Developer Defaults. Utility may give a notice of default under this Agreement (a "Utility Notice of Default") upon the occurrence of any of the following events, unless caused by a breach by Utility of this Agreement (each a "Developer Event of Default").
Developer Defaults. The occurrence of any of the following shall be an event of default by the Developer (“Developer Default”):
Developer Defaults. Each of the following events shall constitute a Developer Default under this Agreement:
Developer Defaults. 109 Section 19.02 Department Remedies upon Developer Default ..................................112 Section 19.03
Developer Defaults. The occurrence of any one or more of the following events during the Term will constitute a “Developer Default” pursuant to this Agreement:
Developer Defaults. (a) the Developer (i) fails to begin the applicable Work within 30 Days following the later of issuance of the LNTP or the Construction NTP, (ii) fails to satisfy all conditions to issuance of notice to proceed required to be satisfied by the Develope... (b) the Developer abandons all or a material part of the Project, which abandonment will have occurred if (a) the Developer clearly demonstrates through statements or acts an intent not to continue to construct or operate all or a material part of the... (c) any representation or warranty made by the Developer herein or in any other Project Agreement to which the Developer and the Department are parties is false or materially misleading in any respect on the date made, and a material adverse effect up... (d) the Developer fails to comply with, perform or observe any other material obligation, covenant, agreement, term or condition in this Agreement or any Project Agreement to which the Department and the Developer are parties (provided, that a debarme... (e) the Developer fails to pay to the Department when due any undisputed amount payable to the Department pursuant to this Agreement or any other VDOT Project Agreement or to deposit funds to any reserve account in the amount and within the time perio... (f) the Developer (1) during the Construction Period, incurs a total of 350 Non-Compliance Points during any 365 Day cycle, plus 30 Days for the dispute resolution procedures set forth in Article 21 or maintains 150 or more uncured Non-Compliance Poin... (g) other than a Permitted Closure, the Developer closes all or part of the Express Lanes to traffic, at any time following Project Completion, other than in accordance with the terms of this Agreement, and such closure continues without cure for a pe... (h) the Developer fails to achieve Financial Close by the Financial Close Deadline under circumstances specified in Section 20.04(a)(i); (i) the Developer fails to achieve Project Completion by the Long Stop Date, as such date may be extended pursuant to this Agreement; (j) the Developer fails to maintain, or to cause to be maintained, in effect the insurance, guarantees, letters of credit or other performance security as and when required pursuant to this Agreement for the benefit of relevant parties, or fails to co... (k) this Agreement or all or any portion of the Developer’s Interest is Transferred, or there occurs a Change in Control, in contravention of Section 25.01; (l) after exhaustion of all righ...
Developer Defaults. The occurrence of any of the following events, acts or omissions shall constitute an “Event of Default” by Developer under this Agreement, unless Developer cures the Event of Default within thirty (30) days or, if the Event of Default cannot be cured within thirty (30) days, Developer commences efforts to cure the Event of Default within thirty (30) days of Owner’s written notice of the Event of Default and thereafter diligently completes the cure of such Event of Default:
Developer Defaults. In addition to the foregoing, it shall be a Default by Developer hereunder if (a) Developer sells, assigns, conveys, or alienates the Property, or any part thereof, or any interest therein or in this Agreement, or shall be divested of title or any interest therein in any manner or way, whether voluntarily or involuntarily, without City’s prior written consent; (b) any petition or application for a custodian, as defined by the Bankruptcy Code or for any form of relief under any provision of the Bankruptcy Code or any other law pertaining to reorganization, insolvency or readjustment of debts is filed by or against Developer, their respective assets or affairs, and such petition or application is not dismissed within 90 days of such filing; (c) Developer makes an assignment for the benefit of creditors, is not paying material debts as they become due, or is granted an order for relief under any chapter of the Bankruptcy Code; (d) garnishment, attachment, levy or execution in an amount in excess of an amount equal to 10% of its net worth is issued against any of the property or effects of Developer, or any partnership of which Developer is a partner, and such issuance is not bonded against within 90 days; (e) the dissolution or termination of existence of Developer; or (f) there is a material breach of any representation or warranty, or there is a material false statement or material omission, by Developer under any other document forming part of the transaction in respect of which this Agreement is made.
Developer Defaults. In addition to the foregoing, it shall be a Default by Developer hereunder if (a) Developer makes an assignment of this Agreement for the benefit of creditors, is not paying material debts as they become due, or is granted an order for relief under any chapter of the Bankruptcy Code; (b) garnishment, attachment, levy or execution in an amount in excess of an amount equal to ten percent (10%) of its net worth is issued against any of the property or effects of Developer, or any partnership of which Developer is a partner, and such issuance is not bonded against within ninety (90) days; or (c) the dissolution or termination of existence of Developer unless its successor by transfer or operation of law is continuing the business of operating the Project.
Developer Defaults. If, after Closing, a Developer default occurs, then PDC may, at its option: (i) seek monetary damages against Developer; or (ii) specifically enforce the obligations of Developer under this Agreement.
