Contract Defaults, Claims; Etc Sample Clauses

Contract Defaults, Claims; Etc. The Borrower will promptly upon becoming aware of same notify the Agent in writing of the occurrence of: (i) any default, event of default or claim for indemnification under any Contract or any claim by or notice from any Person party thereto alleging any such default, event of default or claim in an individual or aggregate amount in excess of $2,500,000.00, together with (1) copies of any such notices, (2) a description of the nature of the default, event of default or claim or alleged default, event of default or claim, (3) the amount of any liability related to such default, event of default or claim (or, absent any specified amount of liability in such notice or by way of any such allegation, the Borrower’s good faith estimate of the amount of any potential liability), and (4) the actions taken, being taken or proposed to be taken by the Borrower with respect thereto; (ii) the failure or refusal of any Owner to make full and timely payment, in an individual or aggregate amount in excess of $2,500,000.00, under any Contract with respect to an application for payment or draw request from the Borrower or any of its Subsidiaries (other than in accordance with any typical and customary retainage provisions contained in such Contract) together with the amount of any such payment shortfall and a description of the reason(s) for such failure or refusal to pay such full amount or to pay such full amount in a timely manner; (iii) the failure or refusal of the Borrower or any of its Subsidiaries to make full and timely payment, in an individual or aggregate amount in excess of $2,500,000.00, under any Subcontract with respect to an application for payment or draw request (other than in accordance with any typical and customary retainage provisions contained in such Subcontract), together with the amount of any such payment shortfall and a description of the reason(s) for such failure or refusal to pay such full amount or to pay such full amount in a timely manner; and (iv) any claim made by a surety under any indemnity agreement relating to a Payment or Performance Bond in excess of $2,500,000.00, any payment or performance by a surety under any Payment or Performance Bond in excess of $2,500,000.00, or the termination or cancellation of any Payment or Performance Bond in excess of $2,500,000.00 other than in accordance with the terms of the related Contract.