Common use of Loan Default Events Clause in Contracts

Loan Default Events. Any one of the following which occurs and continues shall constitute a Loan Default Event: (a) failure of the Borrower to pay any Loan Repayment when and as the same shall become due and payable pursuant to Section 4.02(a) hereof; (b) failure of the Borrower to pay any amounts payable hereunder, other than Loan Repayments (including Additional Payments), when and as the same shall become due, which failure continues for a period of 30 days after written notice delivered to the Borrower and the Bank, which notice shall specify such failure and request that it be remedied, given by the Trustee, unless the Trustee shall agree in writing to an extension of such time; (c) failure of the Borrower to observe and perform any covenant, condition or agreement on its part required to be observed or performed by this Agreement, other than a covenant described in subsection (a) or (b) above or in Section 5.12 hereof, which failure continues for a period of 30 days after written notice delivered to the Borrower and the Bank, which notice shall specify such failure and request that it be remedied, given by the Trustee, unless the Trustee, with the written approval of the Bank, shall agree in writing to an extension of such time; provided, however, that if the failure stated in the notice cannot be corrected within such period, the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted within such period and diligently pursued until the default is corrected; or (d) existence of an Event of Default under and as defined in Sections 7.01(a) through (e) of the Indenture. The provisions of Section 7.01(c) are subject to the limitation that the Borrower shall not be deemed in default if and so long as the Borrower is unable to carry out its agreements hereunder by reason of strikes, lockouts or other industrial disturbances; acts of public enemies; terrorist acts; orders of any kind of the government of the United States or of the State or any of their departments, agencies, or officials, or any civil or military authority; insurrections, riots, epidemics, landslides; lightning; earthquake; fire; hurricanes; storms; floods; washouts; droughts; arrests; restraint of government and people; civil disturbances; explosions; breakage or accident to machinery, transmission pipes or canals; partial or entire failure of utilities; or any other cause or event (whether similar or dissimilar to the foregoing) not reasonably within the control of the Borrower; it being agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the Borrower, and the Borrower shall not be required to make settlement of strikes, lockouts and other industrial disturbances by acceding to the demands of the opposing party or parties when such course is, in the judgment of the Borrower, unfavorable to the Borrower. This limitation shall not apply to any default under subsections (a), (b), or (d) of this Section. Notwithstanding any other provision of this Agreement to the contrary, so long as the Bank is not in default under the Letter of Credit, the Trustee shall not without the prior written consent or direction of the Bank exercise any remedies under this Agreement in the case of any Loan Default Event described in subsections (a), (b), or (c) above.

Loan Default Events. Any one of the following which occurs and continues shall constitute a Loan Default Event: (a) failure of the Borrower to pay make any Loan Repayment payment required by Section 4.2(a) hereof when and as the same shall become due and payable pursuant to Section 4.02(a) hereof;due; or (b) failure of the Borrower to pay observe and perform any amounts payable hereundercovenant, condition or agreement on its part required to be observed or performed by this Agreement other than Loan Repayments as provided in (including Additional Paymentsa), when and as the same shall become due, which failure continues for a period of 30 days after written notice delivered to the Borrower and the Bank, which notice shall specify such failure and request that it be remedied, given to the Borrower and the Bank by the Authority or the Trustee, unless the Trustee shall agree in writing to an extension of such time; (c) failure of the Borrower to observe and perform any covenant, condition or agreement on its part required to be observed or performed by this Agreement, other than a covenant described in subsection (a) or (b) above or in Section 5.12 hereof, which failure continues for a period of 30 days after written notice delivered to the Borrower Authority and the Bank, which notice shall specify such failure and request that it be remedied, given by the Trustee, unless the Trustee, with the written approval of the Bank, Trustee shall agree in writing to an extension of such time; provided, however, that if the failure stated in the notice cannot be corrected within such period, the Authority and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted within such period and diligently pursued until the default is corrected; or (c) existence of an Event of Default under and as defined in Section 7.01(a), (b) or (e) of the Indenture; or (d) existence of an Event of Default under and as defined in Sections 7.01(a) through (eSection 7.01(c) of the Indenture. The provisions of subsection (b) of this Section 7.01(c) are subject to the limitation that the Borrower shall not be deemed in default if and so long as the Borrower is unable to carry out its agreements hereunder by reason