Common use of Consequences of Events of Default and Corrective Action Clause in Contracts

Consequences of Events of Default and Corrective Action. If an Event of Default oc- curs and the UTM/DDA does not remedy the Event of Default the Province may, at any time, take one or more of the following actions: (a) initiate any action the Province considers necessary in order to facilitate the suc- cessful continuation or completion of the UTM/DDA’s obligations under this Agreement; (b) suspend, reduce or cancel the payment of the Grant for such period as the Prov- ince determines appropriate; (c) demand the repayment of an amount equal to any Grant the UTM/DDA used for purposes not agreed upon by the Province; (d) terminate the Agreement at any time, including immediately, upon giving Notice to the UTM/DDA.