HSRE Triggering Event Sample Clauses
The HSRE Triggering Event clause defines specific circumstances or events that activate certain rights, obligations, or procedures under an agreement. Typically, this clause outlines what constitutes a triggering event—such as a change in ownership, a default, or a regulatory action—and details the steps that must be taken once such an event occurs. Its core practical function is to provide clarity and predictability by specifying when and how particular contractual provisions become operative, thereby reducing uncertainty and potential disputes between parties.
HSRE Triggering Event. Each of the following shall constitute an HSRE Triggering Event:
(a) Any material failure by HSRE to perform its obligations under this Agreement that is not cured to Campus Crest’s reasonable satisfaction within fifteen (15) days after Notice of breach by Campus Crest regarding monetary default and within forty (40) days after Notice of breach by Campus Crest regarding a non-monetary default (provided that such cure period for a non-monetary default shall be extended for an additional period, not exceeding an additional ninety (90) days, so long as HSRE as the case may be, is diligently pursuing the cure of such default during such extended cure period);
(b) The failure to fund, in full, any Required Amount under Article 3;
(c) Any transfer or encumbrance of HSRE’s Membership Interest in the Company or any portion thereof or any direct or indirect interest therein not permitted herein without the Approval of Campus Crest; provided, however, that in the event that such transfer or encumbrance does not cause any material harm to Campus Crest, HSRE shall have the right to cure such breach to Campus Crest’s reasonable satisfaction within fifteen (15) days of Notice of breach by Campus Crest; and
(d) Any act of willful misconduct or fraud by HSRE concerning its obligations under this Agreement.
HSRE Triggering Event. Each of the following shall constitute an HSRE Triggering Event:
(a) Any material failure by HSRE to perform its obligations under this Agreement that is not cured to Campus Crest’s reasonable satisfaction within fifteen (15) days after Notice of breach by Campus Crest regarding monetary default and within forty