Events of Default and Consequences of Default Sample Clauses

Events of Default and Consequences of Default. 34.1 It shall be an Event of Default if: 34.1.1 a party is in material breach of any of the material terms or conditions of this Agreement and, if the breach is or was capable of remedy, it fails to remedy the breach within 20 Working Days of receipt of a notice from MEC giving full details of the breach, requiring the party to remedy the breach and stating that a failure to remedy the breach may give rise to consequences set out in Clause 34.3; 34.1.2 a party passes a resolution for its winding-up, or a court of competent jurisdiction makes an order for the winding-up or dissolution of the party; 34.1.3 an administration order is made in relation to a party or a receiver is appointed over, or an encumbrancer takes possession of or sells, any substantial part or parts of the party's assets, rights, or revenues; 34.1.4 a party makes an arrangement or composition with its creditors generally or makes an application to a court for protection from its creditors generally; 34.1.5 a party is unable to pay its debts within the meaning of Section 123 of the Insolvency Acx 0000, but as if in that Section the sum of (POUND)10,000 was substituted for the sum of (POUND)750; 34.1.6 without prejudice to Clause 36 a circumstance of Force Majeure which affects the performance by the party of substantially all of its obligations under this Agreement continues for more than 180 days; 34.1.7 any of the conditions precedent set out in Clauses 2.1, 2.2 and 2.3 or any of the conditions precedent or suspensive conditions, as relevant in the Use of System Agreement cease to be satisfied in relation to a relevant party and if the situation is or was capable of remedy, the relevant party having failed to remedy the situation within 20 Working Days of receipt of a notice from MEC giving full details of the condition(s) precedent and/or suspensive conditions that have ceased to be satisfied, requiring the relevant party to remedy the situation and stating that a failure to remedy the situation may give rise to the consequences set out in Clause 34.3. (For the avoidance of doubt, this Clause 34.1.7 shall not apply to the Pool Agent or SESL.) 34.2 Any party may report any suspected Event of Default to MEC and upon receiving such report, MEC shall notify the party to whom the suspected Event of Default relates of the report. 34.3 Where MEC is notified by another party pursuant to the terms of Clause 34.2 or otherwise discovers any of the circumstances referred to in Clauses 34.1.1 to 34...
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Events of Default and Consequences of Default 
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Related to Events of Default and Consequences of Default

  • Consequences of Events of Default (i) If an Event of Default has occurred and is continuing, the interest rate on this Note shall increase immediately by an increment of an additional two hundred basis points, to the extent permitted by applicable law. Any increase of the interest rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this subparagraph).

  • Events of Default and Acceleration If any of the following events (“Events of Default” or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, “Defaults”) shall occur:

  • Notification of Defaults and Events of Default Each Lender hereby agrees that, upon learning of the existence of a Default or an Event of Default, it shall promptly notify the Administrative Agent thereof. The Administrative Agent hereby agrees that upon receipt of any notice under this §14.10 it shall promptly notify the other Lenders of the existence of such Default or Event of Default.

  • Events of Default Any of the following shall constitute an Event of Default:

  • Consequences of Default Upon the occurrence of any Event of Default, as defined in the Revenue Sharing Agreement:

  • Events of Default; Acceleration If any of the following events ("Events of Default") shall occur:

  • Other Events of Default Determination by COUNTY, the State Fair Employment Commission, or the Federal Equal Employment Opportunity Commission of discrimination having been practiced by CONTRACTOR in violation of State and/or Federal laws thereon.

  • Events of Default, Etc During the period during which an Event of Default shall have occurred and be continuing:

  • Notice of Defaults and Events of Default As soon as possible and in any event within ten (10) days after the occurrence of each Default or Event of Default, a written notice setting forth the details of such Default or Event of Default and the action which is proposed to be taken by the Borrower with respect thereto;

  • Events of Defaults If one or more of the following events ("Events of Default") shall have occurred and be continuing:

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