Owner Event of Default. Owner shall be in default of its obligations pursuant to this Agreement upon the occurrence of any one or more events of default set forth below (each, an “Owner Event of Default”): (a) Owner becomes Bankrupt; (b) Owner fails to perform any material provision of this Agreement not otherwise addressed in this Section 18.3 and such failure continues for thirty (30) days after Notice from Contractor, except such thirty (30) day limit shall be extended if: (i) curing such failure reasonably requires more than thirty (30) days; and (ii) Owner commences such cure within such thirty (30) day period and diligently prosecutes and completes such cure within sixty (60) days, in each case after the date on which Owner first receives a Notice from Contractor with respect thereto; (c) Owner assigns or transfers this Agreement or any right or interest herein, except in accordance with Article 25; or (d) Owner fails to perform any provision of this Agreement providing for the payment of money to Contractor and such failure continues for twenty (20) days after Owner has received a Notice of such payment default from Contractor; or
Appears in 4 contracts
Samples: Engineering, Procurement and Construction Agreement (Powersecure International, Inc.), Engineering, Procurement and Construction Agreement (Powersecure International, Inc.), Engineering, Procurement and Construction Agreement (Powersecure International, Inc.)
Owner Event of Default. Owner shall be in default of its obligations pursuant to this Agreement upon the occurrence of any one or more events of default set forth below (each, an “Owner Event of Default”):
(a) 18.3.1 Owner becomes Bankrupt;
(b) 18.3.2 Owner fails to perform any material provision of this Agreement not otherwise addressed in this Section 18.3 and such failure continues for thirty (30) days after Notice from Contractor, except such thirty (30) day limit shall be extended if: (i) curing such failure reasonably requires more than thirty (30) days; and (ii) Owner commences such cure within such thirty (30) day period and diligently prosecutes and completes such cure within sixty (60) days, in each case after the date on which Owner first receives a Notice from Contractor with respect thereto;
(c) 18.3.3 Owner assigns or transfers this Agreement or any right or interest herein, except in accordance with Article 25; or
(d) 18.3.4 Owner fails to perform any provision of this Agreement providing for the payment of money to Contractor and such failure continues for twenty sixty (2060) days after Owner has received a Notice of such payment default from Contractor; or.
Appears in 2 contracts
Samples: Engineering, Procurement and Construction Agreement (Powersecure International, Inc.), Engineering, Procurement and Construction Agreement (Powersecure International, Inc.)
