Common use of Improvement Districts Clause in Contracts

Improvement Districts. For any Qualified Project, without obtaining the prior written consent of Lender, Borrower shall not consent to, or vote in favor of, the inclusion of all or any part of the Collateral in any improvement district, any “Xxxxx Xxxx” district (for Qualified Projects in California), special assessment district or similar district. Borrower shall give immediate notice to Lender of any notification or advice that Borrower may receive from any municipality or other third party of any intent or proposal to include all or any part of the Collateral in an improvement, assessment or other district. Upon prior written notice to Borrower, Lender shall have the right to file a written objection to the inclusion of all or any part of the Collateral in an improvement, assessment or other district, either in its own name or in the name of Borrower, and to appear at, and participate in, any hearing with respect to the formation of any such district. In the event that Borrower is not able to comply with the covenants set forth herein for a Qualified Project or portion thereof for a period of thirty (30) days following written notice from Lender (provided that if Borrower cannot reasonably cure such non-compliance within such thirty (30) day period, such thirty (30) day period shall be extended for a reasonable period not in excess of ninety (90) days from the date of Lender’s notice to cure such non-compliance provided that Borrower shall have commenced such cure within such thirty (30) day period and shall diligently thereafter proceed to effect such cure), then said Qualified Project (or portion thereof, as the case may be) shall cease to be a part of the Borrowing Base until Borrower shall so comply.

Improvement Districts. For any Qualified Project, without obtaining the prior written consent of LenderMajority Lenders, Borrower shall not consent to, or vote in favor of, the inclusion of all or any part of the Collateral in any improvement district, any “Xxxxx Xxxx” district (for Qualified Projects in California), special assessment district or similar district. Borrower shall give immediate notice to Administrative Agent and each Lender of any notification or advice that Borrower may receive from any municipality or other third party of any intent or proposal to include all or any part of the Collateral in an improvement, assessment or other district. Upon prior written notice to Borrower, Lender Administrative Agent, acting at the direction of Majority Lenders, shall have the right to file a written objection to the inclusion of all or any part of the Collateral in an improvement, assessment or other district, either in its own name or in the name of BorrowerBorrower or any Lender, and to appear at, and participate in, any hearing with respect to the formation of any such district. In the event that Borrower is not able to comply with the covenants set forth herein for a Qualified Project or portion thereof for a period of thirty ten (3010) days following written notice from Lender Administrative Agent (provided that if Borrower cannot reasonably cure such non-compliance within such thirty ten (3010) day period, such thirty ten (3010) day period shall be extended for a reasonable period not in excess of ninety thirty (9030) days from the date of LenderAdministrative Agent’s notice to cure such non-compliance provided that Borrower shall have commenced such cure within such thirty ten (3010) day period and shall diligently thereafter proceed to effect such cure), then said Qualified such Project (or portion thereof, as the case may be) shall cease to be a part have any value in calculation of the Borrowing Base until Borrower shall so comply.

Improvement Districts. For any Qualified Project, without obtaining the prior written consent of Lender, Borrower shall not consent to, or vote in favor of, the inclusion of all or any part of the Collateral in any improvement district, any “Xxxxx Xxxx” district (for Qualified Projects in California), special assessment district or similar district. Borrower shall give immediate notice to Lender of any notification or advice that Borrower may receive from any municipality or other third party of any intent or proposal to include all or any part of the Collateral in an improvement, assessment or other district. Upon prior written notice to Borrower, Lender shall have the right to file a written objection to the inclusion of all or any part of the Collateral in an improvement, assessment or other district, either in its own name or in the name of Borrower, and to appear at, and participate in, any hearing with respect to the formation of any such district. In the event that Borrower is not able to comply with the covenants set forth herein for a Qualified Project or portion thereof for a period of thirty (30) days following written notice from Lender (provided that if Borrower cannot reasonably cure such non-compliance within such thirty (30) day period, such thirty (30) day period shall be extended for a reasonable period not in excess of ninety (90) days from the date of Lender’s notice to cure such non-compliance provided that Borrower shall have commenced such cure within such thirty (30) day period and shall diligently thereafter proceed to effect such cure), then said such Qualified Project (or portion thereof, as the case may be) shall cease to be a part of the Borrowing Base until Borrower shall so comply.

Improvement Districts. For any Qualified Project, without obtaining the prior written consent of LenderMajority Lenders, Borrower shall not consent to, or vote in favor of, the inclusion of all or any part of the Collateral in any improvement district, any “Xxxxx Xxxxx-Xxxx” district (for Qualified Projects in California), special assessment district or similar district. Borrower shall give immediate notice to Administrative Agent and each Lender of any notification or advice that Borrower may receive from any municipality or other third party of any intent or proposal to include all or any part of the Collateral in an improvement, assessment or other district. Upon prior written notice to Borrower, Lender Administrative Agent, acting at the direction of Majority Lenders, shall have the right to file a written objection to the inclusion of all or any part of the Collateral in an improvement, assessment or other district, either in its own name or in the name of BorrowerBorrower or any Lender, and to appear at, and participate in, any hearing with respect to the formation of any such district. In the event that Borrower is not able to comply with the covenants set forth herein for a Qualified Project or portion thereof for a period of thirty ten (3010) days following written notice from Lender Administrative Agent (provided that if Borrower cannot reasonably cure such non-compliance within such thirty ten (3010) day period, such thirty ten (3010) day period shall be extended for a reasonable period not in excess of ninety thirty (9030) days from the date of LenderAdministrative Agent’s notice to cure such non-compliance provided that Borrower shall have commenced such cure within such thirty ten (3010) day period and shall diligently thereafter proceed to effect such cure), then said Qualified such Project (or portion thereof, as the case may be) shall cease to be a part have any value in calculation of the Borrowing Base until Borrower shall so comply.