Common use of Default and Events of Default Clause in Contracts

Default and Events of Default. (a) The occurrence of any one or more of the following events will constitute a default under the Agreement (each, a “Default”): (i) any action by or omission of any of the Parties hereto (or any of their Affiliates) in violation of this Agreement; or (ii) any breach of any continuing representation or warranty set forth in the Joint Venture Agreement. (b) Any Default shall become an “Event of Default” if the defaulting party fails to cure the Default within ten (10) Business Days after receiving written notice thereof from any of the other Party.