Common use of Default and Cure Clause in Contracts

Default and Cure. a) Company’s failure to comply with any provision of this Agreement shall constitute a breach of the Agreement, a violation of the order of the Participating States and a violation of the Agreement with the Participating States and shall subject the Company to such administrative and enforcement actions and penalties as each Participating State deems appropriate, consistent with each Participating State’s respective Insurance Laws in effect at the time the failure occurred. b) Any agreement on the part of any Party hereto, to any extension or waiver shall be valid only if in writing signed by the Party granting such waiver or extension and, unless expressly provided otherwise, shall be a one-time waiver or extension only by the signatories to the waiver, and any such waiver or extension or any other failure to insist on strict compliance with any duty or obligation herein shall not operate as a waiver or extension of, or estoppel with respect to, any continuing, subsequent or other failure to comply with this Agreement. c) If a Settling Jurisdiction believes that the Company has breached a provision of this Agreement or that the Company has made a misrepresentation in this Agreement or during the conduct of the Monitoring Period, such Settling Jurisdiction shall provide written notice of the alleged breach to the Company and the Lead States that the breach has occurred. The Company shall have the opportunity, within twenty-one (21) calendar days of receipt of such notice, to present evidence in writing and through appearance before the complaining jurisdiction’s regulator in an attempt to rebut the allegations(s) or to seek an extension to address the alleged breach. An extension to address an alleged breach is not guaranteed and does not prohibit further sanctions if warranted. A Settling Jurisdiction should not pursue any enforcement action as set forth in this Section against the Company until the twenty-one (21) calendar day response period described above has expired unless immediate action is needed to prevent consumer, provider, or market harm.