Common use of EVENTS OF DEFAULT BY THE COMPANY Clause in Contracts

EVENTS OF DEFAULT BY THE COMPANY. Each of the following shall constitute a material default ("Event of Default") by the Company hereunder if not cured within sixty (60) days (or such other time provided below) after a written notice of default (a "Notice of Default") is given by the CDA to the Company: (a) Failure to: (i) commence construction of the ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇ Development on or by the Construction Commencement Date; (ii) Substantially Complete the Replacement Fire Headquarters by the Fire Headquarters Completion Date; or (iii) Substantially Complete the ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇ Development on or before the Phase 1 Construction Completion Date, and such failure shall continue for a period of thirty (30) days after written notice thereof by the CDA Project Manager to the Company, specifying such failure, unless such failure requires work to be performed, acts to be done, or conditions to be removed, which cannot by their nature or because of Unavoidable Delays be reasonably performed or done or removed, as the case may be, within such thirty (30) day period, in which case no Event of Default shall be deemed to exist so long as the Company shall have commenced curing the same within such thirty (30) day period and shall, subject to Unavoidable Delays, diligently and continuously prosecute the same to completion; (b) An event of default under any Development Lease or Financing Lease caused by the Company, shall be an Event of Default under this Agreement; provided however, if the Project is phased with separate sets of Development Leases and Financing Leases for each phase, an Event of Default under the Development Lease and Financing Lease for one phase shall not shall not be a cross default with respect to the Development Lease and Financing Lease for any other phase; (c) The failure of the Company, SFC Capital, LLC, or its affiliate to pay the City under any loan funded under the Section 108 Loan Program, or to pay any sum to the CDA required to be paid by the Company under this Agreement, or to YIDA under any Financing Lease, when the same shall become due and payable and such failure shall continue for thirty

EVENTS OF DEFAULT BY THE COMPANY. Each of the following events shall constitute a material be an event of default by the Company for purposes of this Agreement (an "Event of Default") by the Company hereunder if not cured within sixty (60) days (or such other time provided below) after a written notice Default of default (a "Notice of Default") is given by the CDA to the Company:"): (a) Failure to: (i) commence construction if default shall be made in the punctual payment of interest on the ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇ Development on or by the Construction Commencement Date; (ii) Substantially Complete the Replacement Fire Headquarters by the Fire Headquarters Completion Date; or (iii) Substantially Complete the ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇ Development on or before the Phase 1 Construction Completion DateNotes, and such failure default shall continue have continued for a period of thirty (30) 15 days after written notice thereof by the CDA Project Manager to the Company, specifying such failure, unless such failure requires work to be performed, acts to be done, or conditions to be removed, which cannot Company by their nature or because of Unavoidable Delays be reasonably performed or done or removed, as the case may be, within such thirty (30) day period, in which case no Event of Default shall be deemed to exist so long as the Company shall have commenced curing the same within such thirty (30) day period and shall, subject to Unavoidable Delays, diligently and continuously prosecute the same to completionDigi; (b) An event of if default under any Development Lease or Financing Lease caused by the Company, shall be an Event made in the punctual payment of Default under this Agreement; provided however, if the Project is phased with separate sets principal of Development Leases and Financing Leases for each phase, an Event of Default under the Development Lease and Financing Lease for one phase shall not shall not be a cross default with respect to the Development Lease and Financing Lease for any other phaseNotes; (c) The failure if any judgment, writ or warrant of attachment or of any similar process in an amount in excess of $250,000 shall be entered or filed against the Company or against any of its property or assets and either remains unpaid, unvacated, unbonded or unstayed for a period of 30 days or adequate reserves are not established on the Company's books; (d) if an order for relief shall be entered in any Federal bankruptcy proceeding in which the Company is the debtor; or if bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings, or other proceedings for relief under any bankruptcy or similar law or laws for the relief of debtors, are instituted by or against the Company and, if instituted against the Company, SFC Capitalare consented to or, LLCif contested by the Company, are not dismissed by the adverse parties or by an order, decree or judgment within 60 days after such institution; (e) if the Company shall default in any material respect in the due and punctual performance of any covenant or agreement in any note (including without limitation any of the Notes), bond, indenture, loan agreement, note agreement, mortgage, security agreement including without limitation the Security Agreement) or other instrument evidencing or related to indebtedness for borrowed money, other than the outstanding notes described in Section 7.7 hereof, and such default shall continue for more than the period of notice and/or grace, if any, therein specified and shall not have been waived; (i) if any representation or warranty made by or on behalf of the Company in this Agreement or in any certificate, report or other instrument delivered under or pursuant to any term hereof or thereof shall prove to have been untrue or incorrect in any material respect as of the date of this Agreement or as of any Closing Date, or its affiliate to pay the City under (ii) if any loan funded under the Section 108 Loan Programreport, certificate, financial statement or to pay any sum to the CDA required financial schedule or other instrument prepared or purported to be paid prepared by the Company or any officer of the Company furnished or delivered under or pursuant to this AgreementAgreement after any such Closing Date shall prove to be untrue or incorrect in any material respect as of the date it was made, furnished or delivered; (g) if any of Digi's designees to the Company's Board of Directors shall fail to be elected to the Board of Directors in the manner and under the terms and conditions set forth in Section 7.8 hereof; or (h) if default shall be made by the Company in the due and punctual performance or observance of any other term contained in this Agreement or in any other Transaction Document, and such default shall not have been remedied, or the Company shall have not taken steps to YIDA under any Financing Leaseremedy such default to Digi's reasonable satisfaction, when within 15 days after written notice thereof to the same shall become due and payable and such failure shall continue for thirtyCompany by Digi.

