Common use of Contractor Defaults Clause in Contracts

Contractor Defaults. The occurrence of any one or more of the following events shall constitute an event of default by Contractor hereunder (each a “Contractor Event of Default”): 13.1.1 Contractor, the surety (if any), or any Guarantor makes a general assignment for the benefit of its creditors, is unable to pay its debts as they become due, or becomes the subject of any voluntary or involuntary bankruptcy, insolvency, arrangement, reorganization or other debtor relief proceeding under any Applicable Laws, now in existence or hereafter becoming effective, and, in the case of any such involuntary proceeding, that is not dismissed or stayed within forty-five (45) Days after it is commenced; 13.1.2 Contractor fails, for any reason, to make prompt payments required to be made by Contractor to Owner that is not otherwise in dispute or, other than due to a failure of Owner to make payments to Contractor when obligated and in accordance with this Agreement, any Subcontractor, which failure continues for thirty (30) Days after notice of such non-payment; 13.1.3 there is a default under the Guaranty; 13.1.4 Contractor (or any other Seller) is in material default of the Asset Purchase Agreement and such default continues beyond the applicable cure period provided by the Asset Purchase Agreement; 13.1.5 Contractor is in material default of the Turbine Supply Agreement or the Prime Subcontract and such default continues beyond the applicable cure period provided by the Turbine Supply Agreement or the Prime Subcontract, as applicable;