Owner Defaults Sample Clauses

Owner Defaults. Except to the extent excused as a result of an event of Force Majeure in accordance with Article XV, the occurrence of one or more of the following events shall constitute a default by Owner under this Agreement (an “Owner Default”), provided that an event of Force Majeure shall not excuse an event described in clause (a), clause (h), or clause (i): (a) Owner’s failure to pay any undisputed amount due to Distribution Company under this Agreement by the due date, which failure is not cured within ten (10) days after the receipt by Owner of a written demand from Distribution Company that such amount is due and owing and has not been timely paid. (b) Owner’s failure to satisfy (other than solely as a result of an HQUS Delay) any of the Critical Milestones in clauses (i), (iii), (iv), (v), or (vii) of Section 4.1(a) by the dates set forth therefor, as the same may be extended in accordance with Section 4.1(c), 4.1(d) or 4.1(e). (c) The failure of the NECEC Transmission Line to be capable of operating at or above 1,040 MW as of the Commercial Operation Date, where Distribution Company has also not agreed in writing to begin transmission service hereunder notwithstanding such operating capability, or to be capable of operating at or above 1,075 MW as of the earlier of the Remediation Date or the end of the Remediation Period. (d) Owner’s failure to comply in any material respect with the provisions of Section 5.1.1(a)(ii) and, if such failure is susceptible to cure, such failure continues for thirty (30) days after receipt by Owner of written notice thereof from Distribution Company, unless such cure shall reasonably require a longer period, in which case Owner shall be provided an additional thirty (30) days to complete such cure so long as Owner has promptly commenced such cure and thereafter diligently pursues such cure. (e) A Non-Excused Outage pursuant to which the average Hourly Availability of the NECEC Transmission Line over any calendar month is less than the Minimum Average Availability for such calendar month (whether as a result of a physical condition, legal impediment or otherwise), unless otherwise excused under Section 7.2, occurs and continues for more than ninety (90) consecutive days or more than one hundred twenty (120) days in any twelve (12) month period, provided, however, that if (i) Owner presents to Distribution Company before the end of a Non-Excused Outage that would otherwise constitute an Owner Default under this clause (e), a reque...

Owner Defaults. The following events shall constitute events of default with respect to Owner (each an “Owner’s default”): 9.1.1 If Owner fails to generate and deliver any useful amount of Energy and/or Environmental Attributes after the Commercial Operation Date as contemplated in this Agreement (though it shall not be an Owner's default if the System does not achieve the Estimated Annual Production, but otherwise continues to deliver useful Energy consistent with this Agreement) and (i) if such condition can be cured within thirty (30) days after Utility’s notice of such event and Owner fails to so cure, or (ii) Owner fails to commence and pursue said cure within such thirty (30) day period if a longer cure period is needed ; provided that the Owner provides the Utility with notice of the expected time it will take to cure the breach and such timeframe is not greater than 365 days; or 9.1.2 If Owner is unable to achieve a Commercial Operation Date at the Site within six months of the execution of this Agreement for a Class I system, or twelve months of the execution of this Agreement for a Class II system (“System Delivery Period”); 9.1.3 If Owner files or is adjudged bankrupt or fails to demonstrate the ability to perform under the Agreement, following the filing or adjudication of a bankruptcy proceeding.

Owner Defaults. Each of the following shall constitute an Event of Default by Owner: (a) The failure of Owner to pay or furnish to Manager any money Owner is required to pay or furnish to Manager in accordance with the terms hereof on the date the same is payable, if such failure is not cured within five (5) days after written notice specifying such failure is given by Manager to Owner. If any sum of money is not paid within five (5) days following the date same becomes due and payable under this Agreement, and Manager has advanced such sum on behalf of Owner, such sum shall bear interest at the Default Rate from the date Manager advanced such sum on behalf of Owner until the date Owner actually pays such sum. If the failure to pay relates to the Management Fee, such sum shall bear interest at the Default Rate from the date due until the date actually paid. (b) If because of a default under the Mortgage, if any, not caused by the act or omission of Manager, the Mortgage shall be foreclosed, or the Hotel sold in lieu of foreclosure. (c) If Owner shall apply for or consent to the appointment of a receiver, trustee or liquidator of Owner of all or a substantial part of its assets, or admit in writing its inability to pay its debts as they come due, make a general assignment for the benefit of creditors, take advantage of any insolvency law, or file an answer admitting the material allegations of a petition filed against Owner in any bankruptcy, reorganization or insolvency proceeding, or if an order, judgment or decree shall be entered by any court of competent jurisdiction, on the application of a creditor, adjudicating Owner a bankrupt or insolvent or approving a petition seeking reorganization of Owner or appointing a receiver, trustee or liquidator of Owner or of all or a substantial part of its assets, and such order, judgment or decree shall continue unstayed and in effect for any period of ninety (90) consecutive days. (d) The filing of a voluntary petition in bankruptcy or insolvency or a petition for liquidation or reorganization under any bankruptcy law by Owner, or Owner shall consent to, acquiesce in, or fail timely to controvert, an involuntary petition in bankruptcy, insolvency or an involuntary petition for liquidation or reorganization filed against it. (e) The filing against Owner of a petition seeking adjudication of Owner as insolvent or seeking liquidation or reorganization or appointment of a receiver, trustee or liquidator of all or a substantial part o...

Owner Defaults. Each of the following shall constitute an Event of Default by Owner: (a) The failure of Owner to pay or furnish to Operator any money Owner is required to pay or furnish to Operator in accordance with the terms hereof on the date the same is payable, if such failure is not cured within ten (10) days after written notice specifying such failure is given by Operator to Owner. If any sum of money is not paid within ten (10) days following the date the same becomes due and payable under this Agreement, and Operator has advanced such sum on behalf of Owner, such sum shall bear interest at the Default Rate from the date Operator advanced such sum on behalf of Owner until the date Owner actually pays such sum. If the failure to pay relates to the Services Fee, such sum shall bear interest at the Default Rate from the date due until the date actually paid. (b) The failure of Owner to perform, keep or fulfill any of the other covenants, undertakings, obligations or conditions set forth in this Agreement (other than a failure to pay or furnish to Operator any money Owner is required to pay or furnish to Operator), including without limitation, the failure of Owner to secure the possession and control of any Common Property necessary for the operation of the Hotel, or the failure of Owner to approve expenditures or to authorize procedures necessary to maintain the standards of the Hotel in accordance with the Operating Standards, if such failure shall continue for a period of thirty (30) days after written notice by Operator to Owner specifying the matters or conditions which constitute the basis for such Event of Default, provided that if such failure is incapable of cure within such thirty (30) day period, then the cure period shall be extended provided that Owner commences the cure during such initial thirty (30) day period and thereafter diligently and continuously pursues the cure thereof to completion within a reasonable time. (c) If because of a default under the Mortgage, if any, the Mortgage shall be foreclosed, or the Hotel sold in lieu of foreclosure. (d) If Owner shall apply for or consent to the appointment of a receiver, trustee or liquidator of Owner of all or a substantial part of its assets, or admit in writing its inability to pay its debts as they come due, make a general assignment for the benefit of creditors, take advantage of any insolvency law, or file an answer admitting the material allegations of a petition filed against Owner in any bankru...

Owner Defaults. If OWNER materially breaches its obligations under Article 14 herein or its obligations to share maintenance and repair expenses of the Aircraft as provided herein, LESSEE may cancel this Lease upon not less than thirty (30) days’ written notice, after giving OWNER not less than ten (10) business days’ written notice of the default and an opportunity to cure such default within such ten (10) business day period. At the end of such cancellation notice period, LESSEE shall return the Aircraft in the condition required in Article 7(e) hereof.

Owner Defaults. Except to the extent excused as a result of an event of Force Majeure in accordance with Article 16, the occurrence of one or more of the following events shall constitute a default by Owner under this Agreement (an “Owner Default”): (a) Owner’s failure to pay any amount due to Purchaser under this Agreement by the due date, which failure is not cured within thirty (30) days after the receipt by Owner of a demand from Purchaser that such amount is due and owing and has not been timely paid. (b) An Owner Delay occurs and the Operation Phase has not commenced by the fifth (5th) anniversary of Owner’s Initial Deadline (which fifth (5th) anniversary shall not be subject to extension for any event of Force Majeure). (c) Owner’s failure to comply with the provisions of Section 5.1.2(a)(ii). (d) Owner’s failure to comply with the provisions of Section 5.1.2(a)(iii). (e) Owner’s failure to comply with the provisions of Section 5.1.2(e). (f) Owner’s failure to comply with the provisions of Section 5.6; provided that such failure also constitutes a default under any Loan Agreement (or any agreement entered into by Owner with a Financing Party or any equity commitment or similar agreement entered into by any Affiliate of Owner with a Financing Party in connection therewith). (g) Owner’s failure to comply with the provisions of Section 5.7(a). (h) A Non-Excused Outage occurs. (i) Owner’s failure to comply in any material respect with the provisions of Article 17. (j) Owner’s failure to perform or comply with any of its obligations under this Agreement, other than those described in clauses (a), (b), (c), (d), (e), (f), (g), (h) and (i) above, or under the Letter Agreement, in each case, in any material respect, and, if such failure is susceptible to cure, such failure continues for thirty (30) days after the receipt by Owner of written notice thereof from Purchaser, unless such cure shall reasonably require a longer period, in which case Owner shall be provided such additional period as necessary to complete such cure so long as Owner has promptly commenced such cure and thereafter diligently pursues and completes such cure. (k) Any representation or warranty made by Owner in this Agreement is false or misleading at the time made and such inaccuracy has a material adverse effect on the ability of Purchaser to perform its obligations under this Agreement, individually or in the aggregate, or on the business, operations or financial condition of Purchaser. (l) Any Insol...

