Common use of Host Default Clause in Contracts

Host Default. The following events shall be defaults of Host (each, a “Host Default”): (i) A Voluntary Bankruptcy Event with respect to Host; (ii) An Involuntary Bankruptcy Event with respect to Host; (iii) Host breaches any material term of this Agreement or the Lease and such breach remains uncured for sixty (60) days after System Owner’s notice to Host of such breach, if curable within sixty (60) days, or Host fails to commence and pursue diligently a cure to such breach within sixty (60) days of receiving such notice, if a longer cure period is needed, and, in any event, fails to cure within ninety (90) days of receiving such notice; or (iv) Host fails to pay System Owner any amount due System Owner hereunder within ninety (90) days from the date due.

Appears in 2 contracts

Sources: Power Purchase Agreement, Power Purchase Agreement