FEC Default Clause Samples

FEC Default. The occurrence of any one or more of the following events constitutes a “Default” by FEC under this Agreement: (a) Failure by FEC to observe or perform in any material respect any covenant, agreement, condition, or provision of this Agreement, if such failure continues for ninety (90) Days after written notice thereof has been delivered by the County to FEC; provided, however, that FEC shall not be in Default with respect to matters which cannot reasonably be cured within ninety (90) Days so long as within such ninety (90) Day period, FEC commences such cure and diligently proceed to complete the same thereafter; or (b) Bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or any other proceedings for relief under any bankruptcy law, or similar law for the relief of debtors, are instituted by or against FEC, and, if instituted against FEC, are allowed against FEC or are consented to by FEC or are not dismissed within one hundred eighty (180) Days after such institution, to the extent permitted by law. (c) If a Default occurs, and the Default is not cured by FEC as set forth above, the County by and through its Board of County Commissioners shall have the right to terminate this Agreement and to exercise such other rights and remedies set forth in this Agreement, which shall be distinct, separate, and, to the extent not mutually exclusive, cumulative, and shall not operate to exclude or deprive the County of any other right or remedy allowed it by law or equity.