Loan Events of Default. Each of the following events shall ---------------------- constitute a Loan Event of Default (whether any such event shall be voluntary or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any Governmental Authority) and each such Loan Event of Default shall continue so long as, but only as long as, it shall not have been remedied:
(a) Lessor shall fail to distribute in accordance with the provisions of Section 3 any amount received by the Lessor pursuant to any Lease or the --------- Master Agreement within two (2) Business Days of receipt thereof if and to the extent that the Agent or the Lenders are entitled to such amount or a portion thereof; or
(b) the Lessor shall fail to pay to the Agent, within two (2) Business Days of the Lessor's receipt thereof, any amount which a Lessee is required, pursuant to the Operative Documents, to pay to the Agent but erroneously pays to the Lessor; or
(c) failure by the Lessor to perform in any material respect any other covenant or condition herein or in any other Operative Document to which the Lessor is a party, which failure shall continue unremedied for thirty (30) days after receipt by the Lessor of written notice thereof from the Agent or any Lender; or
(d) any representation or warranty of the Lessor contained in any Operative Document or in any certificate required to be delivered thereunder shall prove to have been incorrect in a material respect when made and shall not have been cured within thirty (30) days of receipt by the Lessor of written notice thereof from the Agent or any Lender; or
(e) the Lessor or the General Partner shall become bankrupt or make an assignment for the benefit of creditors or consent to the appointment of a trustee or receiver; or a trustee or a receiver shall be appointed for the Lessor or the General Partner or for substantially all of its property without its consent and shall not be dismissed or stayed within a period of ninety (90) days; or bankruptcy, reorganization or insolvency proceedings shall be instituted by or against the Lessor or the General Partner and, if instituted against the Lessor or the General Partner, shall not be dismissed or stayed for a period of ninety (90) days; or
(f) any Event of Default shall occur and be continuing.
Loan Events of Default. Each of the following events shall ---------------------- constitute a "Loan Event of Default" (whether any such event shall be voluntary --------------------- or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any Governmental Authority) and each such Loan Event of Default shall continue so long as, but only as long as, it shall not have been remedied:
Loan Events of Default. 15 SECTION 6.2. Remedies.............................................. 17 ARTICLE VII MISCELLANEOUS SECTION 7.1. Amendments and Waivers................................ 19 SECTION 7.2. Notices............................................... 19 SECTION 7.3. Successors and Assigns; Transfers and Participations.. 19 SECTION 7.4. Adjustments........................................... 19 SECTION 7.5. Counterparts.......................................... 20 SECTION 7.6. GOVERNING LAW......................................... 20 SECTION 7.7. Survival and Termination of Agreement................. 20 SECTION 7.8. Entire Agreement...................................... 20 SECTION 7.9. Severability.......................................... 21 SECTION 7.10. Limitations of Borrower's Liability................... 21 SCHEDULE I Lenders EXHIBIT A Form of Note THIS LOAN AGREEMENT (Electric Lightwave, Inc. Trust No. 1995-A) (this "Loan ---- Agreement") is entered into as of April 28, 1995 among SHAWMUT BANK CONNECTICUT, --------- NATIONAL ASSOCIATION, a national banking association, not in its individual capacity, but solely as Certificate Trustee under the Trust Agreement of even date herewith with the Persons listed on Schedule I thereto (the "Borrower"); -------- SHAWMUT BANK CONNECTICUT, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent; and the Persons named on Schedule I hereto, as Lenders. ----------
Loan Events of Default. Each of the following events is a Loan Event of Default (whether or not caused by any reason whatsoever outside the control of the Chargor or any other person).
Loan Events of Default. 11 SECTION 6.2. Remedies..........................................................................12 ARTICLE VII ADMINISTRATIVE AGENT.....................................................................13
Loan Events of Default. Each of the events set out in Clauses 16.1 (Non-payment) to 16.9 (Breach of Asset Cover Test) below is a Loan Event of Default.
Loan Events of Default. Each of the following events shall constitute a
Loan Events of Default. Each of the following events shall constitute a "Loan Event of Default" (whether any such event shall be voluntary or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any governmental authority) and each such Loan Event of Default shall continue so long as, but only as long as, it shall not have been remedied:
(a) Borrower shall fail to pay any principal of or interest on any Note when due and such failure shall continue for a period of 3 Business Days; or (b) the failure by Borrower in any material respect to timely perform any other covenant or condition herein or in any other Operative Document to which Borrower is a party and such failure shall continue for a period of 30 days after written notice thereof to Borrower and Lessee from Agent; or
Loan Events of Default. REMEDIES 9
Loan Events of Default. Each of the following events shall constitute a "Loan Event of Default" (whether any such event shall be voluntary or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any governmental authority) and each such Loan Event of Default shall continue so long as, but only as long as, it shall not have been remedied:
(a) the Borrower shall fail to pay any principal of or interest on any Note when due and such failure shall continue unremedied for a period of 3 Business Days; or
(b) the failure by the Borrower in any material respect to timely perform any other covenant or condition herein or in any other Operative Document to which the Borrower is a party and such failure shall continue for a period of 30 days after written notice thereof to Borrower and the applicable Lessee(s) from the Administrative Agent; or
(c) any representation or warranty by the Borrower in any Operative Document or in any certificate or document delivered thereunder shall have been incorrect in a material respect when made and shall remain material when discovered and if curable shall continue for a period of 30
