Loan Defaults Defined Sample Clauses

Loan Defaults Defined. If any of the following events occur, it is hereby defined as and declared to be and to constitute a “Loan Default”: (a) Default in the due and punctual payment of any installment of principal or any payment of interest or premium on the Loan or any Obligation (including, without limitation, the Note and the payments required by the Credit Agreement) or otherwise due hereunder when and as the same shall become due and payable, whether upon demand, at maturity, by acceleration or otherwise; (b) The Borrowers shall fail to observe or perform any of the covenants, agreements or conditions of the Borrowers contained in this Bond Agreement (including the occurrence of a Bond Default) or in the Security Documents or in any provision of the Credit Agreement; (c) Any representation or warranty made by the Borrowers herein or in any of the Security Documents or in any certificate, document or financial statement delivered to the Issuer shall prove to have been incorrect in any material adverse respect as of the time when made or given; (d) Any Borrower shall (i) become insolvent or take or fail to take any action which constitutes an admission of inability to pay its debts as they mature; (ii) make an assignment for the benefit of creditors; (iii) petition or apply to any tribunal for the appointment of a custodian, receiver or any trustee for such Borrower or a substantial part of its respective assets; (iv) suffer any such custodianship, receivership or trusteeship to continue undischarged for a period of thirty days or more; (v) commence any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; (vi) by any act or omission indicate its consent to, approval of or acquiescence in any such petition, application or proceeding or order for relief or the appointment of a custodian, receiver or any trustee for it or any substantial part of any of its properties; or (vii) adopt a plan of liquidation of its assets; (e) Any Person shall (i) petition or apply to any tribunal for the appointment of a custodian, receiver or any trustee for any Borrower or a substantial part of its assets which continues undischarged for a period of thirty days or more; or (ii) commence any proceeding against such Borrower under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether no...

Loan Defaults Defined. If any of the following events occurs, it is hereby (a) failure by CHOA to pay any Loan Payment or other payment required to be paid hereunder or under the Series 2019[ ] Obligation on or before the date on which such Loan Payment is due and payable except as otherwise provided by Section 5.03 hereof; (b) failure by CHOA to observe and perform any covenant, condition or agreement on its part to be observed or performed under this Agreement other than the failure referred to in Section 8.01(a) hereof for a period of 60 days after written notice specifying such failure and requesting that it be remedied, is given to CHOA by the Authority or the Bond Trustee, unless the Authority and the Bond Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, that if the failure stated in the notice is correctable but cannot be corrected within the applicable period, the Authority and the Bond Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by CHOA within the applicable period and diligently pursued until such failure is corrected; (c) the filing by CHOA of a petition seeking relief for itself under Title 11 of the United States Code, as now constituted or hereafter amended, or the filing by CHOA of an answer consenting to, admitting the material allegations of or otherwise not controverting, or the failure of CHOA to timely controvert, a petition filed against it seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or the filing of such petition or answer by CHOA or the failure of CHOA to timely controvert such a petition, with respect to relief under the provisions of any other now existing or future applicable bankruptcy, insolvency or other similar law of the United States of America or any state thereof; (d) the entry of an order for relief, which is not stayed, against CHOA under Title 11 of the United States Code, as now constituted or hereafter amended, or the entry of an order, judgment or decree by operation of law or by a court having jurisdiction, which is not stayed, adjudging CHOA a bankrupt or insolvent under, or ordering relief against CHOA under, or approving as properly filed a petition seeking relief against CHOA under, the provisions of any other now existing or future applicable bankruptcy or insolvency or other similar law of the United States of America or any state thereof, or appointing ...