Default by Participant. Each of the following shall constitute a “default” by the Participant under this Power Sales Contract:
(a) failure of the Participant to make to UAMPS any of the payments for which provision is made in this Power Sales Contract within five business days after the due date of any such payment; or
(b) failure by the Participant to observe any of the covenants, agreements or obligations on its part contained herein and failure to remedy the same for a period of sixty days after written notice thereof, specifying such failure and requiring the same to be remedied, shall have been given by or on behalf of UAMPS; or
(c) bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, including without limitation proceedings under Title 11, Chapter 9, United States Code or other proceedings for relief under any federal or state bankruptcy law or similar law for the relief of debtors, are instituted by or against the Participant and, if instituted against the Participant, said proceedings are consented to or are not dismissed within thirty days after such institution.
Default by Participant. 10.1 If payment of any of the amounts in this Agreement to be paid to the Qualified Contractor are not so made, or in the event that the Participant should default in any of the other covenants or agreements herein, or if the Municipality shall become insolvent or bankrupt or shall make a general assignment for the benefit of creditors, or if the Project is suspended or otherwise delayed for a period of fifteen (15) Business Days or more under an order of a court or other public authority provided that such order is not issued as a result of an act or omission of the Qualified Contractor, the Qualified Contractor may, without prejudice to any other right or remedy it has, terminate the Agreement immediately by providing the Participant and the AMSC written Notice.
10.2 On the occurrence of such default as set out herein:
(a) the Qualified Contractor shall be entitled to recover payment from the Participant for the Services already completed proportionately to the Project price. The Participant shall have no right to claim any monies paid to the Qualified Contractor under this Agreement and the same may be retained by the Qualified Contractor as liquidated damages without limiting or prejudicing the Qualified Contractor’s right to claim for damages or seek other remedies.
(b) the AMSC shall be entitled to recover payment from the Participant for any and all payments made by AMSC to the Qualified Contractor.
Default by Participant. (a) Should any Participant at any time be in default (the "Defaulting Participant") of any monetary obligation of such Participant to FIHOP or to any other Participants (the "Nondefaulting Participants), arising out of or related to this Agreement or a Loan Participation Agreement, including by way of illustration but without limitation, the failure to fund its Percentage Interest of any Loan disbursement or to repay the other Participants for any disbursement made by them due to Defaulting Participant's default, or the failure to contribute its share of costs and expenses that are to be shared by the Participants, in each case in accordance with the terms hereof, then, in addition to any other rights and remedies that the Nondefaulting Participants may have against the Defaulting Participant under applicable law, Agent, at the direction of the Loan Committee, shall have and may exercise the following rights and remedies against the Defaulting Participant:
(i) the right to collect principal and interest from the Defaulting Participant on the amounts in default for the period of such default at the rate of interest as stated in the Note(s) evidencing the particular Loan(s) at issue; and
(ii) the right to receive the Defaulting Participant's share of any principal and interest payments, distributions or collections from the particular Loan(s) at issue, or any amounts that would otherwise be payable to the Defaulting Participant under this Agreement, any Loan Participation Agreement, or any Loan Participation Certificate and to disburse the same to the Non-Defaulting Participants (after deduction of Agent's servicing fee and any escrow amounts) in reimbursement of amounts which have been disbursed by such Nondefaulting Participant's as a result of the Defaulting Participant's default, until such time as the monetary default shall have been cured.
(iii) It is the intent of this section that disbursements of a Defaulting Participant's share of principal and interest on the particular Loan(s) at issue will not be made to such Defaulting Participant until the Nondefaulting Participants have received full repayment of the principal (and interest thereon) advanced by them as a result of the default of Defaulting Participant.
(b) If a Participant shall fail to cure any default under this Agreement within ten (10) days after notice from Agent, or if any proceeding is commenced which involves the dissolution, termination of existence, insolvency, or business failure ...
Default by Participant. A. Any default by the Participant with respect to the payment of any billing because of any dispute shall be handled accordingly to the provisions of Article 13 of Chapter 70 of the Nebraska Revised Statutes.
B. If the Participant fails to comply with any of the terms, conditions and covenants of the Program Rules or the Subscription Confirmation (other than a failure to make a payment for which provision is made in subsection A. of this Section) and such failure continues for a period of fifteen (15) days, MEAN shall give notice to the Participant. If such failure is not cured within thirty (30) days from the date of the mailing of such notice, it shall constitute a default on the part of the Participant. In the event of such a default by the Participant, MEAN shall have all of the rights and remedies provided at law or in equity, including mandamus, injunction and action for specific performance, as may be necessary or appropriate to enforce against the Participant any of such terms, conditions and covenants with which the Participant has failed to comply. The Participant hereby agrees to participate in the Green Energy Program of the Municipal Energy Agency of Nebraska (MEAN) under the following terms and conditions: Annual Total kWh per Fiscal Year
Default by Participant. If, before the date of the Event, it is found that the Participant has not performed his or her obligations or that the financial credit of the Participant has been impaired, Xxxxxx Xxxxx may cancel this Agreement.
Default by Participant. In the event Participant fails to timely pay to Bank One any amount required to be made available by Participant hereunder, or upon the breach by Participant of any of its other obligations hereunder, Participant shall be liable to Bank One for all such amounts advanced hereunder by Bank One which Participant does not pay to Bank One, together with interest thereon at the "Prime Rate" referred to in the Loan Agreement from the date so advanced by Bank One until repaid, and all amounts payable with respect to the Note and other Loan Documents (whether with respect to or allocable to Tranche A, Tranche B or otherwise) shall be paid to and retained by Bank One until all such obligations of Participant to Bank One have been satisfied and no default by Participant exists hereunder. Once all obligations of Participant to Bank One shall have been satisfied, so that no default by Participant exists hereunder, Participant shall be entitled to receive all amounts payable hereunder with respect to its interest described herein, subject to its continued compliance with the terms hereof.
Default by Participant. Upon failure or default of Participant to satisfy any obligation under this Agreement, including, but not limited to, those representations and warranties in Paragraph 3, Organization may, fifteen (15) days after providing Participant with written notice by certified mail of such failure or default, declare this Agreement to be null and void and of no further force and effect. If such failure or default has not been cured by Participant to Organization’s satisfaction within such time period, Participant shall repay or authorize repayment to Organization of all amounts previously paid by Organization to Participant pursuant to this Agreement, if any. In addition to such declaration of nullity and return to Organization of all amounts previously paid to Participant, Organization shall be entitled to seek specific performance of this Agreement.
Default by Participant
