Common use of Development Default Clause in Contracts

Development Default. A Development Default shall occur and such Development Default shall not be cured within thirty (30) days thereafter; provided that no Event of Default shall be deemed to have occurred and be continuing by reason of a Development Default pursuant to clause (a) of the definition thereof if, and for so long as, (A) within such thirty (30) day period, the Borrower demonstrates to the TIFIA Lender’s reasonable satisfaction (which demonstration shall include certification by the Engineer) that (1) CDOT is proceeding with the construction of each Segment of the Project with due diligence and will achieve Substantial Completion by the Projected Substantial Completion Date and (2) the Borrower has sufficient funds to pay all construction costs necessary to achieve Substantial Completion by the Projected Substantial Completion Date and (B) CDOT diligently pursues completion of each Segment of the Project and does achieve Substantial Completion on or prior to the Projected Substantial Completion Date; provided that the cure rights described in this sentence may be exercised only once. If a Development Default occurs and is not cured, to the extent provided in the preceding sentence, the TIFIA Lender may (A) suspend the disbursement of TIFIA Loan proceeds under this Agreement and (B) pursue such other remedies as provided in this Section 19. If so requested by the XXXXX Xxxxxx in connection with a Development Default, the Borrower shall immediately repay any unexpended TIFIA Loan proceeds previously disbursed to the Borrower.

Development Default. A Development Default shall occur and such Development Default shall not be cured within thirty (30) days thereafter; provided that no Event of Default shall be deemed to have occurred and be continuing by reason of a Development Default pursuant to clause (a) of the definition thereof ifthereof, if and for so long as, (A) as within such thirty (30) day period, the Borrower demonstrates to the TIFIA Lender’s reasonable satisfaction (which demonstration shall include certification by the Engineer) that (1A) CDOT the Borrower is proceeding with the construction of each Segment of the Project with due diligence and will achieve Substantial Completion by the Projected projected Substantial Completion Date and (2B) the Borrower has sufficient funds to pay all construction costs necessary to achieve Substantial Completion by under the Projected Substantial Completion Date and (B) CDOT diligently pursues completion of each Segment of the Project and does achieve Substantial Completion on or prior to the Projected Substantial Completion Date; provided that the cure rights described in this sentence may be exercised only onceDevelopment Agreement. If a Development Default occurs shall occur and is not cured, to the extent provided in the preceding sentence, the TIFIA Lender may (A) suspend the disbursement of TIFIA Loan proceeds under this Agreement and (B) pursue such other remedies as provided in this Section 1920. If so requested by the XXXXX Xxxxxx TIFIA Lender in connection with a Development Default, the Borrower shall immediately repay any unexpended TIFIA Loan proceeds previously disbursed to the Borrower.

Development Default. A Development Default shall occur and such Development Default shall not be cured within thirty (The Borrower fails to complete the Project by September 30) days thereafter; provided that no Event of Default shall be deemed to have occurred and be continuing by reason of a Development Default pursuant to clause (a) of the definition thereof if, and for so long as2015, (A) within such thirty (30) day period, unless the Borrower demonstrates to the TIFIA LenderXXXXX Xxxxxx’s reasonable satisfaction (which demonstration shall include certification by the Engineer) that (1) CDOT it is proceeding with the construction of each Segment of the Project with due diligence and will achieve Substantial Completion by toward the Projected Substantial Completion Date and (2) the Borrower has sufficient funds to pay all construction costs necessary to achieve Substantial Completion by the Projected Substantial Completion Date and (B) CDOT diligently pursues completion of each Segment of the Project and does achieve Substantial Completion on or prior date acceptable to the Projected Substantial Completion Date; provided that the cure rights described in this sentence may be exercised only onceTIFIA Lender (a “Development Default”). If In such a Development Default occurs and is not cured, to the extent provided in the preceding sentencecase, the TIFIA Lender may may: (A) suspend the disbursement of the TIFIA Loan proceeds under this Agreement Agreement; and (B) pursue such other remedies as provided in Section 18 of this Section 19Agreement, including declaring the TIFIA Default Rate in effect. If so requested by the XXXXX Xxxxxx in connection with a Development Default, the The Borrower shall immediately repay any unexpended TIFIA Loan proceeds previously disbursed to the Borrower.. For the purposes of this Section 18(a)(iii), the Borrower shall have the right to amend the construction schedule to extend the date for Substantial Completion for a period of up to 60 days (unless a longer extension is required due to the occurrence of an Uncontrollable Force) within thirty (30) days of receipt of notice of an alleged Development Default; provided that the Borrower shall provide the TIFIA Lender with (x) a remedial plan with respect to the construction of the Project (a “Remedial Plan”) reviewed by a general engineering consultant satisfactory to the TIFIA Lender and (y) a certificate from such general engineering consultant concluding that Substantial Completion is likely to occur by the date specified in the Remedial Plan, and the TIFIA Lender approves the Remedial Plan (such approval not to be unreasonably withheld);

Development Default. A Development Default shall occur and such Development Default shall not be cured within thirty (30) days thereafter; provided provided, that no Event of Default shall be deemed to have occurred and be continuing by reason of a Development Default pursuant to clause (a) of the definition thereof if, and for so long as, (A) within such thirty (30) day period, the Borrower demonstrates to the TIFIA Lender’s reasonable satisfaction (which demonstration shall include certification by the Engineer) that (1) CDOT is proceeding with the construction of each Segment of the Project with due diligence and will achieve Substantial Completion by the Projected Substantial Completion Date and (2) the Borrower has sufficient funds to pay all construction costs necessary to achieve Substantial Completion by the Projected Substantial Completion Date and (B) CDOT diligently pursues completion of each Segment of the Project and does achieve Substantial Completion on or prior to the Projected Substantial Completion Date; provided provided, that the cure rights described in this sentence may be exercised only once. If a Development Default occurs and is not cured, to the extent provided in the preceding sentence, the TIFIA Lender may (A) suspend the disbursement of TIFIA Loan proceeds under this Agreement and (B) pursue such other remedies as provided in this Section 1920. If so requested by the XXXXX Xxxxxx TIFIA Lender in connection with a Development Default, the Borrower shall immediately repay any unexpended TIFIA Loan proceeds previously disbursed to the Borrower.