Common use of Consequences of Events of Default and Corrective Action Clause in Contracts

Consequences of Events of Default and Corrective Action. If an Event of Default occurs, the Ministry may, at any time, take one or more of the following actions: (a) initiate any action the Ministry considers necessary in order to facilitate the successful continuation or completion of the Project; (b) provide the Recipient with an opportunity to remedy the Event of Default; (c) suspend the payment of Funds for such period as the Ministry determines appropriate; (d) reduce the amount of the Funds; (e) cancel all further instalments of Funds; (f) demand the repayment of any Funds remaining in the possession or under the control of the Recipient; (g) demand the repayment of an amount equal to any Funds the Recipient used, but did not use in accordance with the Agreement; (h) demand the repayment of an amount equal to any Funds the Ministry provided to the Recipient; and/or (i) terminate the Agreement at any time, including immediately, upon giving Notice to the Recipient.

Appears in 3 contracts

Samples: Coda Agreement, Coda Agreement, Funding Agreement

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Consequences of Events of Default and Corrective Action. If an Event of Default occurs, the Ministry may, at any time, take one or more of the following actions: (a) initiate any action the Ministry considers necessary in order to facilitate the successful continuation or completion of the Project; (b) provide the Recipient with an opportunity to remedy the Event of Default; (c) suspend the payment of Funds for such period as the Ministry determines appropriate; (d) reduce the amount of the Funds; (e) cancel all further instalments of Funds; (f) demand the repayment of any Funds remaining in the possession or under the control of the Recipient; (g) demand the repayment of an amount equal to any Funds the Recipient used, used but did not use in accordance with the Agreement; (h) demand the repayment of an amount equal to any Funds the Ministry provided to the Recipient; and/or (i) terminate the Agreement at any time, including immediately, upon giving Notice to the Recipient.

Appears in 1 contract

Samples: Funding Agreement

Consequences of Events of Default and Corrective Action. If an Event of Default occurs, the Ministry Province may, at any time, take one or more of the following actions: (a) initiate any action the Ministry Province considers necessary in order to facilitate the successful continuation or completion of the Project; (b) provide the Recipient with an opportunity to remedy the Event of Default; (c) suspend the payment of Funds for such period as the Ministry Province determines appropriate; (d) reduce the amount of the Funds; (e) cancel all further instalments installments of Funds; (f) demand the repayment of any Funds remaining in the possession or under the control of the Recipient; (g) demand the repayment of an amount equal to any Funds the Recipient used, but did not use in accordance with the Agreement; (h) demand the repayment of an amount equal to any Funds the Ministry Province provided to the Recipient; and/or; (i) terminate the Agreement at any time, including immediately, upon giving Notice to the Recipient; and/or (j) cancel and revoke the Site Certification and the Recipient’s right to use the Program seal.

Appears in 1 contract

Samples: Reimbursement Agreement

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Consequences of Events of Default and Corrective Action. If an Event of Default occurs, the Ministry Province may, at any time, take one or more of the following actions: (a) initiate any action the Ministry Province considers necessary in order to facilitate the successful continuation or completion of the ProjectProgram; (b) provide the Recipient with an opportunity to remedy the Event of Default; (c) suspend the payment of Funds for such period as the Ministry Province determines appropriate; (d) reduce the amount of the Funds; (e) cancel all further instalments of Funds; (f) demand the repayment of any Funds remaining in the possession or under the control of the Recipient; (g) demand the repayment of an amount equal to any Funds the Recipient used, but did not use in accordance with the Agreement; (h) demand the repayment of an amount equal to any Funds the Ministry Province provided to the Recipient; and/or (i) terminate the Agreement at any time, including immediately, upon giving Notice to the Recipient.

Appears in 1 contract

Samples: Funding Agreement

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