Common use of Defaults Defined Clause in Contracts

Defaults Defined. The following shall be “Defaults” under this Agreement and the term “Default” shall mean, whenever it is used in this Agreement, any one or more of the following events: (a) Failure by the Company to pay any amount required to be paid under Section 4.02(a) or (d) hereof. (b) Failure by the Company to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than as referred to in Section 8.01(a) hereof, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied shall have been given to the Company by the Issuer or the Trustee, unless the Issuer and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, the Issuer and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Company within the applicable period and diligently pursued until such failure is corrected. (c) The dissolution or liquidation of the Company, except as authorized by Section 2.02 hereof, or the voluntary initiation by the Company of any proceeding under any federal or state law relating to bankruptcy, insolvency, arrangement, reorganization, readjustment of debt or any other form of debtor relief, or the initiation against the Company of any such proceeding which shall remain undismissed for sixty (60) days, or failure by the Company to promptly have discharged any execution, garnishment or attachment of such consequence as would impair the ability of the Company to carry on its operations at the Project, or assignment by the Company for the benefit of creditors, or the entry by the Company into an agreement of composition with its creditors or the failure generally by the Company to pay its debts as they become due. (d) The occurrence and continuance of a Default under the Indenture.

Defaults Defined. The following shall be “Defaults” under this Agreement and the term “Default” shall mean, whenever it is used in this Agreement, any one or more of the following events: (a) Failure by the Company or ITT Holdings LLC, as applicable, to pay any amount required to be paid under Section 4.02(a), (d) or (de) hereof. (b) Failure At any time other than a Credit Facility Period or a Bank Rate Period, failure by the Company to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than as referred to in Section 8.01(a) hereof, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied shall have been given to the Company by the Issuer or the Trustee, unless the Issuer and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, the Issuer and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Company within the applicable period and diligently pursued until such failure is corrected. (c) The At any time other than a Credit Facility Period or a Bank Rate Period, the dissolution or liquidation of the Company, except as authorized by Section 2.02 hereof, or the voluntary initiation by the Company of any proceeding under any federal or state law relating to bankruptcy, insolvency, arrangement, reorganization, readjustment of debt or any other form of debtor relief, or the initiation against the Company of any such proceeding which shall remain undismissed for sixty (60) days, or failure by the Company to promptly have discharged any execution, garnishment or attachment of such consequence as would impair the ability of the Company to carry on its operations at the Project, or assignment by the Company for the benefit of creditors, or the entry by the Company into an agreement of composition with its creditors or the failure generally by the Company to pay its debts as they become due. (d) The occurrence and continuance of a Default under the Indenture. (e) At any time during any Credit Facility Period, the occurrence of any “Default” or “Event of Default” under any Credit Agreement. (f) At any time during any Bank Rate Period, the occurrence of an “Event of Default” (as defined thereunder) under the Revolving Credit Agreement and the receipt by the Trustee of written notice thereof from the Administrative Agent (at the direction of the requisite lenders pursuant to the terms of the Revolving Credit Agreement).

Defaults Defined. The following shall be “Defaults” under this Agreement and the term “Default” shall mean, whenever it is used in this Agreement, any one or more of the following events: (a) Failure by the Company to pay any amount required provide the Authority with moneys sufficient to pay, or otherwise cause to be paid under paid, when due, interest on any Bond. (b) Failure by the Company to provide the Authority with moneys sufficient to pay, or otherwise cause to be paid, when due, the principal of, or premium, if any, on, any Bond, whether at the stated maturity thereof or upon proceedings for redemption thereof, or upon the maturity thereof by declaration. (c) Failure by the Company to provide the Authority with moneys sufficient to pay, or otherwise cause to be paid, when due, the Purchase Price of any Bond at the time required by Section 4.01 or 4.02 of the Indenture. (d) Failure by the Company to provide the Authority with moneys sufficient to pay, or otherwise cause to be paid, when due, any other amount due pursuant to Section 4.02(a) or (de) hereof. (be) Failure by the Company to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than as referred to in Section Sections 8.01(a) through 8.01(d) hereof, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied shall have been given to the Company by the Issuer Authority or the Trustee, unless the Issuer Authority and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure (other than a failure to satisfy a monetary obligation) stated in the notice cannot be corrected within the applicable period, the Issuer Authority and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Company within the applicable period and diligently pursued until such failure is corrected. (cf) The dissolution or liquidation of the Company, except as authorized by Section 2.02 or Section 6.15 hereof, or the voluntary initiation by the Company of any proceeding under any federal or state law relating to bankruptcy, insolvency, arrangement, reorganization, readjustment of debt or any other form of debtor relief, or the initiation against the Company of any such proceeding which shall remain undismissed for sixty (60) days, or failure by the Company to promptly have discharged any execution, garnishment or attachment of such consequence as would impair the ability of the Company to carry on its operations at the Prior Project, or assignment by the Company for the benefit of creditors, or the entry by the Company into an agreement of composition with its creditors or the failure generally by the Company to pay its debts as they become due. (dg) The occurrence and continuance of a Default under the Indenture.

Defaults Defined. The following shall be “Defaults” under this Agreement and the term “Default” shall mean, whenever it is used in this Agreement, any one or more of the following events: (a) Failure by the Company to pay any amount required to be paid under Section 4.02(a), (d) or (de) hereof. (b) Failure by the Company to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than as referred to in Section 8.01(a) hereof, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied shall have been given to the Company by the Issuer or the Trustee, unless the Issuer and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, the Issuer and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Company within the applicable period and diligently pursued until such failure is corrected. (c) The dissolution or liquidation of the Company, except as authorized by Section 2.02 hereof, or the voluntary initiation by the Company of any proceeding under any federal or state law relating to bankruptcy, insolvency, arrangement, reorganization, readjustment of debt or any other form of debtor relief, or the initiation against the Company of any such proceeding which shall remain undismissed for sixty (60) days, or failure by the Company to promptly have discharged any execution, garnishment or attachment of such consequence as would impair the ability of the Company to carry on its operations at the Project, or assignment by the Company for the benefit of creditors, or the entry by the Company into an agreement of composition with its creditors or the failure generally by the Company to pay its debts as they become due. (d) The occurrence and continuance of a Default under the IndentureIndenture or any default or “Event of Default” under the Credit Agreement.

Defaults Defined. The following shall be “Defaults” under this Agreement and the term “Default” shall mean, whenever it is used in this Agreement, any one or more of the following events: (a) Failure by the Company or ITT Holdings LLC, as applicable, to pay any amount required to be paid under Section 4.02(a), (d) or (de) hereof. (b) Failure At any time other than a Credit Facility Period or a Bank Rate Period, failure by the Company to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than as referred to in Section 8.01(a) hereof, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied shall have been given to the Company by the Issuer Authority or the Trustee, unless the Issuer Authority and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, the Issuer Authority and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Company within the applicable period and diligently pursued until such failure is corrected. (c) The At any time other than a Credit Facility Period or a Bank Rate Period, the dissolution or liquidation of the Company, except as authorized by Section 2.02 hereof, or the voluntary initiation by the Company of any proceeding under any federal or state law relating to bankruptcy, insolvency, arrangement, reorganization, readjustment of debt or any other form of debtor relief, or the initiation against the Company of any such proceeding which shall remain undismissed for sixty (60) days, or failure by the Company to promptly have discharged any execution, garnishment or attachment of such consequence as would impair the ability of the Company to carry on its operations at the Project, or assignment by the Company for the benefit of creditors, or the entry by the Company into an agreement of composition with its creditors or the failure generally by the Company to pay its debts as they become due. (d) The occurrence and continuance of a Default under the Indenture. (e) At any time during any Credit Facility Period, the occurrence of any “Default” or “Event of Default” under any Credit Agreement. (f) At any time during any Bank Rate Period, the occurrence of an “Event of Default” (as defined thereunder) under the Revolving Credit Agreement and the receipt by the Trustee of written notice thereof from the Administrative Agent (at the direction of the requisite lenders pursuant to the terms of the Revolving Credit Agreement).

Defaults Defined. The following shall be “"Defaults” " ---------------- under this Agreement and the term “"Default” " shall mean, whenever it is used in this Agreement, any one or more of the following events: (a) Failure failure by the Company Borrower to pay any amount required to be paid under subsection (a) of Section 4.02(a6.1 hereof or under Section 6.5 hereof, in either case, as and when due, or failure by the Borrower to pay any amount required to be paid under subsection (b) or (dc) hereof.of Section 6.1 hereof within five (5) days of written notice of such amount; or (b) Failure failure by the Company Borrower to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than as referred to in Section 8.01(aSubsection 9.1(a) hereofabove, for a period of thirty (30) days Business Days after written notice specifying such failure and requesting that it be remedied shall have been given to the Company Borrower by the Issuer or the TrusteeTrustee (and if by the Issuer with the approval of the Trustee and the Bank), unless the Issuer and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, neither the Issuer and nor the Trustee Trustee, as the case may be, will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Company Borrower within the applicable period and diligently pursued until such failure is corrected.; or (c) The the dissolution or liquidation of the Company, except as authorized by Section 2.02 hereofBorrower, or the voluntary initiation by the Company Borrower of any proceeding under any federal or state law relating to the bankruptcy, insolvency, arrangement, reorganization, readjustment of debt or any other form of debtor relief, or the initiation against the Company Borrower of any such proceeding which shall remain undismissed for sixty (60) days, or failure by of the Company Borrower to promptly have discharged any execution, garnishment or attachment of such consequence as would impair the ability of the Company Borrower to carry on its operations at the Projectbusiness operations, or assignment by the Company Borrower for the benefit of creditors, or the entry by of the Company Borrower into an agreement of composition with its creditors or the failure generally by the Company Borrower to pay its debts as they become due.; or (d) The the occurrence and continuance of a Default under the Indenture. The provisions of subsection (b) of this Section are subject to the following limitation: if by reason of force majeure the Borrower is unable in whole or in ----- ------- part to carry out any of its agreements contained herein (other than its obligations contained in Article VI hereof), the Borrower shall not be deemed in Default during the continuance of such inability. The term "force majeure" as ------------- used herein shall mean, without limitation, the following: acts of God; strikes or other industrial disturbances; acts of public enemies; orders or restraints of any kind of the government of the United States of America or of the State or of any of their departments, agencies or officials, or of any civil or military authority; insurrections; riots; landslides; earthquakes; fires; storms; droughts; floods; explosions; breakage or accident to machinery, transmission pipes or canals; and any other cause or event not reasonably within the control of the Borrower. The Borrower agrees, however, to remedy with all reasonable dispatch the cause or causes preventing the Borrower from carrying out its agreement, provided that the Borrower shall not be unreasonably required to settle any strike or industrial disturbance.

Defaults Defined. The following shall be “Defaults” under this Agreement and the term “Default” shall mean, whenever it is used in this Agreement, any one or more of the following events: (a) Failure by the Company to pay any amount required provide the Authority with moneys sufficient to pay, or otherwise cause to be paid under paid, when due, interest on any Bond. (b) Failure by the Company to provide the Authority with moneys sufficient to pay, or otherwise cause to be paid, when due, the principal of, or premium, if any, on, any Bond, whether at the stated maturity thereof or upon proceedings for redemption thereof, or upon the maturity thereof by declaration. (c) Failure by the Company to provide the Authority with moneys sufficient to pay, or otherwise cause to be paid, when due, the Purchase Price of any Bond at the time required by Section 4.01 or 4.02 of the Indenture. (d) Failure by the Company to provide the Authority with moneys sufficient to pay, or otherwise cause to be paid, when due, any other amount due pursuant to Section 4.02(a) or (de) hereof. (be) Failure by the Company to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than as referred to in Section Sections 8.01(a) through 8.01(d) hereof, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied shall have been given to the Company by the Issuer Authority or the Trustee, unless the Issuer Authority and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure (other than a failure to satisfy a monetary obligation) stated in the notice cannot be corrected within the applicable period, the Issuer Authority and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Company within the applicable period and diligently pursued until such failure is corrected. (cf) The dissolution or liquidation of the Company, except as authorized by Section 2.02 or Section 6.15 hereof, or the voluntary initiation by the Company of any proceeding under any federal or state law relating to bankruptcy, insolvency, arrangement, reorganization, readjustment of debt or any other form of debtor relief, or the initiation against the Company of any such proceeding which shall remain undismissed for sixty (60) days, or failure by the Company to promptly have discharged any execution, garnishment or attachment of such consequence as would impair the ability of the Company to carry on its operations at the Project, or assignment by the Company for the benefit of creditors, or the entry by the Company into an agreement of composition with its creditors or the failure generally by the Company to pay its debts as they become due. (dg) The occurrence and continuance of a Default under the Indenture.

