ESP Agreement. This Agreement is an arms-length, negotiated agreement be- tween an informed Board and edtec. The Board shall not approve this Agreement until all Board members have been given the opportunity to review the Agreement with the Academy's legal counsel. Prior to the Board's approval of this Agreement, the Board shall obtain a legal opinion from its legal counsel, in the form provided in the ESP Requirements. The Board shall only ap- prove this Agreement with a formal vote at a public board meeting. Prior to Board's vote on this Agreement, the Board shall provide an opportunity for public comment on this Agreement.
ESP Agreement. If at any time the Borrower receives a “Notice of Default” (as defined in any Engine Manufacturer’s Consent) the Borrower shall, within 30 days of receipt of such Notice of Default, (a) remedy all existing defaults of the Manufacturer under the ESP Program agreement referred to in such Engine Manufacturer’s Consent and (b) unless an Event of Default shall have occurred and be continuing (in which case the Borrower shall not unless so requested by the Security Trustee), enter into the follow-on ESP Program agreement referred to in such Engine Manufacturer’s Consent.
