Common use of DECLARATION OF DEFAULT Clause in Contracts

DECLARATION OF DEFAULT. If the defaulting Party fails to cure the Default pursuant to‌ Section 10.3, or protests the Default Notice pursuant to Section 10.4 but fails to timely pay the disputed payment or commence performance of the disputed obligation, the Reclamation Trust Funds Operating Agent will notify the defaulting Party in writing of the Reclamation Trust Funds Operating Agent’s intent to declare the defaulting Party in Default unless there is a prompt cure of the Default (“Notification of Intent”). The Notification of Intent will afford the defaulting Party a minimum of fifteen (15) additional days after the giving of the Notification of Intent to cure the Default. The pendency of a Protest will not prevent the Reclamation Trust Funds Operating Agent from issuing a Notification of Intent. If the Default has not been cured within the period of time identified in the Notification of Intent, the Reclamation Trust Funds Operating Agent may give written notice to the defaulting Party declaring that the defaulting Party is in Default (the “Default Declaration”). The Reclamation Trust Funds Operating Agent will serve a copy of the Notification of Intent and of the Default Declaration on: (i) the representatives on the Reclamation Oversight Committee; (ii) all persons entitled to receive notices under Section 28.1; and (iii) the Trustee of the defaulting Party’s Reclamation Trust. The pendency of a Protest will not prevent the Reclamation Trust Funds Operating Agent from making a Default Declaration.

DECLARATION OF DEFAULT. If the defaulting Party fails to cure the Default pursuant to‌ to Section 10.3, or protests the Default Notice pursuant to Section 10.4 but fails to timely pay the disputed payment or commence performance of the disputed obligation, the Reclamation Trust Funds Operating Agent will notify the defaulting Party in writing of the Reclamation Trust Funds Operating Agent’s intent to declare the defaulting Party in Default unless there is a prompt cure of the Default (“Notification of Intent”). The Notification of Intent will afford the defaulting Party a minimum of fifteen (15) additional days after the giving of the Notification of Intent to cure the Default. The pendency of a Protest will not prevent the Reclamation Trust Funds Operating Agent from issuing a Notification of Intent. If the Default has not been cured within the period of time identified in the Notification of Intent, the Reclamation Trust Funds Operating Agent may give written notice to the defaulting Party declaring that the defaulting Party is in Default (the “Default Declaration”). The Reclamation Trust Funds Operating Agent will serve a copy of the Notification of Intent and of the Default Declaration on: (i) the representatives on the Reclamation Oversight Committee; (ii) all persons entitled to receive notices under Section 28.1; and (iii) the Trustee of the defaulting Party’s Reclamation Trust. The pendency of a Protest will not prevent the Reclamation Trust Funds Operating Agent from making a Default Declaration.

DECLARATION OF DEFAULT. If the defaulting Party fails to cure the Default pursuant to‌ to Section 10.38.3, or protests the Default Notice pursuant to Section 10.4 8.4 but fails to timely pay the disputed payment or commence performance of the disputed obligation, the Reclamation Trust Funds Operating Decommissioning Agent will must notify the defaulting Party in writing of the Reclamation Trust Funds Operating Decommissioning Agent’s intent to declare the defaulting Party in Default unless there is a prompt cure of the Default (“Notification of Intent”). The Notification of Intent will must afford the defaulting Party a minimum of fifteen (15) additional days after the giving of the Notification of Intent to cure the Default. The pendency of a Protest will not prevent the Reclamation Trust Funds Operating Decommissioning Agent from issuing a Notification of Intent. If the Default has not been cured within the period of time identified in the Notification of Intent, the Reclamation Trust Funds Operating Decommissioning Agent may give written notice to the defaulting Party declaring that the defaulting Party is in Default (the “Default Declaration”). The Reclamation Trust Funds Operating Decommissioning Agent will must serve a copy of the Notification of Intent and of the Default Declaration on: (i) the representatives on the Reclamation Oversight Decommissioning Committee; (ii) the representatives on the Decommissioning Investment Committee; (iii) all persons entitled to receive notices under Section 28.121.1; and (iiiiv) the Trustee of EXECUTION VERSION the defaulting Party’s Reclamation Decommissioning Trust. The pendency of a Protest will not prevent the Reclamation Trust Funds Operating Decommissioning Agent from making a Default Declaration.

DECLARATION OF DEFAULT. If the defaulting Party fails to cure the Default pursuant to‌ to Section 10.38.3, or protests the Default Notice pursuant to Section 10.4 8.4 but fails to timely pay the disputed payment or commence performance of the disputed obligation, the Reclamation Trust Funds Operating Decommissioning Agent will must notify the defaulting Party in writing of the Reclamation Trust Funds Operating Decommissioning Agent’s intent to declare the defaulting Party in Default unless there is a prompt cure of the Default (“Notification of Intent”). The Notification of Intent will must afford the defaulting Party a minimum of fifteen (15) additional days after the giving of the Notification of Intent to cure the Default. The pendency of a Protest will not prevent the Reclamation Trust Funds Operating Decommissioning Agent from issuing a Notification of Intent. If the Default has not been cured within the period of time identified in the Notification of Intent, the Reclamation Trust Funds Operating Decommissioning Agent may give written notice to the defaulting Party declaring that the defaulting Party is in Default (the “Default Declaration”). The Reclamation Trust Funds Operating Decommissioning Agent will must serve a copy of the Notification of Intent and of the Default Declaration on: (i) the representatives on the Reclamation Oversight Decommissioning Committee; (ii) the representatives on the Decommissioning Investment Committee; (iii) all persons entitled to receive notices under Section 28.121.1; and (iiiiv) the Trustee of the defaulting Party’s Reclamation Decommissioning Trust. The pendency of a Protest will not prevent the Reclamation Trust Funds Operating Decommissioning Agent from making a Default Declaration.

DECLARATION OF DEFAULT. If the defaulting Party fails to cure the Default pursuant to‌ to Section 10.38.3, or protests the Default Notice pursuant to Section 10.4 8.4 but fails to timely pay the disputed payment or commence performance of the disputed obligation, the Reclamation Trust Funds Operating Decommissioning Agent will must notify the defaulting Party in writing of the Reclamation Trust Funds Operating Decommissioning Agent’s intent to declare the defaulting Party in Default unless there is a prompt cure of the Default (“Notification of Intent”). The Notification of Intent will must afford the defaulting Party a minimum of fifteen (15) additional days after the giving of the Notification of Intent to cure the Default. The pendency of a Protest will not prevent the Reclamation Trust Funds Operating Decommissioning Agent from issuing a Notification of Intent. If the Default has not been cured within the period of time identified in the Notification of Intent, the Reclamation Trust Funds Operating Decommissioning Agent may give written notice to the defaulting Party declaring that the defaulting Party is in Default (the “Default Declaration”). The Reclamation Trust Funds Operating Decommissioning Agent will must serve a copy of the Notification of Intent and of the Default Declaration on: (i) the representatives on the Reclamation Oversight Decommissioning Committee; (ii) the representatives on the Decommissioning Investment Committee; (iii) all persons entitled to receive notices under Section 28.121.1; and (iiiiv) the Trustee of of‌ the defaulting Party’s Reclamation Decommissioning Trust. The pendency of a Protest will not prevent the Reclamation Trust Funds Operating Decommissioning Agent from making a Default Declaration.