Common use of Default and Recovery Clause in Contracts

Default and Recovery. 12.1 Events of default The Minister may declare an event of default has occurred if: (a) DynaMotive becomes insolvent or is adjudged or declared bankrupt or if it goes into receivership or takes the benefit of any statute from time to time in force relating to bankrupt or insolvent debtors; (b) an order is made which is not being contested or appealed by DynaMotive or a resolution is passed for the winding-up of DynaMotive or it is dissolved; (c) DynaMotive has intentionally submitted false or misleading information to the Minister or made a false or misleading representation; (d) in the opinion of the Minister, acting, reasonably, a material adverse change in risk the Project has occurred; (e) any term, condition or undertaking in this Agreement is not complied with in any material respect; or (f) DynaMotive neglects or fails to pay to the Minister any amount in accordance with this Agreement; provided that the Minister will not declare an event of default has occurred by reason of paragraphs (c), (e) or (f) unless the Minister has given notice to DynaMotive of the condition or event which in the Minister's opinion constitutes an event of default and DynaMotive has failed, within 30 days of receipt of the notice, to demonstrate to the satisfaction of the Minister that it has either corrected the condition or event complained of or demonstrated that it has taken such steps as are necessary to correct the condition or event and so notified the Minister.

Default and Recovery. 12.1 Events of default Default The Minister may declare an event of default has occurred occured if: (a) DynaMotive Spectrum Signal Processing Inc. becomes insolvent or is adjudged or declared bankrupt or if it goes into receivership or takes the benefit of any statute from time to time in force relating to bankrupt or insolvent debtors; (b) an order is made which is not being contested or appealed by DynaMotive Spectrum Signal Processing Inc. or a resolution is passed for the winding-up of DynaMotive Spectrum Signal Processing inc. or it is dissolved; (c) DynaMotive Spectrum Signal Processing Inc. has intentionally submitted false or misleading information to the Minister or made a false or misleading representation; (d) in the opinion of the Minister, acting, acting reasonably, a material adverse change in risk affecting the Project performance of the terms and conditions of this Agreement has occurred; (e) any term, condition or undertaking in this Agreement is not complied with in any material respect; or (f) DynaMotive Spectrum Signal Processing Inc. neglects or fails to pay to the Minister any amount due in accordance with this Agreement; provided that the Minister will not declare an event of default has occurred by reason of paragraphs (c), (e) or (f) unless the Minister has given notice to DynaMotive Spectrum Signal Processing Inc. of the condition or event which in the Minister's opinion constitutes an event of default and DynaMotive Spectrum Signal Processing Inc. has failed, within 30 days of receipt of the notice, to demonstrate to the satisfaction of the Minister that it has either corrected the condition or event complained of or demonstrated that it has taken such steps as are necessary to correct the condition or event and so notified the Minister.

Default and Recovery. 12.1 Events of default Default The Minister may declare an event of default has occurred if: (a) DynaMotive Allelix becomes insolvent or is adjudged or declared bankrupt or if it goes into receivership or takes the benefit of any statute from time to time in force relating to bankrupt or insolvent debtors; (b) an order is made which is not being contested or appealed by DynaMotive Allelix or a resolution is passed for the winding-up of DynaMotive Allelix or it is dissolved; (c) DynaMotive Allelix has intentionally submitted false or misleading information to the Minister or made a false or misleading representation; (d) in the opinion of the Minister, acting, acting reasonably, a material adverse change in risk affecting the Project performance of the terms and conditions of this Agreement has occurred; (e) any term, condition or undertaking in this Agreement is not complied with in any material respect; or (f) DynaMotive Allelix neglects or fails to pay to the Minister any amount due in accordance with this Agreement; provided that the Minister will not declare an event of default has occurred by reason of paragraphs subsections (c), (e) or (f) unless the Minister has given notice to DynaMotive Allelix of the condition or event which which, in the Minister's opinion opinion, constitutes an event of default and DynaMotive Allelix has failed, within 30 days of receipt of the notice, to demonstrate to the satisfaction of the Minister that it has either corrected the condition or event complained of or demonstrated that it has taken such steps as are necessary to correct the condition or event and so notified the Minister.

Default and Recovery. 12.1 10.1 Events of default Default The Minister may declare an event of default has occurred if: (a) DynaMotive becomes insolvent or OSL is adjudged or declared bankrupt or if it goes into receivership or takes the benefit of any statute from time to time in force relating to bankrupt or insolvent debtors; (b) an order for dissolution of OSL is made which is not being contested or appealed by DynaMotive OSL or a resolution is passed for the winding-up of DynaMotive OSL or it is dissolved; (c) DynaMotive OSL has intentionally submitted false or misleading information to the Minister or intentionally made a false or misleading representation; (d) in the opinion of the Minister, acting, reasonably, a any material adverse change in risk the Project has occurred; (e) any term, condition or undertaking in required under this Agreement is not complied with with, in any material respect; or (fe) DynaMotive OSL neglects or fails to pay to the Minister any amount Minister, in accordance with this Agreement; provided that the Minister will not declare an event of default has occurred by reason of paragraphs (c), (ed) or (fe) unless the Minister has given notice to DynaMotive OSL of the condition or event which which, in the Minister's opinion his opinion, constitutes an event of default and DynaMotive OSL has failed, within 30 days of receipt of the such notice, either to demonstrate to the satisfaction of the Minister that it has either corrected correct the condition or event complained of or demonstrated to demonstrate, to the satisfaction of the Minister, that it has taken such steps steps, as are necessary to correct the condition or event condition, and so notified notify the MinisterMinister of rectification.