Common use of Action on Default Clause in Contracts

Action on Default. Subject to the terms and conditions of a trust indenture for the Bonds, the Other Bonds, and the terms of this Financing Agreement, including the dispute resolution provisions of Section 11.4, if any Event of Default shall occur, and any applicable cure period has expired, then, and in each and every case during the continuance of the Event of Default, the Authority may take any or all of the actions permitted by law, including the following: 11.5.1 As the holder of the Term Loan Note, the Authority may accelerate IGU’s indebtedness and declare the entire principal sum of the Loan (even if then deferred) and all accrued interest then unpaid immediately due and payable; 11.5.2 By suit, action, or proceeding at law or in equity, enforce all rights of the Authority and require IGU, Pentex, or the Subsidiaries, as appropriate, to carry out any agreement with or for the benefit of the Authority and to perform its duties under this Financing Agreement, provided that any such remedy may be taken only to the extent permitted under this Financing Agreement; 11.5.3 Bring suit upon the Term Loan Note or any of the Related Documents; 11.5.4 By action or suit in equity, to enjoin any acts or things that may be unlawful or in violation of the rights of the Authority and the Authority shall not be required to post any bond or other security for the injunction; 11.5.5 Enforce the Authority’s security interest in the Collateral in any manner permitted under any security agreement or applicable law, and, in that event, IGU shall support any RCA application made by the Authority or a purchaser at any foreclosure sale for the transfer of IGU’s CPCN to the successor operator of the Integrated Utility; 11.5.6 The Authority shall be entitled, as a matter of right, to the extent permitted by applicable law, to seek to have a receiver appointed for IGU, Pentex, or any of the Subsidiaries, or for all or any part of the Project, or for all or any part of their assets, facilities, or businesses, to seek to take control of the leases, rents, revenues, and contracts, and the proceeds, issues and profits thereof, with the rights and powers referenced below and such other rights and powers as the court making such appointment shall confer. Such appointed receiver shall have all powers and duties prescribed by applicable law, all other powers that are necessary or usual in such cases for the protection, possession, control, management, and operation of the assets, facilities, or businesses or the Project, and such rights and powers as the Authority would have, upon entering and taking possession of the Collateral. IGU will not oppose any RCA application made by the Authority or a purchaser at any foreclosure sale for the transfer of IGU’s CPCN to the successor operator of the Integrated Utility. 11.5.7 The Authority, by its agent or any court-appointed receiver, may enter, take possession of, manage, and operate all or any part of the Project or the Collateral, and may also do any and all other things in connection with those actions that the Authority may, in its sole discretion, consider necessary and appropriate to protect the Collateral. Such other things may include: taking and possessing all of IGU’s or the then owner’s books and records; entering into, enforcing, modifying, or canceling contracts or leases on such terms and conditions as the Authority may consider proper; collecting and receiving any payment of money owing to IGU, Pentex or the Subsidiaries; completing any unfinished construction; and/or contracting for and making repairs and alterations. IGU agrees that it will not oppose any RCA application made by the Authority or a purchaser at any foreclosure sale for the transfer of IGU’s CPCN to the successor operator of the Integrated Utility; or 11.5.8 Pursue any other right or remedy available to the Authority in law or equity.

Action on Default. Subject to the terms and conditions of a trust indenture for the Bonds, the Other Bonds, and the terms of this Financing Agreement, including the dispute resolution provisions of Section 11.4, if If any Event of Default shall occurhappen, and any applicable cure period has expired, thenthen such Event of Default shall constitute a default hereunder, and in each and every such case during the continuance of the such Event of DefaultDefault the Trustee may, with the Authority may take any or all consent of the actions permitted by lawCertificate Insurer, including and shall, at the following: 11.5.1 As the holder direction of the Term Loan NoteCertificate Insurer or the Owners of not less than a majority in aggregate principal amount of Outstanding Certificates, with the Authority may accelerate IGU’s indebtedness and declare the entire principal sum consent of the Loan (even if then deferred) Certificate Insurer, upon notice in writing to the Corporation and all accrued interest then unpaid immediately due and payable; 11.5.2 By suitto the District, actionexercise the remedies provided to the Corporation in the 2010 Installment Purchase Contract; provided, that nothing contained herein shall affect or proceeding at law or in equity, impair the right of action of any Owner to institute suit directly against the District to enforce all rights payment of the Authority obligation evidenced and require IGUrepresented by such Owner’s Certificate; [and provided further, Pentexthat notwithstanding any other provisions hereof, or the Subsidiaries, as appropriate, to carry out any agreement with or for the benefit of the Authority and to perform its duties under this Financing Agreement, provided that any such remedy may be taken only to the extent permitted under this Financing Agreement; 11.5.3 Bring suit upon the Term Loan Note or any of the Related Documents; 11.5.4 By action or suit in equity, to enjoin any acts or things that may be unlawful or in violation of determining whether the rights of the Authority Owners will be adversely affected by any action taken pursuant hereto, the Trustee shall consider the effect on the Owners as if there were no Certificate Insurance Policy; and the Authority shall not be required to post any bond or other security for the injunction; 11.5.5 Enforce the Authority’s security interest provided further, that in the Collateral in event the payment dates of any manner permitted under any security agreement or applicable law, and, in that event, IGU shall support any RCA application made 2010 Installment Payments evidenced and represented by the Authority or a purchaser at any foreclosure sale for Certificates are accelerated, the transfer of IGU’s CPCN to the successor operator of the Integrated Utility; 11.5.6 The Authority shall be entitled, as a matter of right, to the extent permitted by applicable law, to seek to have a receiver appointed for IGU, Pentex, or any of the Subsidiaries, or for all or any part of the Project, or for all or any part of their assets, facilities, or businesses, to seek to take control of the leases, rents, revenues, and contracts, and the proceeds, issues and profits thereof, with the rights and powers referenced below and such other rights and powers as the court making such appointment shall confer. Such appointed receiver shall have all powers and duties prescribed by applicable law, all other powers that are necessary or usual in such cases for the protection, possession, control, management, and operation of the assets, facilities, or businesses or the Project, and such rights and powers as the Authority would have, upon entering and taking possession of the Collateral. IGU will not oppose any RCA application made by the Authority or a purchaser at any foreclosure sale for the transfer of IGU’s CPCN to the successor operator of the Integrated Utility. 11.5.7 The Authority, by its agent or any court-appointed receiver, Certificate Insurer may enter, take possession of, manage, and operate all or any part of the Project or the Collateral, and may also do any and all other things in connection with those actions that the Authority mayelect, in its sole discretion, consider necessary to pay accelerated principal and appropriate to protect the Collateral. Such other things may include: taking and possessing all of IGU’s or the then owner’s books and records; entering into, enforcing, modifying, or canceling contracts or leases interest accrued on such terms principal to the date of acceleration (to the extent unpaid by the District) and conditions as the Authority may consider proper; collecting Trustee shall be required to accept such amounts, and receiving any upon payment of money owing to IGU, Pentex or the Subsidiaries; completing any unfinished construction; and/or contracting for such accelerated principal and making repairs and alterations. IGU agrees that it will not oppose any RCA application made by the Authority or a purchaser at any foreclosure sale for the transfer of IGU’s CPCN interest accrued to the successor operator of acceleration date as hereinabove provided, the Integrated Utility; or 11.5.8 Pursue any other right or remedy available to Certificate Insurer’s obligations under the Authority in law or equityCertificate Insurance Policy shall be fully discharged].