NMC Member requiring it within one (1) Business Day to: