Common use of Default and Remedies Termination Clause in Contracts

Default and Remedies Termination. (a) Either party may declare the other party in default: (i) if the defaulting party defaults in any payment to the non-defaulting party and such failure continues unremedied for a period of twenty (20) days after the date of receipt by the defaulting party of written notice specifying the default in reasonable detail; or (ii) if the defaulting party defaults in its performance of any other material term or condition of this Agreement, or of any MPS issued pursuant to this Agreement, and such default continues unremedied for a period of thirty (30) days after the date of receipt by the defaulting party of written notice specifying the default in reasonable detail; or (iii) if the defaulting party files a petition in bankruptcy, has a petition in bankruptcy filed against it and such petition is not dismissed within 90 days, makes an assignment for the benefit of creditors, suffers foreclosure of all or substantially all of its assets or seeks the appointment of a receiver for all or substantially all of its assets. (b) In the event of a default hereunder, the non-defaulting party may, by thirty (30) days prior written notice to the defaulting party, terminate this Agreement and all or any of the privileges, permissions and rights granted to the defaulting party hereunder or in connection herewith in whole or in part. The effective date of termination will be the date therefor stated in any termination notice given hereunder, which date will not be before the expiration of any applicable cure period provided for herein. Any such termination will not effect the liability of either party for any breach arising prior to such termination. (c) Upon expiration of the Term or in the event of an unremedied event of default by NSI (and the expiration of any cure periods), SigmaTron may exercise any one or more of the following remedies, in addition to any other remedies available to it hereunder: (i) all inventory, components and materials (including the Safety Stock), either in stock, on order and not cancelable by SigmaTron without penalty, or not useable by SigmaTron in the ordinary course of its business, may be

Default and Remedies Termination. (a) Either party may declare the other party in default: A default shall consist of: (i) if the defaulting party defaults breach by Grantee of any term, condition, covenant, agreement, or certification contained in any payment to the non-defaulting party and such failure continues unremedied for a period of twenty (20) days after the date of receipt by the defaulting party of written notice specifying the default in reasonable detailthis Agreement; or (ii) if the defaulting party defaults expenditure of Grant funds for any use other than as provided in its performance the Project Budget or in the approved scope of any other material term work for the Project; (iii) the failure to commence or condition of this complete the Project by the dates set forth in the Agreement, or otherwise unsatisfactory performance or completion of any MPS issued pursuant the Project, in the Department’s sole determination; (iv) Grantee’s bankruptcy, insolvency, or the dissolution or liquidation of Grantee’s business organization or assets; (v) the failure to this Agreementobtain Other Public Funds if, in the Department’s sole discretion, such failure would significantly impact the Project; (vi) a change in Grantee’s staffing capacity that adversely affects Xxxxxxx’s ability to carry out the Project, in the Department’s sole discretion. b) If a default described in Section 9(a) occurs, the Department shall give Grantee written notice of default, and such default continues unremedied for a period of Grantee shall have thirty (30) calendar days after from the date of receipt such notice to cure the default. If Grantee has not cured the default to the satisfaction of the Department by the defaulting party conclusion of written notice specifying the 30-day period, this Agreement shall terminate at the end of the 30-day period and the Department may demand immediate repayment of the Grant. Notwithstanding the above, upon the occurrence of a default in reasonable detail; or (iii) if the defaulting party files a petition in under this Agreement involving Grantee’s bankruptcy, has insolvency, or the dissolution or liquidation of Grantee’s business organization or assets, the Department’s right to terminate this Agreement shall be immediate, without a petition in bankruptcy filed against it notice and such petition is not dismissed within 90 days, makes an assignment for the benefit of creditors, suffers foreclosure of all or substantially all of its assets or seeks the appointment of a receiver for all or substantially all of its assetscure period. (bc) Notwithstanding the foregoing notice and cure period set forth in Section 9(b), in the event that the Treasury requires the repayment of any Grant funds, Grantee shall immediately return the Grant funds to the Department. d) In the event