of strikes, lockouts or other industrial disturbances; acts of public enemies; terrorist acts; orders of any kind of the government of the United States or of the State of California or any of their departments, agencies, or officials, or any civil or military authority; insurrections, riots, epidemics, landslides; lightning; earthquake; fire; hurricanes; storms; floods; washouts; droughts; arrests; restraint of government and people; civil disturbances; explosions; breakage or accident to machinery, transmission pipes or canals; partial or entire failure of utilities; or any other cause or event (whether similar or dissimilar to the foregoing) not reasonably within the control of the Borrower; it being agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the Borrower, and the Borrower shall not be required to make settlement of strikes, lockouts and other industrial disturbances by acceding to the demands of the opposing party or parties when such course is, in the judgment of the Borrower, unfavorable to the Borrower. This limitation shall not apply to any default under subsections (a), (b), c) or (d) of this Section. Notwithstanding any other provision of this Agreement to the contrary, so long as the Bank is not in default under the Letter of Credit, the Trustee shall not without the prior written consent or direction of the Bank exercise any remedies under this the Agreement in the case of any Loan Default Event described in subsections (a), (b), ) or (c) above; provided, however, that no consent of the Bank shall be required with respect to the enforcement of Section 4.2(c), 4.2(d), 7.3, 9.2 or 9.3 hereof. The Trustee may exercise any and all remedies under the Indenture and the Agreement (except acceleration) to collect any fees, expenses and indemnification from the Borrower without obtaining the consent of the Bank.

Loan Default Events. Any one of the following which occurs and continues shall constitute a Loan Default Event: (a) failure of the Borrower to pay make any Loan Repayment payment required by Section 4.2(a) hereof when and as the same shall become due and payable pursuant to Section 4.02(a) hereof;due; or (b) failure of the Borrower to pay any amounts payable hereunder, other than Loan Repayments (including Additional Payments), when and as the same shall become due, which failure continues for a period of 30 days after written notice delivered to the Borrower and the Bank, which notice shall specify such failure and request that it be remedied, given by the Trustee, unless the Trustee shall agree in writing to an extension of such time; (c) failure of the Borrower to observe and perform any covenant, condition or agreement on its part required to be observed or performed by this Agreement, Loan Agreement other than a covenant described as provided in subsection (a) or (b) above or in Section 5.12 hereof), which failure continues for a period of 30 days after written notice delivered to the Borrower and the BankBorrower, which notice shall specify such failure and request that it be remedied, given to the Borrower by the Authority or the Trustee, unless the Trustee, with Authority and the written approval of the Bank, Trustee shall agree in writing to an extension of such time; provided, however, that if the failure stated in the notice cannot be corrected within such period, the Authority and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted within such period and diligently pursued until the default is corrected; or (dc) existence of an Event of Default under and as defined in Sections Section 7.01(a), (b) through or (ec) of the Indenture; or (d) any representation or warranty of the Borrower set forth in Section 2.3 of this Loan Agreement at the time made or deemed made is false in any material respect. The provisions of subsection (b) of this Section 7.01(c) are subject to the limitation that the Borrower shall not be deemed in default if and so long as the Borrower is unable to carry out its agreements hereunder by reason of strikes, lockouts or other industrial disturbances; acts of public enemies; terrorist acts; orders of any kind of the government of the United States or of the State of California or any of their departments, agencies, or officials, or any civil or military authority; insurrections, riots, epidemics, landslides; lightning; earthquake; fire; hurricanes; storms; floods; washouts; droughts; arrests; restraint of government and people; civil disturbances; wars; acts of terrorism; explosions; breakage or accident to machinery, transmission pipes or canals; partial or entire failure of utilities; or any other cause or event (whether similar or dissimilar to the foregoing) not reasonably within the control of the Borrower; it being agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the Borrower, and the Borrower shall not be required to make settlement of strikes, lockouts and other industrial disturbances by acceding to the demands of the opposing party or parties when such course is, in the judgment of the Borrower, unfavorable to the Borrower. This limitation shall not apply to any default under subsections (a), (b), c) or (d) of this Section. Notwithstanding any other provision of this Agreement to the contrary, so long as the Bank is not in default under the Letter of Credit, the Trustee shall not without the prior written consent or direction of the Bank exercise any remedies under this Agreement in the case of any Loan Default Event described in subsections (a), (b), or (c) above.

