Examples of Developer Default in a sentence
Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Developer shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Developer Default, and in the event of the Developer not curing its default within such Cure Period, the Authority shall be entitled to encash, invoke and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.
Upon occurrence of a Developer Default, the Authority shall be entitled, without prejudice to its other rights and remedies under this Agreement including its rights of Termination hereunder, to (i) suspend all rights of the Developer under this Agreement including the Developer’s right to collect User Charges pursuant hereto, and (ii) exercise such rights itself or authorise any other person to exercise the same on its behalf during such suspension (the “Suspension”).
Upon occurrence of a Developer Default or failure to meet any Condition Precedent in accordance with this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash, invoke and appropriate the relevant amounts from the Performance Security as Damages for such Developer Default or failure to meet any Condition Precedent or failure to make any payment to the Authority in accordance with this Agreement, as the case may be.
If the Senior Lender does not exercise its right of substitution of the Developer within the time limit specified in the Article 31.1.3, the Senior Lender’s right to substitution shall cease to have effect for that Developer Default.
Upon the Developer having cured the Developer Default within a period not exceeding 90 (ninety) days from the date of such removal of Developer Default, the Authority shall revoke the Suspension forthwith and restore all rights of the Developer under this Agreement.