Common use of Grantee Default Clause in Contracts

Grantee Default. Any of the following constitutes an “Event of Default” of Grantee or Successor Grantee, as applicable: (1) Any false or misleading representation is made by or on behalf of Grantee or Successor Grantee, in this Agreement or in any document provided by Grantee or Successor Grantee to DAS related to this Grant or the Project or in regard to compliance with the requirements of section 103 and sections 141 through 150 of the Code. (2) Grantee or Successor Grantee fails to perform any obligation required under this Agreement, other than those referred to in subsection A.(1) of this Section 9, and that failure continues for a period of 30 calendar days after written notice specifying such failure is given to Grantee or Successor Grantee by DAS, or such longer period as DAS may agree to in writing, if DAS determines Grantee or Successor Grantee has instituted and is diligently pursuing corrective action. DRAFT (3) If and to the extent allowed by law, Grantee or Successor Grantee (after Project has transferred to Successor Grantee) initiates or consents to a proceeding or case, or a proceeding or case is commenced without the application or consent of Grantee or Successor Grantee, seeking: (i) the liquidation, dissolution or winding-up, or the composition or readjustment of debts, of Grantee or Successor Grantee, (ii) the appointment of a trustee, receiver, custodian, liquidator, or the like of Grantee or Successor Grantee or of all or any substantial part of its assets, or (iii) similar relief in respect to Grantee or Successor Grantee under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, and such proceeding or case continues undismissed, or an order, judgment, or decree approving or ordering any of the foregoing is entered and continues unstayed and in effect for a period of sixty (60) consecutive days, or an order for relief against Grantee or Successor Grantee is entered in an involuntary case under the Federal Bankruptcy Code (as now or hereafter in effect).

Grantee Default. Any Grantee will be in default under this Agreement upon the occurrence of any of the following constitutes an “Event of Default” of Grantee or Successor Grantee, as applicableevents: (1) 11.1 Grantee fails to perform, observe or discharge any of its covenants, agreements or obligations under this Agreement; 11.2 Any false representation, warranty or misleading representation is statement made by or on behalf of Grantee or Successor Grantee, in this Agreement or in any document provided documents or reports relied upon by Agency to measure the Project, the expenditure of Grant Funds or the performance by Grantee or Successor Grantee to DAS related to this Grant or the Project or is untrue in regard to compliance with the requirements of section 103 and sections 141 through 150 of the Code.any material respect when made; (2) Grantee or Successor Grantee fails to perform any obligation required under this Agreement, other than those referred to in subsection A.(1) of this Section 9, and that failure continues for a period of 30 calendar days after written notice specifying such failure is given to Grantee or Successor Grantee by DAS, or such longer period as DAS may agree to in writing, if DAS determines Grantee or Successor Grantee has instituted and is diligently pursuing corrective action. DRAFT (3) If and to the extent allowed by law, Grantee or Successor 11.3 Grantee (after Project has transferred to Successor Granteea) initiates applies for or consents to a proceeding or casethe appointment of, or taking of possession by, a receiver, custodian, trustee, or liquidator of itself or all of its property, (b) admits in writing its inability, or is generally unable, to pay its debts as they become due, (c) makes a general assignment for the benefit of its creditors, (d) commences a voluntary case under the U.S. Bankruptcy Code (as now or hereafter in effect), (e) files a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, (f) fails to controvert in a timely and appropriate manner, or acquiesces in writing to, any petition filed against it in an involuntary case under the U.S. Bankruptcy Code (as now or hereafter in effect), or (g) takes any action for the purpose of effecting any of the foregoing; or 11.4 A proceeding or case is commenced commenced, without the application or consent of Grantee or Successor Grantee, seeking: in any court of competent jurisdiction, seeking (ia) the liquidation, dissolution or winding-up, or the composition or readjustment of debts, debts of Grantee or Successor Grantee, (iib) the appointment of a trustee, receiver, custodian, liquidator, or the like of Grantee or Successor Grantee or of all or any substantial part of its assets, or (iiic) similar relief in respect to Grantee or Successor Grantee under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, and such proceeding or case continues undismissed, or an order, judgment, or decree approving or ordering any of the foregoing is entered and continues unstayed and in effect for a period of sixty (60) consecutive days, or an order for relief against Grantee or Successor Grantee is entered in an involuntary case under the Federal U.S. Bankruptcy Code (as now or hereafter in effect). 11.5 Grantee uses or expends Grant Funds for any purpose other than that permitted in this Agreement.