Prior Notice to Allocatee of Sanctions Sample Clauses

Prior Notice to Allocatee of Sanctions. Prior to exercising or imposing any remedy contained herein, the Fund will provide the Allocatee with written notice of the incident(s) giving rise to the default and the proposed remedy (or remedies). The Fund’s written notice will give the Allocatee up to 90 calendar days from the date of the notice to respond to and to cure the incident(s) giving rise to the default. If the Allocatee fails to respond and correct the incident(s) giving rise to the default within the time period provided in the written notice, the Fund may, in its sole discretion, impose or exercise the remedy (or remedies) set forth in its written notice. Nothing in this Allocation Agreement, however, will provide the Allocatee with any right to any formal or informal hearing or comparable proceeding not otherwise required by law. In the event of a recapture event under IRC § 45D(g) and 26 C.F.R. 1.45D-1(e)(2), this section does not apply.
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