SPECIFIC DEFAULT EVENTS Clause Samples
The 'Specific Default Events' clause defines particular situations or actions that constitute a default under the agreement. It typically lists events such as failure to make payments, insolvency, breach of key obligations, or misrepresentation, specifying exactly what triggers a default. By clearly outlining these events, the clause provides certainty for both parties about what conduct or circumstances will lead to default, thereby reducing ambiguity and helping to manage risk in the contractual relationship.
SPECIFIC DEFAULT EVENTS. Events of default shall include but not be limited to: (a) the making of a general assignment for the benefit of the defaulting party's creditors; (b) the filing of a voluntary petition in bankruptcy or the filing of a petition in bankruptcy or other insolvency protection against the defaulting party which is not dismissed within 90 calendar days thereafter; (c) the filing by the defaulting party of any petition or answer seeking, consenting to, or acquiescing in reorganization, arrangement, adjustment, composition, liquidation, dissolution, or similar relief; (d) any violation by Lessee of the restrictions set forth in Section 20.3.
SPECIFIC DEFAULT EVENTS. Because of the nature of this Agreement where NSHE can contract to pay for design and construction professionals, and the City is responsible to fund the Project Fund in order to provide for payment of those services related to the Project Work consistent with the terms of this Agreement, there are certain situations that are a default of this Agreement upon the occurrence of the event, not subject to any opportunity to cure as provided by Section III.B, below. The Specific Default Events are as follows: