Common use of Default by Pass Through Trustee or Owner Participant Clause in Contracts

Default by Pass Through Trustee or Owner Participant. In case any of the Pass Through Trustee or the Owner Participant shall default in its obligation under the provisions of this Section 2, no other such party shall have any obligation to make any portion of such defaulted amount available or to increase the amount of its Commitment and the obligation of such nondefaulting party shall remain subject to the terms and conditions set forth in this Agreement.

Default by Pass Through Trustee or Owner Participant. In case any of the Pass Through Trustee or the Owner Participant shall default in its obligation under the provisions of this Section 2, such obligations being several and not joint, no other such party shall have any obligation to make any portion of such defaulted amount available or to increase the amount of its Commitment and the obligation of such nondefaulting party and Lessee shall remain subject to the terms and conditions set forth in this Agreement.