Developer Event of Default Clause Samples

Developer Event of Default. Subject to Section 7.05, a “Developer Event of Default” means a default in the performance of any obligation or breach of any covenant or agreement of the Developer in this Agreement (other than a covenant or agreement, a default in the performance or breach of which is specifically dealt with elsewhere in this Section), and continuance of such default or breach for a period of thirty (30) days after City has delivered to Developer a written notice specifying such default or breach and requiring it to be remedied. During any such cure period which extends beyond 30 days, the Developer shall provide regular written updates to the City regarding its efforts toward, and the status of, remedying such default or breach.

Developer Event of Default. Any of the following events shall constitute an event of default by the Developer ("Developer Event of Default") unless such event has occurred as a result of a Force Majeure Event or the Authority Event of Default or any governmental action for reasons other than any breach, default or lapse on the part of the Developer: (i) The Performance Security has been encashed and appropriated by the Authority in accordance with this Agreement and the Developer fails to replenish or provide fresh Performance Security within 60 (sixty) days; (ii) The Developer has failed to pay Fee to the Authority in accordance with the payment schedule specified in Schedule 1; (iii) The Developer has failed to make any Payment on Due Date thereof and more than 60 days have elapsed since such default; (iv) The Developer has failed to submit the Project Implementation Plan within the time specified in Clause 5.3. (v) The Developer has failed to complete the development within the stipulated time period in this Agreement and any extension thereof; (vi) The Project Facilities are damaged or modified without obtaining approval from the Authority; (vii) The Developers in Material Breach of any of its other obligations under this Agreement on account of its own acts of omission or commission and the same has not been remedied for more than 60 (sixty) days; (viii) Any representation made or warranty given by the Developer under this Agreement is found to be false or misleading; (ix) A resolution for voluntary winding up has been passed by the shareholders of the Developer; (x) Any petition for winding up of the Developer has been admitted and liquidator or provisional liquidator has been appointed or the Developer has been ordered to be wound up by Court of competent jurisdiction, except for the purpose of amalgamation or reconstruction with the prior consent of the Authority, provided that, as part of such amalgamation or reconstruction and the amalgamated or reconstructed entity has unconditionally assumed all surviving obligations of the Developer under this Agreement. (xi) The Developer has abandoned or manifests intention to abandon the development of and /or operation & management of the Project Facilities without the prior written consent of the Authority. (xii) The Developer has unlawfully repudiated this Agreement or has otherwise expressed an intention not to be bound by this Agreement; (xiii) If the Developer fails to pay the necessary insurance premiums in terms of this Agreem...

Developer Event of Default. 21.1 In addition to "DEVELOPER" event of default provided elsewhere in any part of the Project Agreements, following shall also be treated as the "DEVELOPER" event of default: a) The "DEVELOPER" abandons the construction or operation of the Project and the Project facilities for a continuous period of 30 days;

Developer Event of Default. PRIOR TO THE OCCUPANCY READINESS DATE

Developer Event of Default. A “Developer Event of Default” means a default in the performance of any obligation or breach of any covenant or agreement of the Developer in this Agreement and continuance of such default or breach for a period of 30 days after City has delivered to Developer a written notice specifying such default or breach and requiring it to be remedied; provided, that if such default or breach cannot be fully remedied within such 30-day period, but can reasonably be expected to be fully remedied and Developer is diligently attempting to remedy such default or breach, such default or breach will not constitute a Developer Event of Default if Developer promptly upon receipt of such notice diligently attempts to remedy such default or breach and thereafter prosecutes and completes the same with due diligence and dispatch. Default or breach of any other agreement between the City and the Developer will also constitute a “Developer Event of Default” under this Agreement.

Developer Event of Default. Each of the following events, if uncured after expiration of the applicable cure period, shall constitute a “Developer Event of Default”: (i) The Developer refuses for any reason (including, but not limited to, lack of funds) to accept conveyance from the City of the Transfer Property or any portion thereof within the time and in the manner specified in Article 4. (ii) The Developer attempts or completes a Transfer except as permitted under Article 9. (iii) The Developer breaches any material provision of this Agreement. (iv) Any representation or warranty of the Developer contained in this Agreement or in any application, financial statement, certificate or report submitted to the City in connection with this Agreement proves to have been incorrect in any material and adverse respect when made and continues to be materially adverse to the City. (v) A court having jurisdiction shall have made or entered any decree or order: (A) adjudging the Developer to be bankrupt or insolvent, (B) approving as properly filed a petition seeking reorganization of the Developer under the bankruptcy law or any other applicable debtor’s relief law or statute of the United States or any state or other jurisdiction, (C) appointing a receiver, trustee, liquidator, or assignee of the Developer in bankruptcy or insolvency or for any of their properties, or (D) directing the winding up or liquidation of Developer. (vi) Developer shall have assigned its assets for the benefit of its creditors (other than pursuant to a Security Financing Interest) or suffered a sequestration or attachment of or execution on any substantial part of its property, unless the property so assigned, sequestered, attached or executed upon shall have been returned or released within ninety (90) days after such event. (vii) Developer shall have voluntarily suspended its business, or the Developer shall have been dissolved or terminated.

