Common use of Contractor Events of Default Clause in Contracts

Contractor Events of Default. The occurrence of any one or more of the following events shall constitute an event of default by Contractor hereunder (“Contractor Event of Default”): (a) any of the following (each a “Bankruptcy or Insolvency Event”) occurs (i) Contractor consents to the appointment of or taking possession by, a receiver, a trustee, custodian, or liquidator of itself or of a substantial part of its assets, or fails or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of creditors; (ii) Contractor files a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization in a proceeding under any applicable bankruptcy or insolvency laws of any jurisdiction, whether now or hereafter in effect, or files an answer admitting the material allegations of a petition filed against it in any such proceeding, or seeks relief by voluntary petition, answer or consent, under the provisions of any now existing or future bankruptcy, insolvency or other similar law of any jurisdiction, whether now or hereafter in effect, providing for the liquidation, reorganization, or winding up of corporations, or providing for an agreement, composition, extension, or adjustment with creditors; (iii) a substantial part of Contractor’s assets is subject to the appointment of a receiver, trustee, liquidator, or custodian by court order and such order shall remain in effect for more than thirty (30) days; or (iv) Contractor is adjudged bankrupt or insolvent, has any property sequestered by court order and such order shall remain in effect for

Contractor Events of Default. The occurrence of any one or more of the following events shall constitute an event of default by Contractor hereunder (“Contractor Event of Default”): (a) ): any of the following (each a “Bankruptcy or Insolvency Event”) occurs (i) Contractor consents to the appointment of or taking possession by, a receiver, a trustee, custodian, or liquidator of itself or of a substantial part of its assets, or fails or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of creditors; (ii) Contractor files a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization in a proceeding under any applicable bankruptcy or insolvency laws of any jurisdiction, whether now or hereafter in effect, or files an answer admitting the material allegations of a petition filed against it in any such proceeding, or seeks relief by voluntary petition, answer or consent, under the provisions of any now existing or future bankruptcy, insolvency or other similar law of any jurisdiction, whether now or hereafter in effect, providing for the liquidation, reorganization, or winding up of corporations, or providing for an agreement, composition, extension, or adjustment with creditors; (iii) a substantial part of Contractor’s assets is subject to the appointment of a receiver, trustee, liquidator, or custodian by court order and such order shall remain in effect for more than thirty (30) days; or (iv) Contractor is adjudged bankrupt or insolvent, has any property sequestered by court order and such order shall remain in effect forfor more than thirty (30) days, or has filed against it a petition under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, and such petition shall not be dismissed within sixty (60) days of such filing; Contractor fails, for any reason, (i) to pay when due Delay Liquidated Damages as required herein or (ii) to make any other payment or payments required to be made to Owner under the Agreement within ten (10) Business Days after receipt of written notice from Owner of Contractor’s failure to make such other payment or payments (except to the extent Contractor disputes such other payment or payments in good faith and in accordance with the terms of this Agreement); Contractor fails to comply with any material provision of any Applicable Law, Applicable Permit, or applicable Real Property Requirement, the effects of which have not been cured to Owner’s reasonable satisfaction within ten (10) Business Days after notice from Owner, provided, if such failure to comply is not capable of being cured within ten (10) Business Days, Contractor shall not be in default so long as Contractor commences to cure within ten (10) Business Days and thereafter diligently proceeds to cure such breach in a manner reasonable satisfactory to Owner; either of the following occurs: (i) Contractor fails to make payments when due to Subcontractor for services, materials or equipment beyond applicable notice and cure periods, unless such payments are reasonably disputed by Contractor and any Liens relating to such disputed payments are satisfied or bonded off by Contractor; or (ii) Contractor suspends performance of a material portion of the Work resulting in the Work not progressing substantially in accordance with the Project Schedule (other than as permitted under Article VIII or pursuant to a Change Order); and in each instance as described in each of sub-clauses (i) and (ii) of this Section 12.1.1(d), the impacts of such condition remain un-remedied for five calendar days following written notice thereof to Contractor; any material breach by Contractor of any representation or warranty contained in Article XV, the impacts of which have not been cured to Owner’s reasonable satisfaction within ten (10) Business Days after notice from Owner; Contractor fails to: (i) provide a written recovery plan within the time provided for in Section 2.5.3 and satisfying the requirements of Section 2.5.3; or (ii) implement the recovery plan in a diligent and timely manner and, in any case, within the schedule provided for in such recovery plan. Contractor reaches the limitations of Delay Liquidated Damages set forth in Section 6.6.1 before Contractor achieves all of the Key Milestones; the transfer by Contractor of (i) all or a substantial portion of the rights or obligations of Contractor hereunder, except for an assignment permitted hereunder, or (ii) all or a substantial portion of the assets or obligations of Contractor; any failure by Contractor to maintain the insurance coverages required of it in accordance with Article XI, the impacts of which have not been cured to Owner’s reasonable satisfaction within ten (10) Business Days after notice from Owner; Contractor fails to provide or maintain in effect each Letter of Credit or the Payment and Performance Bond ; Contractor is in breach of any provision of this Agreement or has failed to perform its obligations under the Agreement (other than those breaches specified in this Section 12.1.1 (a) through (l)) and (i) such breach is not cured by Contractor within fifteen (15) days after notice thereof from Owner, or (ii) if such breach is not capable of being cured within such fifteen (15) day period, Contractor (A) fails to commence to cure such breach within such fifteen (15) day period, or (B) fails to thereafter diligently proceed to cure such breach in a manner reasonably satisfactory to Owner in its sole discretion; or Contractor fails to achieve [Mechanical Completion] or Project Substantial Completion within [____] days after the guaranteed date therefor.