Guam Clauses Relating to Defaults, Default Remedies
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The Agreement has several available remedies for the buyer and seller in the event of default. The options include (1) declaring the Agreement null and void, (2) termination of the Agreement, (3) specific performance, and (4) stipulated damages.
How can an event of default be cured? Agreements typically allow the defaulting party an opportunity to cure or remedy the default within a certain period before negative consequences apply. The grace period could be days, weeks, or longer, and some agreements allow for a maximum number of cures.
The Agreement has several available remedies for the buyer and seller in the event of default. The options include (1) declaring the Agreement null and void, (2) termination of the Agreement, (3) specific performance, and (4) stipulated damages.
A ?default? is a failure to comply with a provision in the lease. ?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
Notice to Remedy Default means a written notice issued by the Contract Administrator setting out the nature of the Default committed and if the Default can be put right the action required to put it right and the timescale within which it is to be put right.
Default Remedies means all rights and remedies of any Secured Party in respect of any Common Collateral, whether arising pursuant to the DIP Credit Agreements, the Collateral Documents, the Orders or applicable law, the exercise of which is contingent upon the occurrence and continuation of an Event of Default (as ...
Nine common default clauses exist in both bond and loan agreements: the declaration of insolvency, bankruptcy or reorganization (events of bankruptcy clause), the failure to pay principals (principal payment clause), the failure to deliver interest payments (interest payment clause), the breach of covenants (covenant ...
An event of default refers to any circumstance that arises under the loan agreement that permits the bank to cancel the loan immediately. The effect of an event of default is that the bank has the right to demand immediate repayment of any outstanding amount plus interest.