Development Default definition

Development Default means the Borrower fails to either (a) diligently prosecute the work related to the Project and, if a Recovery Plan for the Project has been provided in accordance with Section 22(b)(iii) (Recovery Plan), in accordance with such Recovery Plan, or (b) complete the Project in accordance with the Financial Plan most recently submitted to the TIFIA Lender.

Development Default means (a) a Borrower Related Party fails to diligently prosecute or cause the diligent prosecution of the work related to the Project, and, if a Recovery Plan has been provided in accordance with Section 23(b) (Recovery Plan), in accordance with such Recovery Plan or (b) SANDAG fails to complete the Project by the Projected Substantial Completion Date.

Development Default has the meaning set out in clause 6.8.

Examples of Development Default in a sentence

• Critical Path Milestones shall mean the milestones identified as such in the Development Default shall mean the failure of a Party in Breach of this Agreement to cure such Breach in accordance with Article 7.2 of this Agreement.

• If so requested by the TIFIA Lender in connection with a Development Default, the Borrower shall immediately repay any unexpended TIFIA Loan proceeds previously disbursed to the Borrower.

• If so requested by the XXXXX Xxxxxx in connection with a Development Default, the Borrower shall immediately repay any unexpended TIFIA Loan proceeds previously disbursed to the Borrower under this Agreement.

• A Development Default shall occur, in which case the TIFIA Lender may (A) suspend the disbursement of TIFIA Loan proceeds under this Agreement and (B) pursue such other remedies as provided in this Section 20 (Events of Default and Remedies).

• PLK will not be required to provide any notice (whether oral or written) to Master Franchisee of a Development Default or the commencement of the Development Cure Period.

More Definitions of Development Default

Development Default means (a) the Borrower fails to diligently prosecute the work related to the Project or (b) the Borrower fails to complete the Project in accordance with the Financial Plan as the same may be amended from time to time with the consent of the TIFIA Lender.

Development Default means (a) the Borrower abandons work or fails, in the reasonable judgment of the WIFIA Lender, to diligently prosecute the work related to the Project or (b) the Borrower fails to achieve Substantial Completion of the Project by June 16, 2023.

Development Default means (a) the Borrower abandons work related to the Project or fails, in the reasonable judgment of the WIFIA Lender, to diligently prosecute the work related to the Project or (b) the Borrower fails to achieve Substantial Completion of the Project by the Development Default Date, unless such failure to achieve Substantial Completion shall occur by reason of an Uncontrollable Force that is not due to the fault or gross negligence of the Borrower (and which the Borrower could not reasonably have avoided or mitigated), in which case the Development Default Date shall be extended by the number of days equal to the duration of such Uncontrollable Force.

Development Default means (a) the City abandons work or fails, in the reasonable judgment of the WIFIA Credit Provider, to diligently prosecute the work related to the Project or

Development Default means (a) the Borrower fails to diligently pursue the work related to the Project or (b) the Borrower fails to achieve Substantial Completion of the Project within [specified time period] following the projected substantial completion date of the Project.

Development Default has the meaning set forth in Section 5.3.

Development Default means (a) the Borrower fails to diligently prosecute the work related to the Project or (b) the Borrower fails to complete the Project by the Projected Substantial Completion Date.