Common use of Defaults; Events of Default Clause in Contracts

Defaults; Events of Default. The following shall constitute an "event of default" under this Agreement: (a) Default by Lakes Nipmuc in payment or performance of the Obligations when and as the same shall become due; (b) Failure by the Guarantor to perform or observe any other covenant, agreement or condition on his part contained in this Agreement, or under the Development Agreement and/or the Management Agreement; (c) The material inaccuracy or incompleteness of any material representation or warranty made in writing by or on behalf of the Guarantor or Lakes Nipmuc in connection with the transactions contemplated by this Agreement or by the Development Agreement and/or the Management Agreement; (d) The Guarantor shall terminate or dissolve; or the Guarantor shall become insolvent or shall generally not be paying its debts as they become due, or shall file a voluntary petition under the Bankruptcy Reform Act of 1978, or any amendatory or successor Federal legislation (the "Bankruptcy Code"), or shall admit in writing its inability to pay its debts as they become due, or shall file an answer admitting the jurisdiction of the court and the material allegations of any involuntary petition filed pursuant to the Bankruptcy Code, or an order for relief under the Bankruptcy Code shall be entered; or the Guarantor shall make an assignment or arrangement or enter into a trust indenture for the benefit of its creditors, or shall apply for or consent to the appointment of any receiver, custodian or trustee for all or a substantial part of its property, or any such receiver, custodian or trustee shall be appointed and shall not be discharged within 60 days after the date of such appointment; or the Guarantor shall suffer any judgment in excess of $10,000 to be entered against it, or any writ of attachment or execution or any similar process to be issued or levied against all or a substantial part of its other property, which judgment, writ or process is not discharged, released, stayed, bonded or vacated within 30 days after its entry, issue or levy. Notwithstanding any other term or provision in this Guaranty to the contrary, the events set forth in clauses 7(a) and (b) above shall not become "events of default" under this Guaranty until the same have been resolved pursuant to the dispute resolution provisions contained in the Development Agreement and the Management Agreement, and if arbitration is demanded, issuance of an arbitration award against the Lakes Nipmuc and/or the Guarantor, as applicable.

Defaults; Events of Default. The occurrence of any of the following shall events is defined as and declared to be and to constitute an "event Event of default" under this AgreementDefault hereunder: (a) Default by Lakes Nipmuc in payment or performance of the Obligations Failure to pay when and as the same shall become duedue any interest on any Bond; (b) Payment of the principal of or any premium on any Bond shall not be made when and as that principal or premium shall become due and payable, whether at stated maturity, by redemption, pursuant to any mandatory sinking fund requirements, by acceleration or otherwise; (c) Failure to pay on a Bond Purchase Date or Mandatory Bond Purchase Date amounts due to the Holder of any Project Bonds or the Beneficial Owner of any Beneficial Ownership Interests tendered or deemed tendered to the Trustee pursuant to Section 2.04, 2.05, 2.06 or 2.07 hereof; (d) Failure by the Guarantor Issuer to observe or perform or observe any other covenant, agreement or condition obligation on his its part to be observed or performed contained in this AgreementIndenture or in the Bonds, which failure shall have continued for a period of 30 days after written notice, either by registered or under certified mail, to the Development Agreement and/or Issuer, the Management Bank and the Borrower specifying the failure and requiring that it be remedied, which notice may be given by the Trustee in its discretion and shall be given by the Trustee at the written request of the Bank or the Holders of not less than 25 percent in aggregate principal amount of Bonds then outstanding; (e) The occurrence and continuation of an Event of Default as defined in Section 7.1 of the Agreement; (cf) The material inaccuracy or incompleteness Receipt by the Trustee of any material representation or warranty made in writing by or on behalf a written notice from the Bank that an Event of Default has occurred and is continuing under the Reimbursement Agreement and directing the Trustee to accelerate the maturity of the Guarantor or Lakes Nipmuc in connection with the transactions contemplated by this Agreement or by the Development Agreement and/or the Management AgreementProject Bonds; (dg) Failure of the Bank to honor any drawing properly made in accordance with the terms of the Letter of Credit; (h) The Guarantor shall terminate Bank shall: (i) commence a proceeding under any Federal or dissolvestate insolvency, reorganization or similar law, or have such a proceeding commenced against it and either have an order of insolvency or reorganization entered against it or have the proceeding remain undismissed and unstayed for 90 days; or (ii) have a receiver, conservator, liquidator or trustee appointed for it or for the Guarantor shall become insolvent or shall generally not be paying its debts as they become due, or shall file a voluntary petition under the Bankruptcy Reform Act of 1978, whole or any amendatory or successor Federal legislation (the "Bankruptcy Code"), or shall admit in writing its inability to pay its debts as they become due, or shall file an answer admitting the jurisdiction of the court and the material allegations of any involuntary petition filed pursuant to the Bankruptcy Code, or an order for relief under the Bankruptcy Code shall be entered; or the Guarantor shall make an assignment or arrangement or enter into a trust indenture for the benefit of its creditors, or shall apply for or consent to the appointment of any receiver, custodian or trustee for all or a substantial part of its property, or any such receiver, custodian or trustee shall be appointed ; and shall not be discharged within 60 days after 100 (i) Receipt by the date Trustee of such appointment; or written notice from the Guarantor shall suffer any judgment in excess Bank by the fifth Business Day following the honoring of $10,000 an interest drawing on the Letter of Credit that the amount available to be entered against itdrawn by the Trustee under the Letter of Credit has not been reinstated to an amount not less than 100% of the outstanding principal of, plus 45 days' interest on the Project Bonds (or any writ of attachment 195 days' interest on the Project Bonds if the Interest Rate Mode on the Project Bonds is six months or execution or any similar process to be issued or levied against all or a substantial part of its other property, which judgment, writ or process is not discharged, released, stayed, bonded or vacated within 30 days after its entry, issue or levy. Notwithstanding any other term or provision in this Guaranty to longer) computed at the contrary, the events set forth in clauses 7(a) and (b) above shall not become "events of default" under this Guaranty until the same have been resolved pursuant to the dispute resolution provisions contained in the Development Agreement and the Management Agreement, and if arbitration is demanded, issuance of an arbitration award against the Lakes Nipmuc and/or the Guarantor, as applicableMaximum Rate.

Defaults; Events of Default. The If any of the following shall events occurs, it is hereby defined as and declared to be and to constitute a default and an "event Event of default" under this AgreementDefault: (a) Default by Lakes Nipmuc in Failure to make due and punctual payment or performance of the Obligations any installment of interest upon any Bond when and as the same shall have become duedue and payable; (b) Failure by to make due and punctual payment of the Guarantor to perform principal of or observe premium, if any, on any other covenantBond, agreement or condition on his part contained in this Agreementwhether at the stated maturity thereof, or under upon proceedings for redemption thereof or upon the Development Agreement and/or the Management Agreementmaturity thereof by declaration; (c) The material inaccuracy or incompleteness of any material Any representation or warranty made in writing by or on behalf of the Guarantor or Lakes Nipmuc in connection with the transactions contemplated by this Agreement or by the Development Agreement and/or City in this Trust Indenture or the Management Agreement;Bonds shall be determined by the Trustee to have been untrue in any material respect when made or any failure by the City to observe and perform any covenant, condition or agreement on its part to be observed and performed under this Trust Indenture or the Bonds, other than as referred to in subsections (a) or (b) of this Section, for a period of 60 days after written notice specifying such breach or failure and requesting that it be remedied, given to the City and the Owners by the Trustee, unless the breach or failure is such that it cannot be corrected within the applicable period, corrective action is instituted by the City within the applicable period and is being diligently pursued, provided that such breach or failure must be cured within a period of 365 days after written notice of such breach or failure is given to the City; and (d) The Guarantor shall terminate or dissolve; or If the Guarantor shall become insolvent or shall generally not be paying its debts as they become due, or City shall file a voluntary petition or answer seeking arrangement or reorganization under the Bankruptcy Reform Act federal bankruptcy laws or any other applicable law of 1978the United States of America or any state therein, or if a court of competent jurisdiction shall approve a petition filed with or without the consent of the City seeking arrangement or reorganization under the federal bankruptcy laws or any amendatory other applicable law of the United States or successor Federal legislation (the "Bankruptcy Code")America or any state therein, or if under the provisions of any other law for the relief or aid of debtors any court of competent jurisdiction shall admit in writing its inability to pay its debts as they become due, assume custody or shall file an answer admitting the jurisdiction control of the court and City or of the material allegations of whole or any involuntary petition filed pursuant to the Bankruptcy Code, or an order for relief under the Bankruptcy Code shall be entered; or the Guarantor shall make an assignment or arrangement or enter into a trust indenture for the benefit of its creditors, or shall apply for or consent to the appointment of any receiver, custodian or trustee for all or a substantial part parts of its property, or any such receiver, custodian or trustee shall be appointed and shall not be discharged within 60 days after the date of such appointment; or the Guarantor shall suffer any judgment in excess of $10,000 to be entered against it, or any writ of attachment or execution or any similar process to be issued or levied against all or a substantial part of its other property, which judgment, writ or process is not discharged, released, stayed, bonded or vacated within 30 days after its entry, issue or levy. Notwithstanding any other term or provision in this Guaranty to the contrary, the events set forth in clauses 7(a) and (b) above shall not become "events of default" under this Guaranty until the same have been resolved pursuant to the dispute resolution provisions contained in the Development Agreement and the Management Agreement, and if arbitration is demanded, issuance of an arbitration award against the Lakes Nipmuc and/or the Guarantor, as applicable.

