Customer's Right to Cure Default Sample Clauses

Customer's Right to Cure Default. If the ESCO defaults or persistently fails or neglects to carry out the Contract Services in accordance with the Contract Documents or fails to perform a provision of the Contract, the Customer shall provide written notice of such default, failure or neglect to the ESCO. If the ESCO has not cured such default, failure or neglect within thirty (30) days from receipt of the Customer's notice, and without prejudice to any other right or remedy the Customer may have, the Customer may make good such deficiencies and may deduct the cost thereof, including compensation for the Customer's services and expenses made necessary thereby, from the payment then or thereafter due the ESCO. However, if the nature of the default or failure is such that it cannot with due diligence be cured by the ESCO within thirty (30) days, and the ESCO has diligently prosecuted the cure of such default or failure within said thirty (30) days and thereafter diligently prosecutes such cure until the default or failure is remedied, the Customer may agree in good faith, which agreement shall not be unreasonably withheld or delayed, to extend such thirty (30) day period by such additional time period as may be reasonably required by the ESCO to cure such default or failure. Additionally, in the case of an “emergency” (defined herein as any default, neglect or defect in or with respect to the Contract Services endangering life, the Customer's or a tenant's ability to occupy all or any portion of the Site, and/or property damage in excess of $10,000), the Customer shall provide the ESCO with written notice of such default, failure or neglect constituting such emergency, but the Customer may immediately commence and continue correction of such emergency, without waiting for the expiration of the above-described notice and cure period. In any case where the Customer makes good any deficiencies as provided herein, an appropriate Change Order shall be issued deducting from payments then or thereafter due the ESCO all reasonable and necessary costs incurred by the Customer for the correction of such deficiencies. If payments then or thereafter due the ESCO are not sufficient to cover such amounts, the ESCO shall pay the difference to the Customer upon demand.
Sample 1
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Related to Customer's Right to Cure Default

  • Right to Cure (a) Notwithstanding anything to the contrary contained in Section 11.3(a), in the event that the Borrower fails to comply with the requirement of the covenant set forth in Section 10.9, until the expiration of the fifteenth Business Day after the date on which Section 9.1 Financials with respect to the Test Period in which the covenant set forth in such Section is being measured are required to be delivered pursuant to Section 9.1 (the “Cure Period”), Holdings or any other Person shall have the right to make a direct or indirect equity investment (in the form of cash common equity or otherwise in a form reasonably acceptable to the Administrative Agent) in the Borrower (the “Cure Right”), and upon receipt by the Borrower of the net cash proceeds pursuant to the exercise of the Cure Right (including through the capital contribution of any such net cash proceeds to the Borrower, the “Cure Amount”), the covenant set forth in such Section shall be recalculated, giving effect to the pro forma increase to Consolidated EBITDA for such Test Period in an amount equal to such Cure Amount; provided that (i) such pro forma adjustment to Consolidated EBITDA shall be given solely for the purpose of calculating the covenant set forth in such Section with respect to any Test Period that includes the fiscal quarter for which such Cure Right was exercised and not for any other purpose under any Credit Document, (ii) unless actually applied to Indebtedness, there shall be no pro forma reduction in Indebtedness with the proceeds of any Cure Right for determining compliance with Section 10.9 for the fiscal quarter in respect of which such Cure Right is exercised (either directly through prepayment or indirectly as a result of the netting of Unrestricted Cash for purposes of the definitions of Consolidated Total Debt) and (iii) subject to clause (ii), no other adjustment under any other financial definition shall be made as a result of the exercise of any Cure Right.

  • Termination for Default; Remedies 8.2.1 Each of the following shall constitute an immediate event of default (“Event of Default”) under this Agreement:

  • EVENT OF DEFAULT/REMEDIES 8.1 Any one or more of the following acts or omissions of the Contractor shall constitute an event of default hereunder (“Event of Default”):

  • Customer Default The occurrence at any time of any of the following events shall constitute a “Customer Default”:

  • Default Remedies Any one of the following occurrences shall constitute an ----------------- "EVENT OF DEFAULT" under this Note: (i) failure by the Maker to make any payment of principal or interest when the same becomes due and payable, said failure continuing for thirty (30) days or more; or (ii) if Maker shall fail to pay its debts, make an assignment for the benefit of its creditors, or shall commit an act of bankruptcy, or shall admit in writing its inability to pay its debts as they become due, or shall seek a composition, readjustment, arrangement, liquidation, dissolution or insolvency proceeding under any present or future statute or law, or shall file a petition under any chapter of federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing, or shall become "insolvent" as that term is generally defined under the Federal Bankruptcy Code, or shall in any involuntary bankruptcy case commenced against it file an answer admitting insolvency or inability to pay its debts as they become due, or shall fail to obtain a dismissal of such case within sixty (60) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or to be adjudged a bankruptcy or insolvent, or shall have a custodian, trustee or receiver appointed for, or have any court take jurisdiction of its property, or any part thereof, in any proceeding for the purpose of reorganization, arrangement, dissolution or liquidation, and such custodian, trustee, liquidator or receiver shall not be discharged, or such jurisdiction shall not be relinquished, vacated or stayed within sixty (60) days of the appointment. Upon occurrence of an Event of Default hereunder, the entire outstanding principal balance and any unpaid interest then accrued under this Note, shall at the option of the Payee hereof and without demand or notice of any kind to the undersigned or any other person (including, but not limited to, any guarantor now or hereafter existing), immediately become and be due and payable in full. In such event, Payee shall have and may exercise any and all rights and remedies available at law or in equity.

  • Defaults Remedies (a) It shall be an Event of Default:

  • Default Remedies Termination A. [Sec. 400]

  • Performance Default and Remedies Subsection B. DEFAULT AND REMEDIES, second paragraph of the Contract is modified as follows (underlined language is added and stricken language is deleted): “Written notice of default and a reasonable 30-day opportunity to cure must be issued by the party claiming default.”

  • Event of Breach Remedies 14.1. Event of Breach by Contractor. Any one or more of the following Contractor acts or omissions constitute an event of material breach under this Contract:

  • CUSTOMER REMEDIES XxxxxxxxxxXxxxxx.xxx's entire liability and your exclusive remedy shall be, at XxxxxxxxxxXxxxxx.xxx's option, either refund of the price paid for the defective Software, or repair or replacement of the defective Software, in each case upon return to XxxxxxxxxxXxxxxx.xxx during the warranty period. You must return the defective Software product to XxxxxxxxxxXxxxxx.xxx with a copy of your purchase receipt. Any replacement Software will be warranted for the remainder of the original warranty period or thirty (30) days, whichever is longer.

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