of a termination of the Agreement, whether due to default hereunderor otherwise: i) The Department may withhold disbursement of Grant funds and Grantee shall have no right, the non-defaulting party maytitle, by thirty (30) days prior written notice or interest in or to the defaulting party, terminate this Agreement and all or any of the privilegesundisbursed Grant funds; ii) The Department may demand repayment from Grantee of any portion of the Grant proceeds that the Department, permissions in its sole discretion, determines were not expended in accordance with this Agreement, plus all costs and reasonable attorneys' fees incurred by the Department in recovery proceedings; and iii) The Department, in its sole discretion, may demand repayment of all Grant funds disbursed to Grantee, plus all costs and reasonable attorneys' fees incurred by the Department in recovery proceedings. e) In addition to exercising any or all of the rights granted and remedies contained in this Agreement, the Department at any time may proceed to protect and enforce all rights available to the defaulting party hereunder Department by suit in equity, action at law, or in connection herewith in whole by any other appropriate proceedings, all of which shall survive the termination of this Agreement. f) Xxxxxxx agrees to return any remaining proceeds of the Grant to the Department upon termination of the Agreement, whether due to default, completion of the Project, or in part. The effective date of termination will be the date therefor stated in any termination notice given hereunder, which date will not be before the expiration of any applicable cure period provided for herein. Any such termination will not effect the liability of either party for any breach arising prior to such terminationother reason. (c) Upon expiration of the Term or in the event of an unremedied event of default by NSI (and the expiration of any cure periods), SigmaTron may exercise any one or more of the following remedies, in addition to any other remedies available to it hereunder: (i) all inventory, components and materials (including the Safety Stock), either in stock, on order and not cancelable by SigmaTron without penalty, or not useable by SigmaTron in the ordinary course of its business, may be

Default and Remedies Termination. (a) Either party may declare the other party in default: A default shall consist of: (i) if the defaulting party defaults breach by Grantee of any term, condition, covenant, agreement, or certification contained in any payment to the non-defaulting party and such failure continues unremedied for a period of twenty (20) days after the date of receipt by the defaulting party of written notice specifying the default in reasonable detailthis Agreement; or (ii) if the defaulting party defaults expenditure of Grant funds for any use other than as provided in its performance the Project Budget or in the approved scope of any other material term work for the Project; (iii) the failure to commence or condition of this complete the Project by the dates set forth in the Agreement, or otherwise unsatisfactory performance or completion of any MPS issued pursuant the Project, in the Department’s sole reasonable determination; (iv) Grantee’s bankruptcy, insolvency, or the dissolution or liquidation of Grantee’s business organization or assets; (v) the failure to this Agreementobtain Additional Funding if, in the Department’s sole reasonable discretion, such failure would significantly impact the Project; (vi) a change in Grantee’s staffing capacity that adversely affects Grantee’s ability to carry out the Project, in the Department’s sole reasonable discretion. b) If a default described in Section 8(a) occurs, the Department shall give Grantee written notice of default, and such default continues unremedied for a period of Grantee shall have thirty (30) calendar days after from the date of receipt such notice to cure the default. If Grantee has not cured the default to the reasonable satisfaction of the Department by the defaulting party conclusion of written notice specifying the 30-day period, this Agreement shall terminate at the end of the 30-day period and the Department may demand immediate repayment of the Grant. Notwithstanding the above, upon the occurrence of a default in reasonable detail; or (iii) if the defaulting party files a petition in under this Agreement involving Grantee’s bankruptcy, has insolvency, or the dissolution or liquidation of Grantee’s business organization or assets, the Department’s right to terminate this Agreement shall be immediate, without a petition in bankruptcy filed against it notice and such petition is not dismissed within 90 days, makes an assignment for the benefit of creditors, suffers foreclosure of all or substantially all of its assets or seeks the appointment of a receiver for all or substantially all of its assetscure period. (bc) Notwithstanding the foregoing notice and cure period set forth in Section 8(b), in the event that the Treasury requires the repayment of any Grant