Defaults; Events of Default. The occurrence of any of the following shall events is defined as and declared to be and to constitute an "event Event of default" under this AgreementDefault hereunder:. (a) Default by Lakes Nipmuc in payment or performance of the Obligations Failure to pay when and as the same shall become duedue any interest on any Bond; (b) Payment of the principal of or any premium on any Bond shall not be made when and as that principal or premium shall become due and payable, whether at stated maturity, by redemption, pursuant to any mandatory sinking fund requirements, by acceleration or otherwise; (c) Failure to pay on the Bond Purchase Date amounts due to the Holder of any Refunding Bonds or the Beneficial Owner of any Beneficial Ownership Interests tendered or deemed tendered to the Trustee pursuant to Section 2.04 hereof or deemed to be tendered to the Trustee pursuant to Section 2.05 or Section 2.06 hereof; (d) Failure by the Guarantor Issuer to observe or perform or observe any other covenant, agreement or condition obligation on his its part to be observed or performed contained in this AgreementIndenture or in the Bonds, which failure shall have continued for a period of 30 days after written notice, by registered or under certified mail, to the Development Agreement and/or Issuer, the Management Bank and the Borrower specifying the failure and requiring that it be remedied, which notice may be given by the Trustee in its discretion and shall be given by the Trustee at the written request of the Bank or the Holders of not less than 25 percent in aggregate principal amount of Bonds then outstanding; (e) The occurrence and continuation of an Event of Default as defined in Section 7.1 of the Agreement; (cf) The material inaccuracy or incompleteness Receipt by the Trustee of any material representation or warranty made in writing by or on behalf a written notice from the Bank that an Event of Default has occurred and is continuing under the Reimbursement Agreement and directing the Trustee to accelerate the maturity of the Guarantor or Lakes Nipmuc in connection with the transactions contemplated by this Agreement or by the Development Agreement and/or the Management AgreementRefunding Bonds; (dg) Failure of the Bank to honor any drawing in accordance with the terms of the Letter of Credit; (h) The Guarantor shall terminate Bank shall: (i) commence a proceeding under any Federal or dissolvestate insolvency, reorganization or similar law, or have such a proceeding commenced against it and either have an order of insolvency or reorganization entered against it or have the proceeding remain undismissed and unstayed for 90 days; or (ii) have a receiver, conservator, liquidator or trustee appointed for it or for the Guarantor shall become insolvent or shall generally not be paying its debts as they become due, or shall file a voluntary petition under the Bankruptcy Reform Act of 1978, whole or any amendatory or successor Federal legislation (the "Bankruptcy Code"), or shall admit in writing its inability to pay its debts as they become due, or shall file an answer admitting the jurisdiction of the court and the material allegations of any involuntary petition filed pursuant to the Bankruptcy Code, or an order for relief under the Bankruptcy Code shall be entered; or the Guarantor shall make an assignment or arrangement or enter into a trust indenture for the benefit of its creditors, or shall apply for or consent to the appointment of any receiver, custodian or trustee for all or a substantial part of its property, or any such receiver, custodian or trustee shall be appointed and shall not be discharged within 60 days after ; and (i) Receipt by the date Trustee of such appointment; or written notice from the Guarantor shall suffer any judgment in excess Bank by the fifteenth day following the honoring of $10,000 an interest drawing on the Letter of Credit (including the interest portion of a drawing to pay the purchase price of tendered Refunding Bonds) that the amount available to be entered against itdrawn by the Trustee under the Letter of Credit has not been reinstated to an amount not less than 100% of the outstanding principal of, plus 56 days' interest on the Refunding Bonds (or any writ of attachment 195 days' interest on the Refunding Bonds if the Interest Rate Mode on the Refunding Bonds is six months or execution or any similar process to be issued or levied against all or a substantial part of its other property, which judgment, writ or process is not discharged, released, stayed, bonded or vacated within 30 days after its entry, issue or levy. Notwithstanding any other term or provision in this Guaranty to longer) computed at the contrary, the events set forth in clauses 7(a) and (b) above shall not become "events of default" under this Guaranty until the same have been resolved pursuant to the dispute resolution provisions contained in the Development Agreement and the Management Agreement, and if arbitration is demanded, issuance of an arbitration award against the Lakes Nipmuc and/or the Guarantor, as applicableMaximum Rate.