Defaults Defined. The following shall be “Defaults” under this Agreement and the term “Default” shall mean, whenever it is used in this Agreement, any one or more of the following events: (a) Failure by the Company or ITT Holdings LLC, as applicable, to pay any amount required to be paid under Section 4.02(a), (d) or (de) hereof. (b) Failure At any time other than a Credit Facility Period or a Bank Rate Period, failure by the Company to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than as referred to in Section 8.01(a) hereof, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied shall have been given to the Company by the Issuer or the Trustee, unless the Issuer and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, the Issuer and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Company within the applicable period and diligently pursued until such failure is corrected. (c) The At any time other than a Credit Facility Period or a Bank Rate Period, the dissolution or liquidation of the Company, except as authorized by Section 2.02 hereof, or the voluntary initiation by the Company of any proceeding under any federal or state law relating to bankruptcy, insolvency, arrangement, reorganization, readjustment of debt or any other form of debtor relief, or the initiation against the Company of any such proceeding which shall remain undismissed for sixty (60) days, or failure by the Company to promptly have discharged any execution, garnishment or attachment of such consequence as would impair the ability of the Company to carry on its operations at the Project, or assignment by the Company for the benefit of creditors, or the entry by the Company into an agreement of composition with its creditors or the failure generally by the Company to pay its debts as they become due. (d) i. The occurrence and continuance of a Default under the Indenture. ii. At any time during any Credit Facility Period, the occurrence of any “Default” or “Event of Default” under any Credit Agreement. iii. At any time during any Bank Rate Period, the occurrence of an “Event of Default” (as defined thereunder) under the Revolving Credit Agreement and the receipt by the Trustee of written notice thereof from the Administrative Agent (at the direction of the requisite lenders pursuant to the terms of the Revolving Credit Agreement).

Defaults Defined. The following shall be “Defaults” under this Agreement and the term “Default” shall mean, whenever it is used in this Agreement, any one or more of the following events: (a) Failure by the Company to pay any amount required provide the Issuer with moneys sufficient to pay, or otherwise cause to be paid under paid, when due, interest on any Bond. (b) Failure by the Company to provide the Issuer with moneys sufficient to pay, or otherwise cause to be paid, when due, the principal of, or premium, if any, on, any Bond, whether at the stated maturity thereof or upon proceedings for redemption thereof, or upon the maturity thereof by declaration. (c) Failure by the Company to provide the Issuer with moneys sufficient to pay, or otherwise cause to be paid, when due, the Purchase Price of any Bond at the time required by Section 4.01 or 4.02 of the Indenture. (d) Failure by the Company to provide the Issuer with moneys sufficient to pay, or otherwise cause to be paid, when due, any other amount due pursuant to Section 4.02(a) or (de) hereof. (be) Failure by the Company to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than as referred to in Section Sections 8.01(a) through 8.01(d) hereof, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied shall have been given to the Company by the Issuer or the Trustee, unless the Issuer and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure (other than a failure to satisfy a monetary obligation) stated in the notice cannot be corrected within the applicable period, the Issuer and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Company within the applicable period and diligently pursued until such failure is corrected. (cf) The dissolution or liquidation of the Company, except as authorized by Section 2.02 or Section 6.15 hereof, or the voluntary initiation by the Company of any proceeding under any federal or state law relating to bankruptcy, insolvency, arrangement, reorganization, readjustment of debt or any other form of debtor relief, or the initiation against the Company of any such proceeding which shall remain undismissed for sixty (60) days, or failure by the Company to promptly have discharged any execution, garnishment or attachment of such consequence as would impair the ability of the Company to carry on its operations at the Prior Project, or assignment by the Company for the benefit of creditors, or the entry by the Company into an agreement of composition with its creditors or the failure generally by the Company to pay its debts as they become due. (dg) The occurrence and continuance of a Default under the Indenture.

Defaults Defined. The following shall be “Defaults” under this Agreement and the term “Default” shall mean, whenever it is used in this Agreement, any one or more of the following events: (a) Failure by the Company to pay any amount required to be paid under Section 4.02(a) or (d) hereof. (b) Failure by the Company to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than as referred to in Section 8.01(a) hereof, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied shall have been given to the Company by the Issuer or the Trustee, unless the Issuer and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, the Issuer and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Company within the applicable period and diligently pursued until such failure is corrected. (c) The dissolution or liquidation of the Company, except as authorized by Section 2.02 hereof, or the voluntary initiation by the Company of any proceeding under any federal or state law relating to bankruptcy, insolvency, arrangement, reorganization, readjustment of debt or any other form of debtor relief, or the initiation against the Company of any such proceeding which shall remain undismissed for sixty (60) days, or failure by the Company to promptly have discharged any execution, garnishment or attachment of such consequence as would impair the ability of the Company to carry on its operations at the Project, or assignment by the Company for the benefit of creditors, or the entry by the Company into an agreement of composition with its creditors or the failure generally by the Company to pay its debts as they become due. (d) The occurrence and continuance of a Default under the Indenture.