Default by OBDD Sample Clauses
The 'Default by OBDD' clause defines the circumstances under which a party is considered to be in default according to the rules or standards set by the OBDD (which may refer to a specific organization, regulatory body, or contractual framework). Typically, this clause outlines specific actions or failures—such as non-payment, breach of obligations, or insolvency—that trigger a default status. For example, if a party fails to meet payment deadlines or violates key terms, the OBDD's criteria would determine whether a default has occurred. The core function of this clause is to provide a clear and objective mechanism for identifying and addressing defaults, thereby reducing ambiguity and ensuring that all parties understand the consequences of non-compliance.
Default by OBDD. In the event OBDD defaults on any obligation in this Contract, Recipient’s remedy will be limited to injunction, special action, action for specific performance, or other available equitable remedy for performance of OBDD’s obligations.
Default by OBDD. In the event OBDD defaults on any obligation in this Contract, Recipient’s sole remedy will be for disbursement of Financing Proceeds for Costs of the Project, not to exceed the Grant Amount, less any claims OBDD has against Recipient.