Common use of Remedies on Occurrence of Events of Default Clause in Contracts

Remedies on Occurrence of Events of Default. Upon the occurrence of an Event of Default, each of the Members and the Authority (together) shall have the following rights and remedies: (a) Any non-defaulting Member(s) and/or the Authority may ask a court of competent jurisdiction to enter a writ of mandamus to compel the board of directors of the defaulting Member to perform its duties under this Agreement, and/or to issue temporary and/or permanent restraining orders, or orders of specific performance, to compel the defaulting Member to perform in accordance with this Agreement. (b) Any non-defaulting Member(s) and/or the Authority may protect and enforce their rights under this Agreement by such suits, actions, or special proceedings as they shall deem appropriate, including, without limitation, any proceedings for the specific performance of any covenant or agreement contained in this Agreement, for the enforcement of any other appropriate legal or equitable remedy, or for the recovery of damages, including attorneys’ fees and all other costs and expenses incurred in enforcing this Agreement. (c) The non-defaulting Member(s) and/or the Authority shall have the right to budget and expend funds as necessary to enforce the terms of this Agreement.

Remedies on Occurrence of Events of Default. Upon the occurrence of an Event of Default, each of the Members a Member and the Authority (together) shall have the following rights and remedies: (a) Any The non-defaulting Member(s) and/or the Authority may ask a court of competent jurisdiction to enter a writ of mandamus to compel the board of directors of the defaulting Member to perform its duties under this Agreement, and/or to issue temporary and/or permanent restraining orders, or orders of specific performance, to compel the defaulting Member to perform in accordance with this Agreement. (b) Any The non-defaulting Member(s) and/or or the Authority Authority, or both, may protect and enforce their rights under this Agreement by such suits, actions, or special proceedings as they shall deem appropriate, including, without limitation, any proceedings for the specific performance of any covenant or agreement contained in this Agreement, for the enforcement of any other appropriate legal or equitable remedy, or for the recovery of damages, including attorneys’ fees and all other costs and expenses incurred in enforcing this Agreement. (c) The non-defaulting Member(s) and/or the Authority shall have the right to budget and expend funds as necessary to enforce the terms of this Agreement.