Owner Defaults. The occurrence of any one or more of the following events shall constitute an event of default by Owner hereunder (an “Owner Event of Default”): 16.2.1 Owner fails to pay to Operator any payment required under this Agreement that is not in dispute, and such failure continues for thirty (30) Days after receipt of written notice of such failure; 16.2.2 Except as otherwise expressly addressed in this Section 16.2, Owner is in material breach of its obligations or its representations and warranties under this Agreement and such material breach continues uncured for thirty (30) Days after receipt of written notice from Operator, provided that Owner’s cure period may be extended for such breaches not reasonably susceptible to cure within thirty (30) Days and Owner commences to cure such breach within such thirty (30) Day period and thereafter continuously and diligently pursues the cure of the breach to completion; 16.2.3 Owner terminates its existence (except in the case of merger or other corporate reorganization to the extent permitted under the Financing Agreements) or voluntarily commences or acquiesces to bankruptcy, insolvency, reorganization, stay, moratorium or similar debtor-relief proceedings, or shall have become insolvent or generally does not pay its debts as they become due, or admits in writing its inability to pay its debts, or makes an assignment for the benefit of creditors; or 16.2.4 Insolvency, receivership, reorganization, bankruptcy, or a similar proceeding shall have been commenced against Owner and such proceeding remains undismissed or unstayed for a period of ninety (90) Days.

Owner Defaults. The occurrence of any one or more of the following events which continues for more than the period of grace (if any) provided below, shall constitute an “Event of Default” by Owner hereunder, and Owner shall be deemed a “Defaulting Party” with respect thereto and in “Default” hereunder: (a) If Owner shall fail to provide funds to be deposited in the Operating Accounts in accordance with the provisions of Section 7.2, and such failure shall continue for a period twenty (20) days following written notice from PRG that such funds are required and have not been provided within the time period herein set forth; or (b) If Owner shall fail to keep, observe or perform any other material covenant, agreement, term or provision of this Agreement to be kept, observed or performed by Owner, and such default shall continue for a period of thirty (30) days after notice thereof by PRG to Owner; or (c) Any required licenses for the sale of alcoholic beverages are at any time suspended, terminated or revoked by reason of the unlicensability of Owner (as opposed to any general legislation or governmental act prohibiting the sale of alcoholic beverages in general or by the class of businesses of which the Hotel is a part) and such suspension, termination or revocation shall continue for a period of sixty (60) consecutive days.

Owner Defaults. In the event of a default by Owner under the Contract Documents which is not cured within ten (10) days after written notice from Contractor to Owner, Contractor shall be entitled, in addition to all other rights and remedies, to the following rights. If Owner defaults hereunder or does not pay any payments to Contractor when and as required under the Contract, then Contractor may stop the Work until payment of the amount owing has been received. Owner shall grant a reasonable adjustment to the Construction Schedule and Contract Sum following Contractor’s stopping the Work pursuant to this Section. If payment is not received by Contractor within fifteen (15) days of such Work stoppage, then Contractor shall have the right to terminate this Contract. If Contractor terminates the Contract, Contractor may recover from Owner the sum of: (A) payment for all Work performed including profit earned and that which would be earned if no default had occurred, for any loss sustained upon any materials, equipment, tools, and construction equipment and machinery (provided that the amount in Subsection (A) shall not exceed the Contract Sum less a reasonable estimate of the cost to complete the Work), minus(B) the portion of the Contract Sum previously paid.

Owner Defaults. If Owner fails to generate and deliver any useful amount of Energy as contemplated in this Agreement and (i) if such condition can be cured within thirty (30) days after Utilities’ notice of such event and Owner fails to so cure, or (ii) Owner fails to commence and pursue said cure within such thirty (30) day period if a longer cure period is needed; provided that the Owner provides the Utilities with notice of the expected time it will take to cure the breach and such timeframe is not greater than 365 days.