Licensor Default definition

Licensor Default has the meaning set forth in Section 18.01.
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Licensor Default shall occur if Licensor defaults in the performance of any of its obligations hereunder and such default is not cured within fifteen (15) calendar days after receipt from Licensee of written notice of such default; provided that if: (i) such default cannot be cured with reasonable diligence during such fifteen (15) calendar day period; and (ii) Licensor takes reasonable steps during such fifteen (15) calendar days to cure of such default, then such default shall not constitute a Licensor Default.
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Licensor Default means the occurrence of either or both of the following events: (a) failure by Licensor at any time to pay, when due, any sums payable by Licensor hereunder within ten (10) days after notice of such failure is given to Licensor by Licensee and (b) failure by Licensor to observe or perform any other covenant, agreement, condition or provision of this Agreement or any License, if such failure shall continue for more then thirty (30) days after notice of such failure is given to Licensor by Licensee, provided that there shall not be a Licensor Default under this clause (b) with respect to matters that cannot be reasonably cured within such 30 day period so long as within such 30 day period Licenser has commenced such cure and diligently proceeds in a reasonable manner thereafter to complete the same. NOTICE ADDRESS -- as defined in the Schedules. PAST DUE RATE -- as defined in Section 6.4.
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Examples of Licensor Default in a sentence

  • If any Licensor Default occurs, the Licensee shall have the right, at the Licensee’s election, to exercise any one or more of the remedies described below.

  • The Parties hereby waive any and all rights to consequential, punitive or exemplary damages for a Licensee Default or a Licensor Default, as the case may be.

  • Notwithstanding the foregoing, there shall be no Grace Period applicable to a Licensor Default based upon a breach of a representation or warranty of Licensor.


More Definitions of Licensor Default

Licensor Default shall have the meaning set forth in Section 20.3.
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Licensor Default means Licensor’s failure to perform or observe any of its obligations under this License after a period of thirty (30) days (or the additional time, if any, that is reasonably necessary to promptly and diligently cure the failure) after receiving notice from Licensee setting forth in reasonable detail the nature and extent of such failure. If Licensor commits a Licensor Default, Licensee, as its sole and exclusive remedies may enforce specific performance by Licensor of the terms of this License and xxxxx any and all rent payments owed to Licensor until the date that such Licensor Default is cured by Licensor (at which time Licensee shall resume making rental payments owed for the period after the date of cure) or terminate this License upon written notice to Licensor after the expiration of any applicable cure period.
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Licensor Default shall have the meaning given to such term in Section 12.1 (b) of this Agreement.
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Licensor Default means, collectively or individually, (i) any material breach by Licensor of any representation, covenant, warranty, or term of this Agreement that is not cured (if able to be cured) within sixty (60) consecutive days after the date of such Termination Notice; and (ii) upon six months prior written notice to Licensor in accordance with Section 14.9.
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Licensor Default means the occurrence of any of the following events: (a) failure by Licensor at any time to pay, when due, any sums payable by Licensor hereunder within the cure period set forth in Section 12.2 and (b) failure by Licensor to observe or perform any other covenant, agreement, condition or provision of this Agreement or any License, subject to the cure periods in accordance with Section 12.2 and (c) if Licensor files a petition in bankruptcy or for reorganization or any other similar act by or against Licensor under any bankruptcy or insolvency law (and, in the case of any involuntary filing, if such filing is not vacated or removed within sixty (60) days).
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Related to Licensor Default

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).

  • Minor Default means any Event of Default that is not a Major Default.

  • Contractor Default shall have the meaning set forth in Clause 23.1;

  • Customer Default has the meaning set out in clause 8.3.

  • Senior Default means any Senior Payment Default or Senior Covenant Default.

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Material Event of Default means any Event of Default arising under Section 10.01(a), 10.01(b) (solely with respect to a default related to Section 8.01, 8.20 or 9.13), 10.01(f), 10.01(i), 10.01(j), 10.01(n) or 10.01(o).

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • Lease Default means any event or condition which, with the lapse of time or the giving of notice, or both, would constitute a Lease Event of Default.

  • Landlord Default shall have the meaning given such term in Article 14.

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • Declaration Event of Default means an “Event of Default” as defined in the Declaration.

  • Event of Default wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  • Default means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

  • Loan Event of Default An “Event of Default” as defined in the Loan Agreement.

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

  • Bankruptcy Event of Default means any Event of Default under Section 8.01(f) of the Credit Agreement.

  • Owner Event of Default has the meaning specified in Section 16.2.

  • Servicer Default means an event specified in Section 8.01.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Company Event of Default bears the meaning ascribed thereto in Section 13.1; “Company Notice of Default” bears the meaning ascribed thereto in Section 13.2;

  • Potential Default means an event which but for the lapse of time or the giving of notice, or both, would constitute an Event of Default.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).