Examples of Entity Default in a sentence
The Department shall provide written notice to the Development Entity of the occurrence of a Development Entity Default.
In the event that a Development Entity Default occurs and it has not been cured within any relevant cure period set out in Section 22.3 (Initial Notice and Cure Periods) or (if relevant) in accordance with any remedial plan accepted by the Department pursuant to Section 22.4(a) (Remedial Plan), the Department may terminate this PPA in accordance with, and subject to the terms of, Section 24.5 (Termination for Development Entity Default).
Without limiting the foregoing, the Commonwealth shall have the right (at its own cost expense, unless a Development Entity Default shall have occurred and be continuing) to audit the Development Entity’s Project Management Plan and compliance therewith, including the right to inspect Project Services and/or activities and to verify the accuracy and adequacy of the Project Management Plan and other relevant Project Documents.
If the PARTICIPATING ENTITY commences reasonable efforts to cure such default no later than thirty (30) days after such notice, and such efforts are prosecuted to completion and to the COUNTY’s satisfaction, then it shall be deemed that no Participating Entity Default shall have occurred under the provisions of this paragraph.
Provided, however, that the COUNTY shall give PARTICIPATING ENTITY a period of thirty (30) days after receipt of the written notice from the COUNTY of said default to cure any Participating Entity Default unless the COUNTY determines, in its sole and absolute discretion, that the nature of the default is such that it cannot be cured in a period of thirty (30) days from the date of the default.
Subject to there being no Buying Entity Default, the SPD shall provide 24 x 7 onsite / offsite monitoring and maintenance of the System throughout the period of this agreement at no additional cost.
Without limiting the foregoing, the Commonwealth shall have the right (at its own cost and expense, unless a Development Entity Default shall have occurred and be continuing) to Audit the Development Entity’s Project Management Plan and compliance therewith, including the right to inspect Project Services and/or activities and to verify the accuracy and adequacy of the Project Management Plan and other relevant Project Documents.
So long as a Buying Entity Default shall not have occurred and be continuing, Buying Entity has the option to purchase the System by paying the SPD an amount equivalent to 90% of the Debt Due (“Purchase Price”).
In the event that a Development Entity Default occurs and it has not been cured within any relevant cure period set out in Section 22.5 (Initial Notice and Cure Periods) or (if relevant) in accordance with any remedial plan accepted by the Department pursuant to Section 22.6(a) (Remedial Plan), the Department may terminate this PPA in accordance with, and subject to the terms of, Section 24.5 (Termination for Development Entity Default).
The Department agrees that, subject to the Department’s remedies upon a Development Entity Default, the Development Entity shall, at all times during the Term, be entitled to and shall have the quiet possession and enjoyment of the Parking Facility and the rights and privileges granted to the Development Entity hereunder, subject to the provisions contained in this PPA.