EVENTS OF DEFAULT BY THE COMPANY. ‌ Each of the following shall constitute a material default ("constitutes an Event of Default") by Default on the Company hereunder if not cured within sixty (60) days (or such other time provided below) after a written notice part of default (a "Notice of Default") is given by the CDA to the Company: (a) Failure to: (i) commence construction of the ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇ Development on or by the Construction Commencement Date; (ii) Substantially Complete the Replacement Fire Headquarters by the Fire Headquarters Completion Date; or (iii) Substantially Complete the ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇ Development on or before the Phase 1 Construction Completion Date, and such failure shall continue for a period of The Company fails to pay any amount it is required to pay under this Agreement within thirty (30) days after receipt by the Company of written demand from the Authority accompanied by written notice thereof by stating that unless the CDA Project Manager to the Company, specifying such failure, unless such failure requires work to be performed, acts to be done, or conditions to be removed, which cannot by their nature or because of Unavoidable Delays be reasonably performed or done or removed, as the case may be, delinquent amount is paid within such thirty (30) day period, in which case no days the failure will constitute an Event of Default shall be deemed to exist so long as the Company shall have commenced curing the same within such thirty (30) day period and shall, subject to Unavoidable Delays, diligently and continuously prosecute the same to completionDefault; (b) An event The Company persistently or repeatedly fails or refuses to substantially fulfill any of default its material obligations under any Development Lease this Agreement. No failure or Financing Lease caused by refusal on the Company, part of the Company described in this clause (b) shall be constitute an Event of Default under unless and until: (i) the Authority has given written notice to the Company stating that in its opinion a particular default or defaults (described in reasonable detail in such notice) exist that, unless corrected, constitute a material breach of this AgreementAgreement on the part of the Company; provided and (ii) the Company has neither corrected such default nor initiated reasonable steps to correct it within a reasonable period of time (which must in any event be not less than five days from the date of the notice given pursuant to clause (i) of this Section 10.2(b)); provided, however, that if the Project is phased with separate sets Company has commenced to take reasonable steps to correct such default within such reasonable period of Development Leases and Financing Leases for each phasetime, the default shall not constitute an Event of Default under for as long as the Development Lease and Financing Lease for one phase shall not shall not be a cross default with respect Company is continuing to the Development Lease and Financing Lease for any other phase;take reasonable steps to correct it. (c) The failure occurrence of a decision or action by any governmental, local or other competent authority, agency or institution which adversely affects the Facility or the performance by the Company of its obligations under this Agreement if such decision or action is due in whole or in part to the activities of the Company or the complaints of third parties relating to the activities of the Company. No decision or action described in this clause (c) shall constitute an Event of Default unless and until: (i) the Authority has given written notice to the Company stating that in its opinion a particular default or defaults (described in reasonable detail in such notice) exist that, SFC Capitalunless corrected, LLCconstitute a material breach of this Agreement on the part of the Company; and (ii) the Company has neither corrected such default nor initiated reasonable steps to correct it within a reasonable period of time (which must in any event be not less than five days from the date of the notice given pursuant to clause (i) of this Section 10.2(c)); provided, however, that if the Company has commenced to take reasonable steps to correct such default within such reasonable period of time, the default shall not constitute an Event of Default for as long as the Company is continuing to take reasonable steps to correct it. (d) If, by order of a court of competent jurisdiction, a receiver or liquidator or custodian or trustee of the Company or of a major part of either of their property is appointed and is not discharged within sixty (60) days, or its affiliate if, by decree of such a court, the Company is adjudicated insolvent, or a major part of either of their property is sequestered, and such decree has continued undischarged and unstayed for sixty (60) days after the entry of such decree, or if a petition to pay reorganize the City Company pursuant to the Federal Bankruptcy Code or any other similar statute applicable to the Company, as now or hereinafter in effect, is filed against the Company and is not dismissed within sixty (60) days after such filing; (e) If the Company is adjudicated bankrupt or files a petition in voluntary bankruptcy under any loan funded under the Section 108 Loan Program, provision of any bankruptcy law or to pay any sum consents to the CDA required to be paid by filing of any bankruptcy or reorganization petition against the Company under this Agreementany such law, or (without limitation of the generality of the foregoing) files a petition to YIDA under reorganize the Company pursuant to the Federal Bankruptcy Code or any Financing Leaseother similar statute applicable to the Company, when the same shall become due and payable and such failure shall continue for thirtyas now or hereafter in effect; or