Common use of Default Period Clause in Contracts

Default Period. Subject to the cure provisions in paragraph 2(e)(iii) below, a "Default Period" will commence on any date the Trust fails to deposit irrevocably in trust with the Auction Agent, not later than 12:00 Noon, New York City time, (A) on any Dividend Payment Date, in funds available on such Dividend Payment Date in The City of New York, New York, the full amount of any dividend (whether or not earned or declared) to be paid on such Dividend Payment Date on the Preferred Shares (a "Dividend Default") or (B) on any redemption date set by the Trust with respect to any Preferred Shares, in funds available on such redemption date in The City of New York, New York, the full amount of any Redemption Price to be paid on such redemption date for any Preferred Shares with respect to which a Notice of Redemption has been mailed pursuant to paragraph 8(c) of Part I of this Section 11.1 (a "Redemption Default," and together with a Dividend Default, hereinafter referred to as a "Default"); provided, however, that the foregoing clause (B) shall not apply to the Trust's failure to pay the Redemption Price in respect of Preferred Shares when the related Notice of Redemption provides that redemption of such shares is subject to one or more conditions precedent and any such condition precedent shall not have been satisfied at the time or times and in the manner specified in such Notice of Redemption. Subject to the cure provisions of paragraph 2(e)(iii) below, a Default Period with respect to a Dividend Default or a Redemption Default shall end on the Business Day on which, by 12:00 noon, New York City time, all unpaid dividends and any unpaid Redemption Price, as applicable, shall have been deposited irrevocably in trust in same-day funds with the Auction Agent. The Applicable Rate for each Dividend Period commencing during a Default Period will be equal to the Default Rate, and each subsequent Dividend Period commencing during a Default Period shall be a Minimum Rate Period; provided, however, that the commencement of a Default Period will not by itself cause the commencement of a new Dividend Period. No Auction shall be held during a Default Period. The "Default Rate" shall be equal to the Reference Rate multiplied by three (3).

Default Period. Subject to the cure provisions in paragraph 2(e)(iii) belowprovisions, a "Default Period" with respect to a particular series of Energy Notes will commence on any date the Trust Fund fails to deposit irrevocably in trust in same-day funds, with the Auction Agent, not later than Paying Agent by 12:00 Noonnoon, New York City time, (A) on any Dividend Payment Date, in funds available on such Dividend Payment Date in The City of New York, New York, the full amount of any dividend (whether or not earned or declared) to be paid declared interest on such Dividend that series payable on the Interest Payment Date on the Preferred Shares (a an "Dividend Interest Default") or (B) on any redemption date set by the Trust with respect to any Preferred Shares, in funds available on such redemption date in The City of New York, New York, the full amount of any redemption price (the "Redemption Price to be paid Price") payable on such the date fixed for redemption date for any Preferred Shares with respect to which a Notice of (the "Redemption has been mailed pursuant to paragraph 8(cDate") of Part I of this Section 11.1 (a "Redemption Default," and together with a Dividend an Interest Default, hereinafter referred to as a "Default"); provided, however, that the foregoing clause (B) shall not apply to the Trust's failure to pay the Redemption Price in respect of Preferred Shares when the related Notice of Redemption provides that redemption of such shares is subject to one or more conditions precedent and any such condition precedent shall not have been satisfied at the time or times and in the manner specified in such Notice of Redemption. Subject to the cure provisions of paragraph 2(e)(iii) belowprovisions, a Default Period with respect to a Dividend an Interest Default or a Redemption Default shall end on the Business Day on which, by 12:00 noon, New York City time, all unpaid dividends interest and any unpaid Redemption Price, as applicable, Price shall have been deposited irrevocably in trust in same-day funds with the Auction Paying Agent. The In the case of an Interest Default, the Applicable Rate for each Dividend Rate Period commencing during a Default Period will be equal to the Default Rate, and each subsequent Dividend Rate Period commencing during after the beginning of a Default Period shall be a Minimum Standard Rate Period; provided, however, that the commencement of a Default Period will not by itself cause the commencement of a new Dividend Rate Period. No Auction shall be held during a Default PeriodPeriod with respect to an Interest Default applicable to that series of Energy Notes. No Default Period with respect to an Interest Default or Redemption Default shall be deemed to commence if the amount of any interest or any Redemption Price due (if such default is not solely due to the willful failure of the Fund) is deposited irrevocably in trust, in same-day funds with the Paying Agent by 12:00 noon, New York City time within three Business Days after the applicable Interest Payment Date or Redemption Date, together with an amount equal to the Default Rate applied to the amount of such non-payment based on the actual number of days comprising such period divided by 365 for each series. The "Default Rate" Rate shall be equal to the Reference Rate multiplied by three (3)three.

Default Period. Subject to as such default shall continue. In the event that Tenant shall cure provisions in paragraph 2(e)(iii) below, a "Default Period" will commence on any date the Trust fails to deposit irrevocably in trust with the Auction Agent, not later than 12:00 Noon, New York City time, (A) on any Dividend Payment Date, in funds available on such Dividend Payment Date in The City of New York, New York, the full amount of any dividend (whether or not earned or declared) to be paid on such Dividend Payment Date on the Preferred Shares (a "Dividend Default") or (B) on any redemption date set by the Trust with respect to any Preferred Shares, in funds available on such redemption date in The City of New York, New York, the full amount of any Redemption Price to be paid on such redemption date for any Preferred Shares with respect to which a Notice of Redemption has been mailed pursuant to paragraph 8(c) of Part I of this Section 11.1 (a "Redemption Default," and together with a Dividend Default, hereinafter referred to as a "Default"); provided, however, that the foregoing clause (B) shall not apply to the Trust's failure to pay the Redemption Price in respect of Preferred Shares when the related Notice of Redemption provides that redemption of such shares is subject to one or more conditions precedent and any such condition precedent default, Tenant shall not have been satisfied at the time or times and in the manner specified in such Notice of Redemption. Subject to the cure provisions of paragraph 2(e)(iii) below, a Default Period with respect be entitled to a Dividend Default or a Redemption Default shall end on the Business Day on which, by 12:00 noon, New York City time, all unpaid dividends and any unpaid Redemption Price, as applicable, shall have been deposited irrevocably credit against Fixed Rent in trust in same-day funds with the Auction Agent. The Applicable Rate for each Dividend Period commencing during a Default Period will be an aggregate amount equal to the Fixed Rent paid by Tenant during the Section 3.01 Default RatePeriod, and each subsequent Dividend Period commencing during a Default Period which credit shall be a Minimum Rate Period; providedapplied against the next installments of Fixed Rent payable by Tenant pursuant to this Lease, howeverprovided that Tenant shall not then be in default, that beyond the commencement expiration of a Default Period will not by itself cause the commencement applicable cure period, if any, in the performance of a new Dividend PeriodTenant's obligations under this Lease. No Auction If, at any time this Lease is terminated due to Tenant's default in the performance of any of Tenant's obligations under this Lease, then Tenant shall be held during obligated to immediately pay Landlord a Default Period. The "Default Rate" shall be portion of such Fixed Rent so conditionally excused in an amount equal to the Reference Rate multiplied product of (i) the total amount conditionally excused, and (ii) a fraction, the numerator of which is the number of whole or partial calendar months remaining in the Term from and after the month in which such default occurs and the denominator of which is eighty-four (84) plus interest on the above sum at six (6%) percent per annum for each year or partial year that has elapsed since the Commencement Date. If, as of the Expiration Date or sooner termination of this Lease, Tenant shall not be in default in the performance of any of Tenant's obligations under the terms of this Lease, Landlord shall waive any payment of all such Fixed Rent so conditionally excused. Upon the execution of this Lease, Tenant shall pay to Landlord the installment of Fixed Rent due hereunder for the eighth (8th) full calendar month of the Term (the "Pre- Paid Fixed Rent"). In the event that Tenant's obligation to pay Fixed Rent shall commence on a date which shall be other than the first day of a calendar month, the same shall be prorated at the rental rate applicable during the first year of the Term, and shall be paid by three (3)Tenant to Landlord together with the first full monthly installment of Fixed Rent as shall become due hereunder.