funds, Grantee shall immediately return the Grant funds to the Department. d) In the event of a termination of the Agreement, whether due to default hereunderor otherwise: i) The Department may withhold disbursement of Grant funds and Grantee shall have no right, the non-defaulting party maytitle, by thirty (30) days prior written notice or interest in or to the defaulting party, terminate this Agreement and all or any of the privilegesundisbursed Grant funds; ii) The Department may demand repayment from Grantee of any portion of the Grant proceeds that the Department, permissions in its sole reasonable discretion, determines were not expended in accordance with this Agreement, plus all costs and reasonable attorneys' fees incurred by the Department in recovery proceedings; and iii) The Department, in its sole reasonable discretion, may demand repayment of all Grant funds disbursed to Grantee, plus all costs and reasonable attorneys' fees incurred by the Department in recovery proceedings. e) In addition to exercising any or all of the rights granted and remedies contained in this Agreement, the Department at any time may proceed to protect and enforce all rights available to the defaulting party hereunder Department by suit in equity, action at law, or in connection herewith in whole by any other appropriate proceedings, all of which shall survive the termination of this Agreement. f) Xxxxxxx agrees to return any remaining proceeds of the Grant to the Department upon termination of the Agreement, whether due to default, completion of the Project, or in part. The effective date of termination will be the date therefor stated in any termination notice given hereunder, which date will not be before the expiration of any applicable cure period provided for herein. Any such termination will not effect the liability of either party for any breach arising prior to such terminationother reason. (cg) Upon expiration Nothing in this Agreement shall serve to prohibit Grantee from continuing to complete the Project at Grantee’s own cost after termination of the Term Agreement, or otherwise impair, alter, or amend any of Grantee’s existing rights under applicable law to construct, own, operate, and maintain its networks and provide services including, without limitation, to the locations that were in the event of an unremedied event of default by NSI (and the expiration of any cure periods), SigmaTron may exercise any one or more of the following remedies, in addition to any other remedies available to it hereunder: (i) all inventory, components and materials (including the Safety Stock), either in stock, on order and not cancelable by SigmaTron without penalty, or not useable by SigmaTron in the ordinary course of its business, may beGrant’s approved service area.

Default and Remedies Termination. (a) Either party may declare the other party in default: a. A default shall consist of: (i) if the defaulting party defaults breach by Subrecipient of any term, condition, covenant, agreement, or certification contained in any payment to the non-defaulting party and such failure continues unremedied for a period of twenty (20) days after the date of receipt by the defaulting party of written notice specifying the default in reasonable detailthis Agreement; or (ii) if the defaulting party defaults expenditure of Grant funds for any use other than as provided in its performance the Project Budget or in the approved scope of any other material term work for the Project; (iii) the failure to commence or condition of this complete the Project by the dates set forth in the Agreement, or otherwise unsatisfactory performance or completion of any MPS issued pursuant the Project, in the County’s sole determination; (iv) Subrecipient’s bankruptcy, insolvency, or the dissolution or liquidation of Subrecipient’s business organization or assets; (v) the failure to this Agreementobtain Other Funds (as applicable), if, in the County’s sole discretion, such failure would significantly impact the Project; (vi) a change in Subrecipient’s staffing capacity that adversely affects Subrecipient’s ability to carry out the Project, in the County’s sole discretion. b. If a default described in Section 9(a) occurs, the County shall give Subrecipient written notice of default, and such default continues unremedied for a period of Subrecipient shall have thirty (30) calendar days after from the date of receipt such notice to cure the default. If Subrecipient has not cured the default to the satisfaction of the County by the defaulting party conclusion of written notice specifying the 30-day period, this Agreement shall terminate at the end of the 30-day period and the County may demand immediate repayment of the Grant. Notwithstanding the above, upon the occurrence of a default in reasonable detail; or (iii) if the defaulting party files a petition in under this Agreement involving Subrecipient’s bankruptcy, has insolvency, or the dissolution or liquidation of Subrecipient’s business organization or assets, the County’s right to terminate