Rights of Grantee and Hud if Owner Defaults Under Contract Sample Clauses

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Rights of Grantee and Hud if Owner Defaults Under Contract 

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Related to Rights of Grantee and Hud if Owner Defaults Under Contract

• Train Operator Events of Default The following are Train Operator Events of Default:

• Developer Event of Default Any of the following events shall constitute an event of default by the Developer ("Developer Event of Default") unless such event has occurred as a result of a Force Majeure Event or the Authority Event of Default or any governmental action for reasons other than any breach, default or lapse on the part of the Developer:

• Events of Default by Seller In addition to the Events of Default described in Section 9.1, each of the following shall constitute an Event of Default by Seller hereunder:

• Events of Default by Either Party It shall constitute an event of default (“Event of Default”) by either Party hereunder if:

• Events of Force Majeure Neither Party shall be held liable or responsible to the other Party nor be deemed to be in default under, or in breach of any provision of, this Agreement for failure or delay in fulfilling or performing any obligation of this Agreement when such failure or delay is due to force majeure, and without the fault or negligence of the Party so failing or delaying. For purposes of this Agreement, force majeure is defined as causes beyond the control of the Party, including, without limitation, acts of God; acts, regulations, or laws of any government; war; civil commotion; destruction of production facilities or materials by fire, flood, earthquake, explosion or storm; labor disturbances; epidemic; and failure of public utilities or common carriers. In such event Medistem or Licensee, as the case may be, shall immediately notify the other Party of such inability and of the period for which such inability is expected to continue. The Party giving such notice shall thereupon be excused from such of its obligations under this Agreement as it is thereby disabled from performing for so long as it is so disabled and the 30 days thereafter. To the extent possible, each Party shall use reasonable efforts to minimize the duration of any force majeure.

• Events of Default Remedies If any of the following events (“Events of Default”) shall occur:

• Events of Default Any of the following shall constitute an Event of Default:

• Default by Contractor Contractor will be in default under this Contract if:

• Notice of Events of Default The Issuer shall give a Responsible Officer of the Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

• EVENT OF DEFAULT/REMEDIES 8.1 Any one or more of the following acts or omissions of the Contractor shall constitute an event of default hereunder (“Event of Default”):