Common use of Default by Authority Clause in Contracts

Default by Authority. It shall constitute a default by the Authority under this Agreement if the Authority fails to make any payment or breaches any covenants or provisions of this Agreement and fails to cure such breach or to commence and diligently pursue such cure within 30 days after receipt of a Notice from the Bank specifying such breach and shall cure such breach within 60 days.

Default by Authority. It shall constitute a default by the Authority under this Agreement if the Authority fails to make any payment or breaches any covenants or provisions of this Agreement and fails to cure such breach or to commence and diligently pursue such cure within 30 days after receipt of a Notice from the Bank Lender specifying such breach and shall cure such breach within 60 daysbreach.