Common use of Breach of Contracts Clause in Contracts

Breach of Contracts. (a) Any Loan Party shall breach or default under any term, condition, provision, covenant, representation or warranty contained in any Contract with a contract price of value in excess of $5,000,000 and such breach or default shall continue unremedied for ten (10) days after the earlier of (i) the Company or any other Loan Party becoming aware of such breach or default or (ii) receipt by the Company or any other Loan Party of notice from the Disbursement Agent or any Funding Agent of such breach or default; or (b) Any party (other than a Loan Party) shall breach or default under any term, condition, provision, covenant, representation or warranty contained in any Contract with a contract value in excess of $5,000,000 and such breach or default shall continue unremedied for thirty (30) days after the earlier of (i) the Company or any other Loan Party becoming aware of such breach or default or (ii) receipt by the Company or any other Loan Party of notice from the Bank Agent or any Lender of such breach or default; provided, however, that (A) if the breach or default is reasonably susceptible to cure within sixty (60) days but cannot be cured within such thirty (30) days despite such other party's good faith and diligent efforts to do so, the cure period shall be extended as is reasonably necessary beyond such thirty (30) day period (but in no event longer than sixty (60) days) if remedial action reasonably likely to result in cure is promptly instituted within such thirty (30) day period and is thereafter diligently pursued until the breach or default is corrected and (B) no Event of Default shall be deemed to have occurred as a result of such breach if the Company provides written notice to the Funding Agents immediately upon (but in no event more than two (2) Banking Days after) the Company or any Loan Party becoming aware of such breach that the Company intends to replace such Contract (or that replacement is not necessary) and (1) the Company obtains a replacement obligor or obligors reasonably acceptable to the Disbursement Agent (in consultation with the Construction Consultant) for the affected party (if in the judgment of the Disbursement Agent (in consultation with the Construction Consultant) a replacement is necessary), (2) the Company enters into a replacement Contract in accordance with Section 6.1 on terms no less beneficial to the Company and the Secured Parties in any material respect than the Contract so breached within sixty (60) days of such breach (if in the reasonable judgment of the Disbursement Agent (in consultation with the Construction Consultant) a replacement is necessary); provided, however that the replacement Contract may require the Company to pay amounts to the replacement obligor in excess of those that would have been payable under the breached Contract if such additional payments in the reasonable judgment of the Disbursement Agent, in consultation with the Construction Consultant, do not cause the Project to fail to be In Balance and (3) such breach or default, after considering any replacement obligor and replacement Contract and the time required to implement such replacement, has not had and could not reasonably be expected to have a Material Adverse Effect; or (c) The Company shall have received a "stop work" notice under Nevada Revised Statutes Section 624.610 with respect to any Contract with a contract price or value in excess of $5,000,000.

Breach of Contracts. (a) Any Loan Party or any other party thereto shall breach or default under any term, condition, provision, covenant, representation or warranty contained in any Contract with a contract price of value in excess of $5,000,000 and such breach or default shall continue unremedied for ten (10) days after Contract, if the earlier of (i) the Company or any other Loan Party becoming aware effect of such breach or default or (ii) receipt by the Company or any other Loan Party of notice from the Disbursement Agent or any Funding Agent of such breach or default; or (b) Any party (other than could reasonably be expected to have a Loan Party) shall breach or default under any term, condition, provision, covenant, representation or warranty contained in any Contract with a contract value in excess of $5,000,000 Material Adverse Effect and such breach or default shall continue unremedied for thirty (30) days after notice received by LCR or the earlier of (i) the Company or any other Loan Party becoming aware of such breach or default or (ii) receipt by the Company or any other Loan Party of notice Phase II Mall Borrowers from the Bank Agent or any Lender of such breach or defaulttheir respective Funding Agent; provided, however, that in the case of any such Contract, (Aa) if the breach or default is by a Loan Party and is reasonably susceptible to cure within sixty ninety (6090) days but cannot be cured within such thirty (30) days despite such other party's the applicable Loan Party’s good faith and diligent efforts to do so, the cure period shall be extended as is reasonably necessary beyond such thirty (30) day period (but in no event longer than sixty ninety (6090) days) if remedial action reasonably likely to result in cure is promptly instituted within such thirty (30) day period and is thereafter diligently pursued until the breach or default is corrected and (Bb) if the breach is by a party other than LCR, Phase II Mall Holding or Phase II Mall Subsidiary, then no Event of Default shall be deemed to have occurred as a result of such breach if LCR and the Company provides Phase II Mall Borrowers provide written notice to the Funding Agents immediately upon (but in no event more than two (2) Banking Days after) the Company LCR, Phase II Mall Holding or any Loan Party Phase II Mall Subsidiary’s becoming aware of such breach that the Company such Loan Party intends to replace such Contract (or that replacement is not necessary) and (1i) the Company applicable Loan Party obtains a replacement obligor or obligors reasonably acceptable to the Disbursement Agent (in consultation with the Construction Consultant) for the affected party (if in the reasonable judgment of the Disbursement Agent (in consultation with the Construction Consultant) a replacement is necessary), (2ii) the Company applicable Loan Party enters into a replacement Contract in accordance with Section 6.1 on terms no less beneficial reasonably similar to the Company applicable Loan Party and the Secured Parties applicable Lenders in any material respect than the Contract so breached terminated within sixty (60) days of such breach termination (if in the reasonable judgment of the Disbursement Agent (in consultation with the Construction Consultant) a replacement is necessary); provided, however that the replacement Contract may require the Company to pay amounts to the replacement obligor in excess of those that would have been payable under the breached Contract if such additional payments in the reasonable judgment of the Disbursement Agent, in consultation with the Construction Consultant, do not cause the Project to fail to be In Balance and (3iii) such breach or defaulttermination, after considering any replacement obligor and replacement Contract and the time required to implement such replacement, has not had and could would not reasonably be expected to have a Material Adverse Effect; or (c) The Company shall have received a "stop work" notice under Nevada Revised Statutes Section 624.610 with respect to any Contract with a contract price or value in excess of $5,000,000.

