Term Default Clause Samples

Term Default. The term of this Agreement shall be for two (2) years commencing from the date of this Agreement. Except as otherwise herein provided, this Agreement may only be terminated due to a material default by one of the parties in performing its obligations pursuant to this Agreement. In the event of such material default, this Agreement shall terminate only after the defaulting party has received written notice of the default from the non-defaulting party and the defaulting party has failed to cure the default within 30 days after the date of receipt of such notice by the defaulting party.

Term Default. This Agreement shall commence on the date first set forth above and shall continue in effect unless and until terminated by one party giving the other party thirty (30) days’ notice of termination. If Contractor defaults in the performance of any obligation under this Agreement, BASF may give Contractor a notice specifying the nature of the default. If Contractor does not, within ten (10) days after the giving of such notice, cure the default, or if such default is of a nature that it could not reasonably be cured within such period of ten (10) days, and Contractor does not commence to cure such default within such ten (10) day period and complete such cure promptly thereafter, then, after the expiration of such ten (10) day period (or longer period as hereinabove provided for if such default cannot be cured within said ten (10) day period), BASF shall have the right to terminate this Agreement for breach.

Term Default. 8.1 This Intercreditor Agreement shall continue for so long as any Lender has a security interest in the Collateral. This Intercreditor Agreement shall remain in full force and effect notwithstanding the filing of a petition for relief by or against Borrower under the United States Bankruptcy Code. 8.2 Nothing contained herein, or in any prior agreement or understanding, shall be deemed to create any duty on the part of any Lender to extend or continue financial accommodations to Borrower. 8.3 Notwithstanding anything to the contrary in the Loan Documents or this Intercreditor Agreement, Lenders acknowledge and agree that any additional indebtedness up to $4,000,000 of Borrower under the GSI Loan Documents and additional indebtedness up to $500,000 of Borrower under the Fairview Loan Documents shall not be considered an event of default or breach of this Intercreditor Agreement or the Loan Documents and Borrower shall not be required to obtain the consent of the Lenders to enter into any such indebtedness; provided, however, such additional indebtedness shall be subject to the terms of this Intercreditor Agreement. The additional indebtedness of up to $500,000 under the Fairview Loan Documents shall be considered as part of the Fairview Debt for purposes of this Agreement. 8.4 Notwithstanding anything to the contrary in the Loan Documents or this Intercreditor Agreement, Lenders hereby consent to the purchase by SDK AD, LLC, an Ohio limited liability company, from the Borrower of the Collateral associated with the MOA Restaurant and the purchase by SD KINGDM, LLC, an Ohio limited liability company, from the Borrower of the Collateral associated with the Denver Restaurant, and hereby waive any default under each Lender's Loan Documents that such a sale of the Collateral may create; provided, however, Borrower shall provide five (5) business days prior written notice to each Lender and shall cause SDK AD, LLC and SD KINGDM, LLC to execute any and all documents deemed necessary by any Lender to continue and maintain the Collateral and Lender's lien position in the Collateral, including but not limited to filing all appropriate UCC's which shall have the same priority as set forth herein. The Collateral shall continue to be subject to the terms and conditions of this Intercreditor Agreement.

Term Default. 7.1 This Agreement shall terminate upon the earlier of (i) the expiration of the Option Term; (ii) effective as of the date at which Optionee, at its sole discretion at any time during the Option Term, delivers written notice of termination thereof to SRC (iii) or a termination by SRC pursuant to Section 7.2 below. In the event of early termination of this Agreement in accordance with this Article 7, SRC shall be entitled to retain the Option Fee, and this Agreement shall become null and void and neither party hereto shall have any other liability, obligation or duty herein under or pursuant to this Agreement other than Optionee’s reclamation obligations and except as expressly otherwise provided herein. 7.2 If, during the Option Term, Optionee is in a material breach of any term or condition contained herein resulting in a material adverse effect to SRC’s rights hereunder (an “Event of Default”), SRC may terminate this Agreement following: (a) Written notice to Optionee containing the particulars of the Event of Default (a “Notice of Default”); and (b) The failure of Optionee to cure such Event of Default within thirty (30) days after receipt of the Notice of Default.

Term Default. Section 16.1 of the Lease is hereby amended by adding the ------------ following:

Term Default. This Agreement shall have an initial term of five (5) years (the “Initial Term”) commencing on the Effective Date, and then shall automatically renew for five (5) successive periods of one (1) year each (the “Renewal Terms”), unless GRANTEE or GRANTOR provide the other party with a minimum of thirty (30) days’ notice of its intention not to renew at the end of the then current term; however, GRANTEE may terminate this Agreement with thirty (30) days prior notice to the GRANTOR if GRANTEE is unable to install, maintain or use the Facilities because of any governmental law, rule or regulation or due to any other cause beyond the reasonable control of GRANTEE. Notwithstanding anything to the contrary stated herein, either Party shall have the right to terminate this Agreement upon thirty (30) days written notice in the event that GRANTEE, for a period of three (3) months, no longer has a customer in the Premises receiving Communications Services from GRANTEE. Upon the termination of this Agreement and upon GRANTOR’s written request, GRANTEE shall remove the GRANTEE Property from the Premises, and repair any damage to the Premises caused by such removal, and place the Premises in substantially the same condition as it was on the Effective Date of this Agreement, normal wear and tear and casualty loss excepted. In the event either party fails to comply with any provisions of this Agreement ("Default"), which Default shall not have been cured by the defaulting party within thirty (30) days after receiving written notice specifying such Default from the non-defaulting party, then the non-defaulting party may immediately or any time thereafter terminate this Agreement upon written notice to the defaulting party.

Term Default. The term of this Agreement shall be for five (5) years commencing on the date first written above, and shall be automatically renewed from year to year thereafter until such time as this Agreement is terminated wholly or in part by either party upon 30 days prior written notice. In the event that either party shall fail to perform any covenant or condition required under this agreement to be performed by that party, and such default in performance shall have continued for a period of thirty (30) consecutive days after notice thereof given by the non-defaulting party, then the non-defaulting party may declare the other party in default. Upon declaration of default, the non-defaulting party may elect to treat this agreement as immediately terminated. Each party shall have the right of specific performance as a remedy for a breach of this Agreement. Each party shall have the right to seek a temporary restraining order, injunction or other equitable relief in order to enforce the provisions of this Agreement, including but not limited to the Agent’s covenants to utilize the services of the Carrier on an exclusive basis. Venue shall be permissive in any court of competent jurisdiction. Notwithstanding anything to the contrary in this Agreement, if XRG does not fund COMDATA or its successor (i.e. fuel bills) or driver payments immediately when due or make settlement of commissions on HTI invoices in presently available funds by wire transfer on or before Noon on Tuesday of each week for the previous week’s business in accordance with the Commission Schedule and the Terminal Agreement, and fails to cure such default within a twenty-four (24) hour period after receiving written notice sent by electronic mail or facsimile, the same shall constitute a major funding default hereunder (“Major Funding Default”). If during any rolling 30-day period XRG should suffer or permit to occur two (2) Major Funding Defaults, then HTI shall have the right to terminate the Terminal Agreement and in such event HTI shall have no further liability or obligation to XRG. It is understood that COMDATA or its successor will be used to advance fuel for loads only, and that the system will not be used for any other funding purpose. No party shall be in default if failure to perform any obligation hereunder is caused by supervising conditions beyond that party’s control, including acts of God, weather conditions (i.e. hurricanes, floods, tornadoes), civil commotion, suspension or delays in ...

Term Default