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English to Romanian translations [PRO] Bus/Financial - Law: Contract(s) / joint venture agreement
English term or phrase:buy on default
10.2. If at any time an Event of Default occurs upon written notice given by a Non-Default Party (such notice, a “Default Notice”), the following provisions shall apply: for the 21-day period after the date of the Default Notice, Parties shall negotiate in good faith and use reasonable efforts to resolve the situation by mutual agreement or as stipulated above in Chapter 3. If Mr. X and Mr. Y will be able to so resolve the default situation by mutual written agreement, each shall take all necessary steps, including voting their Shares at a general meeting of the Company’s shareholders and causing their respective Directors to vote at a meeting of Company's Board of Directors, to implement such mutual agreement or execute the obligation assumed above according to the Chapter 3 and the business Plan.
10.3. If the 10.1. procedure does not result, then any party is entitled irrevocably start up within 30 days the "buy on default” mechanism set forth herein
10.4. In this case, the Parties irrevocably undertake to transform and transfer their shareholders’ loans in share capital.