UNANTICIPATED DEFAULT Sample Clauses
The "Unanticipated default" clause addresses situations where a party fails to meet its contractual obligations due to unforeseen circumstances not explicitly covered elsewhere in the agreement. Typically, this clause outlines the steps to be taken if such a default occurs, such as notification requirements, opportunities to cure the default, or potential remedies available to the non-defaulting party. Its core function is to provide a clear process for managing unexpected breaches, thereby reducing uncertainty and helping both parties understand their rights and responsibilities in the event of an unplanned default.
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UNANTICIPATED DEFAULT. (a) (ASSUMPTION AS TO PAYMENT) The Agent may assume that a party (the PAYER) due to make a payment for the account of another party (the RECIPIENT) makes that payment when due unless the Payer -------------------------------------------------------------------------------- BRIDGING FACILITY AGREEMENT ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ & Hedderwicks -------------------------------------------------------------------------------- notifies the Agent at least one Business Day before the due date that the Payer will not be making the payment.
UNANTICIPATED DEFAULT. (a) (ASSUMPTION AS TO PAYMENT) The Agent may assume that a party (the PAYER) due to make a payment for the account of another party (the RECIPIENT) makes that payment when due unless the Payer notifies the Agent at least one Business Day before the due date that the Payer will not be making the payment.
UNANTICIPATED DEFAULT. (a) (Assumption as to payment) The Agent may assume that a party (the Payer) due to make a payment for the account of another party (the Recipient) makes that payment when due unless the Payer notifies the Agent at least one Business Day before the due date that the Payer will not be making the payment.
(b) (Reliance on assumption) In reliance on that assumption, the Agent may make available to the Recipient on the due date an amount equal to the assumed payment.
(c) (Recoupment) If the Payer does not in fact make the assumed payment, the Recipient shall repay the Agent the amount on demand. The Payer will still remain liable to make the assumed payment, but until the Recipient does repay the amount, the Payer's liability will be to the Agent in the Agent's own right.