Defaults; Events of Default. The If any of the following shall events occur, subject to the provisions of Section 6.10 hereof, it is hereby defined as and declared to be and to constitute an "event of default" under this Agreementhereunder: (a) Default by Lakes Nipmuc in payment Failure to pay any interest on any Bond when and as the same shall have become due and payable; (b) failure to pay the principal of or performance of the Obligations any premium on any Bond when and as the same shall become duedue and payable, whether at stated maturity or by acceleration or by mandatory or optional redemption; (bc) Failure failure by the Guarantor Issuer to perform or observe any other covenant, agreement or condition on his the part of the Issuer contained in this AgreementIndenture or in the Bonds, which failure shall have continued for a period of thirty days after written notice, by registered or under certified mail, to the Development Agreement and/or Issuer and to the Management Agreement; (c) The material inaccuracy or incompleteness of any material representation or warranty made Borrowers specifying the failure and requiring the same to be remedied, which notice may be given by the Trustee in writing its discretion and which notice shall be given by or on behalf the Trustee at the written request of the Guarantor or Lakes Nipmuc holders of not less than twenty-five percent in connection with the transactions contemplated by this Agreement or by the Development Agreement and/or the Management Agreementaggregate principal amount of Bonds then outstanding; (d) The Guarantor shall terminate the occurrence of an event of default by the Borrowers as defined in the Mortgage; (e) the occurrence of an event of default by the Borrowers under the Note; (f) the occurrence of an event of default by the Borrowers under the Agreement; (g) receipt by the Borrowers, the Issuer and the Trustee of a notice from the Letter of Credit Bank that an event of default exists and is subsisting under the Reimbursement Agreement; (h) the Letter of Credit Bank shall: (i) commence a proceeding under any Federal or dissolve; state insolvency, liquidation, custodial, reorganization or the Guarantor shall become insolvent or shall generally not be paying its debts as they become duesimilar law, or shall file a voluntary petition under proceeding commenced against it and either have an order of insolvency or reorganization entered against it or have the Bankruptcy Reform Act of 1978proceeding remain undismissed and unstayed for ninety (90) days, or any amendatory or successor Federal legislation (the "Bankruptcy Code")ii) have a receiver, or shall admit in writing its inability to pay its debts as they become due, or shall file an answer admitting the jurisdiction of the court and the material allegations of any involuntary petition filed pursuant to the Bankruptcy Code, or an order for relief under the Bankruptcy Code shall be entered; or the Guarantor shall make an assignment or arrangement or enter into a trust indenture for the benefit of its creditors, or shall apply for or consent to the appointment of any receiverliquidator, custodian or trustee appointed for all it or a for the whole or any substantial part of its property; provided, or however, that the Borrowers have not obtained an Alternate Letter of Credit within forty-five (45) days following such event; (i) subsequent to any such receiverdrawing by the Trustee under the Letter of Credit (referred to hereinafter as a "Drawing"), custodian or trustee if the Trustee shall be appointed and shall not be discharged within 60 days after receive notice from the date of such appointment; or the Guarantor shall suffer any judgment in excess of $10,000 to be entered against it, or any writ of attachment or execution or any similar process to be issued or levied against all or a substantial part of its other property, which judgment, writ or process is not discharged, released, stayed, bonded or vacated within 30 days after its entry, issue or levy. Notwithstanding any other term or provision in this Guaranty to the contrary, the events set forth in clauses 7(a) and (b) above shall not become "events of default" under this Guaranty until the same have been resolved pursuant to the dispute resolution provisions contained in the Development Agreement and the Management Agreement, and if arbitration is demanded, issuance of an arbitration award against the Lakes Nipmuc and/or the Guarantor, as applicable.Letter of