Breach of Contracts. (a) Any Loan Party or any other party thereto shall breach or default under any term, condition, provision, covenant, representation or warranty contained in any Contract with a contract price of value in excess of $5,000,000 and such breach or default shall continue unremedied for ten (10) days after Construction Contract, if the earlier of (i) the Company or any other Loan Party becoming aware effect of such breach or default or (ii) receipt by the Company or any other Loan Party of notice from the Disbursement Agent or any Funding Agent of such breach or default; or (b) Any party (other than could reasonably be expected to have a Loan Party) shall breach or default under any term, condition, provision, covenant, representation or warranty contained in any Contract with a contract value in excess of $5,000,000 Material Adverse Effect and such breach or default shall continue unremedied for thirty (30) days after the earlier of (i) the Company or any other Loan Party becoming aware of such breach or default or (ii) receipt notice received by the Company or any other Loan Party of notice from the Bank Agent, the Disbursement Agent or any Lender of such breach or defaultthe Collateral Agent; provided, however, that in the case of any such Construction Contract, (Aa) if the breach or default is by a Loan Party and is reasonably susceptible to cure within sixty ninety (6090) days but cannot be cured within such thirty (30) days despite such other party's the applicable Loan Party’s good faith and diligent efforts to do so, the cure period shall be extended as is reasonably necessary beyond such thirty (30) day period (but in no event longer than sixty ninety (6090) days) if remedial action reasonably likely to result in cure is promptly instituted within such thirty (30) day period and is thereafter diligently pursued until the breach or default is corrected and (Bb) if the breach is by a party other than a Loan Party, then no Event of Default shall be deemed to have occurred as a result of such breach if the Company provides written notice to the Funding Agents immediately upon Bank Agent, the Disbursement Agent and the Collateral Agent during such thirty (but in no event more than two (230) Banking Days after) the Company or any day period that such Loan Party becoming aware of such breach that the Company intends to replace such Construction Contract (or that replacement is not necessary) and (1i) the Company applicable Loan Party obtains a replacement obligor or obligors reasonably acceptable to the Disbursement Agent (in consultation with the Construction Consultant) for the affected party (if in the reasonable judgment of the Disbursement Agent (in consultation with the Construction Consultant) a replacement is necessary), (2ii) the Company applicable Loan Party enters into a replacement Construction Contract in accordance with Section 6.1 on terms no less beneficial reasonably satisfactory to the Company and the Secured Parties in any material respect than the Contract so breached Loan Parties, within sixty (60) days of such breach termination (if in the reasonable judgment of the Disbursement Agent (in consultation with the Construction Consultant) a replacement is necessary); provided, however that the replacement Contract may require the Company to pay amounts to the replacement obligor in excess of those that would have been payable under the breached Contract if such additional payments in the reasonable judgment of the Disbursement Agent, in consultation with the Construction Consultant, do not cause the Project to fail to be In Balance and (3iii) such breach or defaulttermination, after considering any replacement obligor and replacement Construction Contract and the time required to implement such replacement, has not had and could would not reasonably be expected to have a Material Adverse Effect; or (c) The Company shall have received a "stop work" notice under Nevada Revised Statutes Section 624.610 with respect to any Contract with a contract price or value in excess of $5,000,000.