Notice of Developer Default – Right to Cure Sample Clauses

Notice of Developer Default – Right to Cure. Concurrently with providing notice to Developer as required by the Development Agreement, and subject to the terms of Section 7 of this Consent, the City agrees to provide Lender and Scheels with any notices of default issued by the City to Developer pursuant to Article VII.C of the Restated Development Agreement ("Default Cure Notice"). The City further agrees to provide written notice to Lender and to Scheels ("Default Notice") promptly of the City's determination that Developer has failed to diligently pursue or exercise its rights to cure any alleged default and that the City has deemed Developer to be in default under the Development Agreement (“Default”). Concurrently with the City's issuance of the Default Notice, the City agrees to provide Lender with sixty (60) days from the date of issuance of the Default Notice to exercise its rights under this Consent, including Lender's right to petition the City for extensions of time for performance pursuant to Section VII.G of the Restated Development Agreement. Prior to expiration of said 60–day period, Lender shall also notify the City and Scheels in writing in the event that Lender does not elect to exercise its rights under this Consent.
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to Notice of Developer Default – Right to Cure

  • Notice of Events of Default The Issuer shall give a Responsible Officer of the Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

  • Notice of Event of Default If the Mortgagee shall have Actual Knowledge of an Event of Default or of a Default arising from a failure to pay Rent, the Mortgagee shall give prompt written notice thereof to the Owner Trustee, the Owner Participant, Lessee, and each Note Holder. Subject to the terms of Sections 2.13, 4.03, 4.04, 4.08, 5.02 and 5.03 hereof, the Mortgagee shall take such action, or refrain from taking such action, with respect to such Event of Default or Default (including with respect to the exercise of any rights or remedies hereunder) as the Mortgagee shall be instructed in writing by a Majority in Interest of Note Holders. Subject to the provisions of Section 5.03, if the Mortgagee shall not have received instructions as above provided within 20 days after mailing notice of such Event of Default to the Note Holders, the Mortgagee may, subject to instructions thereafter received pursuant to the preceding provisions of this Section 5.01, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default or Default as it shall determine advisable in the best interests of the Note Holders; PROVIDED, HOWEVER, that the Mortgagee may not sell the Aircraft or any Engine without the consent of a Majority in Interest of Note Holders. For all purposes of this Trust Indenture, in the absence of Actual Knowledge on the part of the Mortgagee, the Owner Trustee or the Owner Participant, the Mortgagee, the Owner Trustee or the Owner Participant, as the case may be, shall not be deemed to have knowledge of a Default or an Event of Default (except, in the case of the Mortgagee, the failure of Lessee to pay any installment of Basic Rent within one Business Day after the same shall become due, if any portion of such installment was then required to be paid to the Mortgagee, which failure shall constitute knowledge of a Default) unless notified in writing by Lessee, the Owner Trustee, the Owner Participant or one or more Note Holders.

  • Termination for Default; Remedies 8.2.1 Each of the following shall constitute an immediate event of default (“Event of Default”) under this Agreement:

  • Developer Default Each of the following shall be an Event of Default by Developer:

  • Default Notice As soon as possible and in any event within two days after the occurrence of each Default or any event, development or occurrence reasonably likely to have a Material Adverse Effect continuing on the date of such statement, a statement of the chief financial officer of the Borrower setting forth details of such Default and the action that the Borrower has taken and proposes to take with respect thereto.

  • Notice of Defaults If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes.

  • EVENT OF DEFAULT/REMEDIES 8.1 Any one or more of the following acts or omissions of the Contractor shall constitute an event of default hereunder (“Event of Default”):

  • Default by Developer If Developer causes either an Event of Monetary Default or an Event of Non-Monetary Default, then the City may commence proceedings to modify or terminate this Agreement pursuant to this Section 11.4.

  • Defaults Remedies (a) It shall be an Event of Default:

  • Events of Default Remedies If any of the following events (“Events of Default”) shall occur:

Time is Money Join Law Insider Premium to draft better contracts faster.