Termination by Reason of Default or Nonperformance Sample Clauses

The 'Termination by Reason of Default or Nonperformance' clause allows one party to end the contract if the other party fails to fulfill their obligations or breaches key terms. Typically, this clause outlines what constitutes a default or nonperformance, such as missed payments or failure to deliver goods or services, and may require written notice and a cure period before termination can occur. Its core function is to provide a clear mechanism for ending the agreement when one party does not meet their contractual responsibilities, thereby protecting the non-breaching party from ongoing harm or loss.
Termination by Reason of Default or Nonperformance. At the option of the non-defaulting party, this Agreement may be terminated upon the material breach or default by the defaulting party of its duties and obligations hereunder is such breach or default is not cured by such defaulting party and is breach or default shall continue for a period of thirty (30) consecutive days after such defaulting party's receipt of notice thereof from the non-defaulting party. It is understood and agreed that any failure on the part of Lessee to make any payment required under Paragraph 6 hereof shall be a material breach of default of its duties and obligations hereunder. It is also understood and agreed that any consequences resulting from the loss of local participating receive sites shall not be considered a material breach or default by Lessor of its duties and obligations hereunder.
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Termination by Reason of Default or Nonperformance. If a Party is in material breach of its obligations under this Agreement, then the other Party shall give notice to the breaching party of such breach of this Agreement. If the breaching Party fails to cure such breach (or, if the breach is of a negative covenant, to cease such breach) within (i) thirty (30) days of written notice if the breach is the failure to make a payment, or (ii) such period as may be specified in any order of any governmental authority, which order has not been stayed pending any appeal or request for reconsideration or (iii) ninety (90) days of notice of any other material breach, then, in addition to all rights and remedies available to the other Party under law or at equity, such other Party may terminate this Agreement by notice to the breaching Party. Material breaches of this Agreement by Operator include, but are not limited to, any payment default by Operator, the failure of Operator to maintain operations on any ITFS Channel for a one hundred eighty (180) day period, or such longer period as Licensee may determine in its discretion, (without regard to Licensee control obligations under FCC Rules), the failure of Operator within the time frame specified by the FCC to obey any order of the FCC directed to Operator or Licensee concerning the ITFS Channels.
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Related to Termination by Reason of Default or Nonperformance

  • Termination of Default An Event of Default shall be deemed to have been terminated upon the earliest to occur of: 13.7.1. The date the Representative and the Company enter into a settlement of all claims; or 13.7.2. If an Acceleration has not been authorized by the Holders, the date the Company has paid (i) to the Holders, all payments due through such date; and (ii) to the Representative, all the fees and expenses described in section 12.3.2(f); or 13.7.3. If an Acceleration has been authorized by the Holders, the date the Company has paid (i) to the Holders all payments due through such date; and (ii) to the Representative, all the expenses described in section 12.3.2(f); but only if a Majority agrees to annul the demand for Acceleration.

  • 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.

  • Termination by Reason of Disability If the Optionee’s employment by the Company terminates by reason of Disability, this Option may thereafter be exercised, to the extent the Option was exercisable at the time of such termination (after giving effect to any acceleration of vesting provided for in Section 2 above), by the Optionee or personal representative or guardian of the Optionee, as applicable, for a period of three (3) years from the date of such termination of employment or until the expiration of the Term of the Option, whichever period is the shorter.

  • TERMINATION BY MPS - BREACH BY CONTRACTOR If Contractor fails to fulfill its obligations under this Contract in a timely or proper manner, or violates any of its provisions, MPS shall thereupon have the right to terminate it by giving five (5) days written notice before the effective date of termination of the Contract, specifying the alleged violations, and effective date of termination. The Contract shall not be terminated if, upon receipt of the notice, Contractor promptly cures the alleged violation with five (5) days. In the event of termination, MPS will only be liable for services rendered through the date of termination and not for the uncompleted portion, or for any materials or services purchased or paid for by Contractor for use in completing the Contract.

  • Termination by Reason of Death or Disability A Termination of the Employee’s employment by reason of death or Disability shall not be deemed to be a Termination by the Company (for or without Cause) or by the Employee (for or without Good Reason). In the event that the Employee’s employment with the Company Terminates as a result of the Employee’s death or Disability, the Employee or the Employee’s estate or representative, as applicable, will receive all accrued salary and accrued vacation as of the date of the Employee’s death or Disability and any other benefits payable under the Company’s then existing benefit plans and policies in accordance with such plans and policies in effect on the date of death or Disability and in accordance with applicable law. In addition, the Employee or the Employee’s estate or representative, as applicable, will receive the bonus for the year in which the death or Disability occurs to the extent that a bonus would have been earned had the Employee continued in employment through the end of such year, as determined in good faith by the Company’s CEO, Board of Directors or its Compensation Committee based on the specific corporate and individual performance targets established for such fiscal year, and only to the extent that bonuses are paid for such fiscal year to other similarly situated employees.