Loan Default Events. Any one of the following which occurs and continues shall constitute a Loan Default Event: (a) failure of the Borrower to pay make any Loan Repayment payment required by Section 4.2(a) hereof when and as the same shall become due and payable pursuant to Section 4.02(a) hereof;due; or (b) failure of the Borrower to pay observe and perform any amounts payable hereundercovenant, condition or agreement on its part required to be observed or performed by this Agreement other than Loan Repayments as provided in (including Additional Paymentsa), when and as the same shall become due, which failure continues for a period of 30 days after written notice delivered to the Borrower and the Bank, which notice shall specify such failure and request that it be remedied, given to the Borrower and the Bank by the Authority or the Trustee, unless the Trustee shall agree in writing to an extension of such time; (c) failure of the Borrower to observe and perform any covenant, condition or agreement on its part required to be observed or performed by this Agreement, other than a covenant described in subsection (a) or (b) above or in Section 5.12 hereof, which failure continues for a period of 30 days after written notice delivered to the Borrower Authority and the Bank, which notice shall specify such failure and request that it be remedied, given by the Trustee, unless the Trustee, with the written approval of the Bank, Trustee shall agree in writing to an extension of such time; provided, however, that if the failure stated in the notice cannot be corrected within such period, the Authority and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted within such period and diligently pursued until the default is corrected; or (c) existence of an Event of Default under and as defined in Section 7.01(a) or (b) of the Indenture; or (d) existence of an Event of Default under and as defined in Sections 7.01(aSection 7.01(c) through of the Indenture; or (e) existence of an Event of Default under and as defined in Section 7.01(e) of the Indenture. The provisions of subsection (b) of this Section 7.01(c) are subject to the limitation that the Borrower shall not be deemed in default if and so long as the Borrower is unable to carry out its agreements hereunder by reason of strikes, lockouts or other industrial disturbances; acts of public enemies; terrorist acts; orders of any kind of the government of the United States or of the State of California or any of their departments, agencies, or officials, or any civil or military authority; insurrections, riots, epidemics, landslides; lightning; earthquake; fire; hurricanes; storms; floods; washouts; droughts; arrests; restraint of government and people; civil disturbances; explosions; breakage or accident to machinery, transmission pipes or canals; partial or entire failure of utilities; or any other cause or event (whether similar or dissimilar to the foregoing) not reasonably within the control of the Borrower; it being agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the Borrower, and the Borrower shall not be required to make settlement of strikes, lockouts and other industrial disturbances by acceding to the demands of the opposing party or parties when such course is, in the judgment of the Borrower, unfavorable to the Borrower. This limitation shall not apply to any default under subsections (a), (bc), (d) or (de) of this Section. Notwithstanding any other provision of this Agreement to the contrary, so long as the Bank is not in default under the Letter of Credit, the Trustee shall not without the prior written consent or direction of the Bank exercise any remedies under this the Agreement in the case of any Loan Default Event described in subsections (a), (b), ) or (c) above; provided, however, that no consent of the Bank shall be required with respect to the enforcement of Section 4.2(c), 4.2(d), 7.3, 9.2 or 9.3 hereof. The Trustee may exercise any and all remedies under the Indenture and the Agreement (except acceleration) to collect any fees, expenses and indemnification from the Borrower without obtaining the consent of the Bank.