this Agreement shall be immediate, without a petition in bankruptcy filed against it notice and such petition is not dismissed within 90 days, makes an assignment for the benefit of creditors, suffers foreclosure of all or substantially all of its assets or seeks the appointment of a receiver for all or substantially all of its assetscure period. (b) c. Notwithstanding the foregoing notice and cure period set forth in Section 9(b), in the event that the Treasury requires the repayment of any Grant funds, Subrecipient shall immediately return the Grant funds to the County. d. In the event of a termination of the Agreement, whether due to default hereunderor otherwise: i. The County may withhold disbursement of Grant funds and Subrecipient shall have no right, the non-defaulting party maytitle, by thirty (30) days prior written notice or interest in or to the defaulting party, terminate this Agreement and all or any of the privilegesundisbursed Grant funds; ii. The County may demand repayment from Subrecipient of any portion of the Grant proceeds that the County, permissions in its sole discretion, determines were not expended in accordance with this Agreement, plus all costs and reasonable attorneys' fees incurred by the County in recovery proceedings; and iii. The County, in its sole discretion, may demand repayment of all Grant funds disbursed to Subrecipient, plus all costs and reasonable attorneys' fees incurred by the County in recovery proceedings. e. In addition to exercising any or all of the rights granted and remedies contained in this Agreement, the County at any time may proceed to protect and enforce all rights available to the defaulting party hereunder County by suit in equity, action at law, or in connection herewith in whole by any other appropriate proceedings, all of which shall survive the termination of this Agreement. f. Subrecipient agrees to return any remaining proceeds of the Grant to the County upon termination of the Agreement, whether due to default, completion of the Project, or in part. The effective date of termination will be the date therefor stated in any termination notice given hereunder, which date will not be before the expiration of any applicable cure period provided for herein. Any such termination will not effect the liability of either party for any breach arising prior to such terminationother reason. (c) Upon expiration of the Term or in the event of an unremedied event of default by NSI (and the expiration of any cure periods), SigmaTron may exercise any one or more of the following remedies, in addition to any other remedies available to it hereunder: (i) all inventory, components and materials (including the Safety Stock), either in stock, on order and not cancelable by SigmaTron without penalty, or not useable by SigmaTron in the ordinary course of its business, may be

Default and Remedies Termination. (a) Either party may declare the other party in default: (i) if the defaulting party defaults in any payment to the non-defaulting party and such failure continues unremedied for a period of twenty (20) days after the date of receipt by the defaulting party of written notice specifying the default in reasonable detail; or (ii) if the defaulting party defaults in its performance of any other material term or condition of this Agreement, or of any MPS issued pursuant to this Agreement, and such default continues unremedied for a period of thirty (30) days after the date of receipt by the defaulting party of written notice specifying the default in reasonable detail; or (iii) if the defaulting party files a petition in bankruptcy, has a petition in bankruptcy filed against it and such petition is not dismissed within 90 days, makes an assignment for the benefit of creditors, suffers foreclosure of all or substantially all of its assets or seeks the appointment of a receiver for all or substantially all of its assets. (b) In the event of a default hereunder, the non-defaulting party may, by thirty (30) days prior written notice to the defaulting party, terminate this Agreement and all or any of the privileges, permissions and rights granted to the defaulting party hereunder or in connection herewith in whole or in part. The effective date of termination will be the date therefor stated in any termination notice given hereunder, which date will not be before the expiration of any applicable cure period provided for herein. Any such termination will not effect the liability of either party for any breach arising prior to such termination. (c) Upon expiration of the Term or in the event of an unremedied event of default by NSI (and the expiration of any cure periods), SigmaTron may exercise any one or more of the following remedies, in addition to any other remedies available to it hereunder: (i) all inventory, components and materials (including the Safety Stock), either in stock, on order and not cancelable by SigmaTron without penalty, or not useable by SigmaTron in the ordinary course of its business, may beAny