Developer Event of Default. ‌ 9.1.1 Each of the following events or circumstances, to the extent not caused by a default of the ****** or Force Majeure shall be considered for the purposes of this Agreement as events of default of the Developer ("Developer Event of Default") which, if not remedied within the Cure Period upon receipt of written notice from Jabalpur Smart City Ltd, shall provide the Jabalpur Smart City Ltd the right to terminate this Agreement in accordance with Clause 9.3: (a) the Performance Security has been encashed and appropriated in accordance with this Agreement and the Developer fails to replenish or provide fresh Performance Security within a cure period of 30 (thirty) days; (b) subsequent to the replenishment or furnishing of fresh Performance Security in accordance with this Agreement, the Developer fails to cure, within a cure period of 30 (thirty) days, the Developer default for which whole or part of the Performance Security was appropriated; (c) Completion of the relevant Facilities does not occur within the period specified in Clause 6.1.3 or Clause 6.2.3, as the case may be; (d) any material breach by the Developer of its obligations under this Agreement and such breach is not remedied within 30 days of receipt of written notice from the Jabalpur Smart City Ltd specifying such breach and requiring the Developer to remedy the same; (e) a breach of any representation or warranty by the Developer which materially adversely affects the Jabalpur Smart City Ltd ability to perform its obligations under this Agreement and such breach, if capable of being remedied, is not remedied within 30 days of receipt of written notice from the Jabalpur Smart City Ltd specifying such breach and requiring the Developer to remedy the same; (f) suspension by the Developer of the performance of the obligations under this Agreement for a period exceeding 30 consecutive days (except during the subsistence of an event of Force Majeure); (g) commencement of the construction of Minimum Facilities or Minimum Development Obligations by the Developer without having Applicable Permits or Approved Drawings and Plan for the relevant Facility; (h) construction of Minimum Facilities, Minimum Development Obligations and/or Additional Facilities in contravention of the Applicable Permits and/or Approved Drawings and Plans. (i) Failure by the Developer to operate and maintain the Facilities and the Project Land in accordance with the Applicable Laws, and such breach is not remedied within 30...

Developer Event of Default. Each of the following events, if uncured after expiration of the applicable cure period, shall constitute a "Developer Event of Default": (1) A Developer Affiliate refuses for any reason (including, but not limited to, lack of funds) to accept conveyance from the City of the Transfer Property or any portion thereof within the time and in the manner specified in Article 4 other than a failure of a condition precedent set forth in Section 4.3(b). (2) The Developer or a Developer Affiliate fails to meet the Milestone Schedule (as the same may be extended pursuant to this Agreement) with respect to conveyance of any portion of the Property. (3) A Developer Affiliate fails to construct the Project in the manner set forth in Article 5 by the applicable Major Milestone Schedule deadlines (as the same may be extended pursuant to this Agreement) or a Developer Affiliate fails to meet a Progress Milestone Date and as a result it would be impossible for the Developer Affiliate to meet a subsequent Major Milestone Date. (4) A Collaborating Partner fails to deliver a Release Agreement or release the Existing Leases within the time and as required pursuant to this Agreement or a Collaborating Partner violates the terms of any Release Agreement. (5) A Collaborating Partner fails to relocate any of the tenants of the Existing Structures within the time set forth in the Milestone Schedule in a manner consistent with the applicable laws. (6) The Developer attempts or completes a Transfer except as permitted under Article 9. (7) The Developer breaches any material provision of this Agreement. (8) Any representation or warranty of the Developer contained in this Agreement or in any application, financial statement, certificate or report submitted to the City in connection with this Agreement proves to have been incorrect in any material and adverse respect when made and continues to be materially adverse to the City. (9) A court having jurisdiction shall have made or entered any decree or order: (A) adjudging a Collaborating Partner or MidPen to be bankrupt or insolvent, (B) approving as properly filed a petition seeking reorganization of a Collaborating Partner or MidPen seeking any arrangement for the Collaborating Partner or MidPen under the bankruptcy law or any other applicable debtor's relief law or statute of the United States or any state or other jurisdiction, (C) appointing a receiver, trustee, liquidator, or assignee of the Collaborating Partner in bankruptcy or in...

Developer Event of Default. The occurrence of any of the following events at any time during the PPA term shall constitute an Event of Default by the Developer unless such an event occurs as a result of JBVNL‟s Event of Default or due to a Force Majeure Event: