Carrier Default definition
Examples of Carrier Default in a sentence
From and after the occurrence of any Carrier Default under an Assigned Agreement and until the end of the Collateral Agent’s Cure Period for such Carrier Default, each Assigned Agreement shall remain in full force and effect and the Shipper shall not and shall not exercise any remedies under or terminate the Assigned Agreements whether pursuant to any theory of fundamental breach or for total failure of consideration or at common law, in equity or otherwise.
No curing or mitigation or attempt to cure or mitigate any Carrier Default or exercise of any rights or remedies by the Collateral Agent or its nominee shall be construed as (i) an assumption by the Collateral Agent or its nominee of any covenants, agreements or obligations of the Carrier under or in respect of the Assigned Agreements, or (ii) constituting the Collateral Agent or its nominee as a mortgagee in possession.
Upon the occurrence of a Carrier Default, Shipper may provide written notice to Carrier, describing the Carrier Default in reasonable detail and requiring Carrier to cure the Carrier Default (the “Carrier Default Notice”).
After receipt of a Default Notice, the Collateral Agent or its nominee shall have the right, but not the obligation, to cure or mitigate or cause to be cured or mitigated the Carrier Default listed in such Default Notice.
During such thirty (30) day cure period or at any time while a default is continuing, Contractor shall not be required to provide further services at any Location unless Carrier pays in advance to with Contractor an amount satisfactory to Contractor necessary to pay for the charges for such services, which payment may be applied by Contractor in its sole discretion to reduce outstanding indebtedness which is to be incurred under this Agreement or otherwise cure such Carrier Default.
After a Carrier Default has been cured in all material respects by the Carrier, the Collateral Agent, the Collateral Agent’s nominee or otherwise, there shall no longer be deemed to be any default under the Assigned Agreements or event giving rise to such Carrier Default.
Upon becoming aware of the occurrence of a Carrier Default, Shipper may provide written notice to Carrier, describing the Carrier Default in reasonable detail and requiring Carrier to cure the Carrier Default (the “Carrier Default Notice”).
Upon the occurrence of a Carrier Default or a Shipper Default (in each case a “Default”), Carrier or Shipper, as the case may be, may provide Notice to the defaulting Party, describing the Default in reasonable detail and requiring the defaulting Party to remedy the Default (the “Default Notice”).
Upon the occurrence of a Carrier Default, Shipper may provide written notice to Carrier, describing the Carrier Default in reasonable detail and requiring Carrier to remedy the Shipper Default (the “Carrier Default Notice”).
The obligation of Shipper to make Monthly Deficiency Payments under this Agreement shall be proportionately reduced to the extent that any event of Carrier Force Majeure or Carrier Default prevents all or a portion of the Services to Shipper or to the extent any event of force majeure or breach or default by Southern Lights U.S. prevents all or a portion of the services on the Southern Lights U.S. Diluent Pipeline to Shipper or its Affiliate.