Termination for Development Entity Default Clause Samples

Termination for Development Entity Default. (a) If a Development Entity Default occurs and it has not been cured within any relevant cure period set out in Section 22.3 (Initial Notice and Cure Periods) or (if relevant) in accordance with any remedial plan accepted by the Department pursuant to Section 22.4(a) (Remedial Plan), the Department may serve a Termination Notice (the Department Termination Notice) on the Development Entity at any time during the continuance of that Development Entity Default. (b) The Department Termination Notice must specify the type of Development Entity Default which has occurred and entitled the Department to serve the Department Termination Notice. (c) This PPA will terminate on the date falling twenty (20) Business Days after the date the Development Entity receives the Department Termination Notice. (d) If this PPA is terminated pursuant to this Section 24.5 (Termination for Development Entity Default), the Department shall pay the Development Entity Termination Sum to the Development Entity in accordance with Schedule 6 (Compensation on Termination).