Subsequent Default Sample Clauses
The Subsequent Default clause defines what happens if a party, after previously curing a default, commits another default under the agreement. Typically, this clause outlines that repeated defaults—especially of the same type—may trigger stricter remedies or accelerate the enforcement of rights by the non-defaulting party. For example, if a borrower misses a payment, cures it, and then misses another payment, the lender may be entitled to take action more quickly. The core function of this clause is to discourage repeated breaches and provide a clear mechanism for addressing recurring defaults, thereby protecting the interests of the non-defaulting party.
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Subsequent Default. In the event of a breach of any covenant set forth in sections 4.02, 6.07, 7.04 or 7.05 herein, a Shareholder may notify INCEPTION or CLAVO RICO, as appropriate, of the default and request that it be remedied within ten (10) business days. Failure to remedy the breach within the ten business days shall result a right of indemnification of the non-breaching party under Section 6.06 of this Agreement
Subsequent Default. To the extent permitted by Applicable Law, the Borrower hereby waives any rights now or hereafter conferred by statute or otherwise which are inconsistent with the Agent's or a Lender's rights or remedies under the Loan Documents.
Subsequent Default. In the case of any rescission of declaration, then the MTFC and the Entity shall be restored to their former position and rights hereunder, but no such rescission shall extend to any subsequent or other occurrence of an Event of Default or impair any right consequent thereon.
Subsequent Default. Any waiver at any time by OPC of its rights with respect to any matter arising in connection with the Generation Service Schedules or this Agreement shall not be considered a waiver with respect to any subsequent default or matter.
Subsequent Default. Any waiver at any time by GSOC of its rights with respect to any matter arising in connection with the GSOC Tariff or this Agreement shall not be considered a waiver with respect to any subsequent default or matter.
Subsequent Default. If the Closing of the Contribution Transaction occurs, but (i) any of the representations and warranties made by the Partnership in this Agreement are inaccurate or incorrect in any material respect on the date made or deemed made, or (ii) the Partnership fails to perform its material covenants, obligations or agreements under this Agreement on or before the Third Escrow Release and such failure is not cured on or before the earlier of fifteen (15) days after written notice by Owner to the Partnership or the day on which the applicable covenant, obligation or agreement is required to have been performed under this Agreement, Owner shall have the right, at its sole option, to: (x) terminate this Agreement, whereupon neither party shall have any further right or liability to the other under this Agreement, except for those that expressly survive termination as specifically set forth in Articles 11, 13 and 16; (y) waive the default or failure to perform and proceed with the First Escrow Release, the Second Escrow Release or the Third Escrow Release, as applicable; or (z) pursue any legal or equitable remedies to which Owner may be entitled on account of the foregoing, including, without limitation, injunctive relief or specific performance, against the Partnership in order to enforce the provisions of this Agreement; provided, however, that (i) the right of Owner to terminate this Agreement pursuant to this Section 12.1(b) may only be exercised prior to the First Escrow Release, and (ii) any action for injunctive relief, specific performance or other equitable relief hereunder must be initiated by Owner within sixty (60) days after the Partnership’s default or Owner shall be deemed to have irrevocably waived its right to such equitable remedies. Notwithstanding any other provision of this Agreement, the provisions of Section 12.1(b) shall survive the First Escrow Release Date, the Second Escrow Release Date or the Third Escrow Release Date, as applicable, for a period of one (1) year.
Subsequent Default. In the event of a breach of any covenant set forth in sections 4.02, 6.07, or 7.04 herein, Mayan may notify Razor of the default and request that it be remedied within ten (10) business days. Failure to remedy the breach within the ten business days shall be cause for Cerros to immediately cancel 1▇▇,▇▇▇ common shares then issued to Razor and to issue to Mayan 195,000 common shares with the remainder of the outstanding common shares being issued to Razor.
V. Except as specifically amended herein, all of the terms, covenants and conditions set forth in the Agreement shall remain in full force and effect.
Subsequent Default. Any waiver at any time by GTC of its rights with respect to any matter arising in connection with the GTC Tariff or this Agreement shall not be considered a waiver with respect to any subsequent default or matter.
Subsequent Default. In the event of a breach of any covenant set forth in sections 4.02, 6.07, or 7.04 herein, MAYAN may notify RAZOR RESOURCES INC of the default and request that it be remedied within ten (10) business days. Failure to remedy the breach within the ten business days shall be cause for ▇▇▇▇▇▇ to immediately cancel 125,000 common shares then issued to RAZOR and to issue to MAYAN 125,000 common shares with the remainder of the outstanding common shares being issued to RAZOR.