Examples of Developer Default in a sentence
In case of termination following an incurable Developer Default such as Developer bankruptcy or the inability of Lenders to obtain possession or control of the Project within the prescribed period despite diligent efforts, Lenders have the right to obtain a new Agreement, on the same terms, subject to curing prior Developer defaults and reimbursing TxDOT’s costs.
The failure to achieve Financial Close by the Project Financing Deadline, unless such failure is directly attributable to any of the circumstances described in Section 3.4.2, shall be considered a Developer Default (for which TxDOT may give notice and seek liquidated damage and termination remedies under Section 29.5.6 and terminate this Agreement under Section 31.3.1).
If an Event of Developer Default shall occur and be continuing beyond any applicable cure period, then City shall, in addition to other rights available to it under law or this Agreement, have the right to terminate this Agreement.
In addition, if the accumulated number of Noncompliance Points meets the threshold for a Persistent Developer Default, and Developer either fails to timely submit or comply with an approved remedial plan, TxDOT’s remedies include termination of the Agreement.
In respect of a Developer Default for breach of this Section 24.2, TxDOT shall be entitled to (in addition to any other remedies) disgorgement of all Developer’s profits from the prohibited activity, together with interest thereon, at a floating rate equal to the LIBOR in effect from time to time plus 200 basis points, from the date of collection until the date disgorged, and to sole title to and ownership of the prohibited assets and improvements and revenues derived therefrom.