Default and Remedies Termination. (a) Either party may declare the other party in default: A default shall consist of: (i) if the defaulting party defaults breach by Grantee of any term, condition, covenant, agreement, or certification contained in any payment to the non-defaulting party and such failure continues unremedied for a period of twenty (20) days after the date of receipt by the defaulting party of written notice specifying the default in reasonable detailthis Agreement; or (ii) if the defaulting party defaults expenditure of Grant funds for any use other than as provided in its performance the Project Budget or in the approved scope of any other material term work for the Project; (iii) the failure to commence or condition of this complete the Project by the dates set forth in the Agreement, or otherwise unsatisfactory performance or completion of any MPS issued pursuant the Project, in the Department’s sole determination; (iv) Grantee’s bankruptcy, insolvency, or the dissolution or liquidation of Grantee’s business organization or assets; (v) the failure to this Agreementobtain Other Funds if, in the Department’s sole discretion, such failure would significantly impact the Project; (vi) a change in Grantee’s staffing capacity that adversely affects Xxxxxxx’s ability to carry out the Project, in the Department’s sole discretion. b) If a default described in Section 8(a) occurs, the Department shall give Grantee written notice of default, and such default continues unremedied for a period of Grantee shall have thirty (30) calendar days after from the date of receipt such notice to cure the default. If Grantee has not cured the default to the satisfaction of the Department by the defaulting party conclusion of written notice specifying the 30-day period, this Agreement shall terminate at the end of the 30-day period and the Department may demand immediate repayment of the Grant. Notwithstanding the above, upon the occurrence of a default in reasonable detail; or (iii) if the defaulting party files a petition in under this Agreement involving Grantee’s bankruptcy, has insolvency, or the dissolution or liquidation of Grantee’s business organization or assets, the Department’s right to terminate this Agreement shall be immediate, without a petition in bankruptcy filed against it notice and such petition is not dismissed within 90 days, makes an assignment for the benefit of creditors, suffers foreclosure of all or substantially all of its assets or seeks the appointment of a receiver for all or substantially all of its assetscure period. (bc) Notwithstanding the foregoing notice and cure period set forth in Section 8(b), in the event that the Treasury requires the repayment of any Grant funds, Grantee shall immediately return the Grant funds to the Department. d) In the event of a termination of the Agreement, whether due to default hereunderor otherwise: i) The Department may withhold disbursement of Grant funds and Grantee shall have no right, the non-defaulting party maytitle, by thirty (30) days prior written notice or interest in or to the defaulting party, terminate this Agreement and all or any of the privilegesundisbursed Grant funds; ii) The Department may demand repayment from Grantee of any portion of the Grant proceeds that the Department, permissions in its sole discretion, determines were not expended in accordance with this Agreement, plus all costs and reasonable attorneys' fees incurred by the Department in recovery proceedings; and iii) The Department, in its sole discretion, may demand repayment of all Grant funds disbursed to Grantee, plus all costs and reasonable attorneys' fees incurred by the Department in recovery proceedings. e) In addition to exercising any or all of the rights granted and remedies contained in this Agreement, the Department at any time may proceed to protect and enforce all rights available to the defaulting party hereunder Department by suit in equity, action at law, or in connection herewith in whole by any other appropriate proceedings, all of which shall survive the termination of this Agreement. f) Xxxxxxx agrees to return any remaining proceeds of the Grant to the Department upon termination of the Agreement, whether due to default, completion of the Project, or in part. The effective date of termination will be the date therefor stated in any termination notice given hereunder, which date will not be before the expiration of any applicable cure period provided for herein. Any such termination will not effect the liability of either party for any breach arising prior to such terminationother reason. (c) Upon expiration of the Term or in the event of an unremedied event of default by NSI (and the expiration of any cure periods), SigmaTron may exercise any one or more of the following remedies, in addition to any other remedies available to it hereunder: (i) all inventory, components and materials (including the Safety Stock), either in stock, on order and not cancelable by SigmaTron without penalty, or not useable by SigmaTron in the ordinary course of its business, may be