Common use of Defaults - General Clause in Contracts

Defaults - General. In addition to any other event described in this Agreement as a default, the occurrence of any of the following shall be deemed a default under this Agreement: (a) The failure or delay by either party to perform any term or provision of this Agreement if such failure is not cured, corrected or remedied within any specific time period set forth in this Agreement. (b) If no other specific time period is set forth herein, the failure to cure a monetary default under this Agreement (other than any monetary defaults specifically listed in any of the other subparagraphs of this Section 7.1) within ten (10) days after the nonperforming party’s receipt of written notice from the other party specifying the nature of the default. (c) If no other specific time period is set forth herein, the failure to cure a non- monetary default under this Agreement (other than any non-monetary defaults specifically listed in any of the other subparagraphs of this Section 7.1) within thirty (30) days after the nonperforming party’s receipt of written notice from the other party specifying the nature of the default. (d) The occurrence of a Program Default described in Section 3.3 (e) Any of the warranties or representations made by Participant herein are or become false, incorrect or misleading in any material respect. (f) Participant commits any act of bankruptcy or if any relief under the United States Bankruptcy Code (11 U.S.C. § 101 et seq.) is sought by or against Participant, or if a receiver is appointed to take charge of the assets or affairs of Participant, or if Participant should make an assignment for the benefit of creditors, or if Participant should become insolvent, or upon any liquidation or termination of Participant; provided, however, that if any such proceeding is brought involuntarily against Participant, Participant shall have forty-five (45) days to obtain the dismissal of such proceeding. Any party that is in default shall provide immediate written notice to the other party of the default.

Defaults - General. In addition to any other event described in this Agreement as a default, the The occurrence of any of the following shall be deemed a default under this Regulatory Agreement: (a) The failure or delay by either party to perform any term or provision of this Regulatory Agreement if such failure is not cured, corrected or remedied within any specific time period set forth in this Regulatory Agreement. (b) If no other specific time period is set forth herein, the failure to cure a monetary default under this Regulatory Agreement (other than any monetary defaults specifically listed in any of the other subparagraphs of this Section 7.114.1) within ten (10) days after the nonperforming party’s receipt of written notice from the other party specifying the nature of the default. (c) If no other specific time period is set forth herein, the failure to cure a non- non-monetary default under this Regulatory Agreement (other than any non-non- monetary defaults specifically listed in any of the other subparagraphs of this Section 7.114.1) within thirty (30) days after the nonperforming party’s receipt of written notice from the other party specifying the nature of the default; provided, however, that if the failure cannot be corrected within such period, it shall not constitute a default if the failure is correctable without material adverse effect on the Affordable Unit, and if corrective action is instituted by Participant within such period and diligently pursued until the failure is corrected, and provided further that any such failure is cured within sixty (60) days of receipt of notice of such failure. (d) The occurrence of a Program Default described in Section 3.3any default under the Agreement that is not cured within any applicable cure period thereunder. (e) Any The occurrence of the warranties or representations made by Participant herein are or become false, incorrect or misleading in any material respect. (f) Participant commits any act of bankruptcy or if any relief under the United States Bankruptcy Code (11 U.S.C. § 101 et seq.) is sought by or against Participant, or if a receiver is appointed to take charge of the assets or affairs of Participant, or if Participant should make an assignment for the benefit of creditors, or if Participant should become insolvent, or upon any liquidation or termination of Participant; provided, however, that if any such proceeding is brought involuntarily against Participant, Participant shall have forty-five (45) days to obtain the dismissal of such proceedingProgram Default. Any The party that is in default shall provide immediate written notice to the other party immediate written notice of the defaultoccurrence of any event that would constitute a default hereunder.