Common use of Notice of Default; Opportunity to Cure Clause in Contracts

Notice of Default; Opportunity to Cure. No default under Section 7.1(b) hereof shall constitute an Event of Default until: (a) The Trustee, by registered, certified mail or overnight mail, shall give notice to the Borrower (with a copy to the Authority) of such default specifying the same and stating that such notice is a “Notice of Default”; and (b) The Borrower shall have 60 days after receipt of such notice to correct the default and shall not have corrected it; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Tax-Exempt Bonds.

Notice of Default; Opportunity to Cure. No default under Section 7.1(b) hereof shall constitute an Event of Default until: (a) The Trustee, by registered, certified mail or overnight mail, shall give notice to the Borrower (with a copy to the AuthorityAuthority and S&P if S&P is then rating the Bonds) of such default specifying the same and stating that such notice is a “Notice of Default”; and (b) The Borrower shall have 60 days after receipt of such notice to correct the default and shall not have corrected it; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Tax-Exempt Bonds.

Notice of Default; Opportunity to Cure. No default under Section 7.1(b) hereof shall constitute an Event of Default until: (a) The Trustee, by registered, certified mail or overnight mail, shall give notice to the Borrower (with a copy to the AuthorityAuthority and S&P if S&P is then rating the Series A Bonds) of such default specifying the same and stating that such notice is a “Notice of Default”; and (b) The Borrower shall have 60 days after receipt of such notice to correct the default and shall not have corrected it; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Tax-Exempt Bonds.

Notice of Default; Opportunity to Cure. No default under Section 7.1(b) hereof shall constitute an Event of Default until: (a) The Trustee, by registered, certified mail or overnight mail, shall give notice to the Borrower (with and as a matter of courtesy and accommodation only, provide a copy to the AuthorityAuthority and S&P if S&P is then rating the Bonds) of such default specifying the same and stating that such notice is a “Notice of Default”; and (b) The Borrower shall have 60 days after receipt of such notice to correct the default and shall not have corrected it; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Tax-Exempt Bonds.

Notice of Default; Opportunity to Cure. No default under Section 7.1(b) hereof shall constitute an Event of Default until: (a) The Trustee, by registered, certified mail or overnight mail, shall give notice to the Borrower (with a copy to the Authority) of such default specifying the same and stating that such notice is a “Notice of Default”; and (b) The Borrower shall have 60 days after receipt of such notice to correct the default and shall not have corrected it; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Tax-Exempt Bonds.

Notice of Default; Opportunity to Cure. No default under Section 7.1(b) hereof shall constitute an Event of Default until: (a) The Trustee, by registered, registered or certified mail or overnight mail, shall give notice to the Borrower (with a copy to the AuthorityAuthority and S&P if S&P is then rating the Senior Bonds) of such default specifying the same and stating that such notice is a “Notice of Default”; and (b) The Borrower shall have 60 days after receipt of such notice to correct the default and shall not have corrected it; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Tax-Exempt Bonds.

Notice of Default; Opportunity to Cure. No default under Section 7.1(b) hereof shall constitute an Event of Default until: (a) The Trustee, by registered, registered or certified mail or overnight mail, shall give notice to the Borrower (with a copy to the AuthorityAuthority and S&P if S&P is then rating the Bonds) of such default specifying the same and stating that such notice is a “Notice of Default”; and (b) The Borrower shall have 60 days after receipt of such notice to correct the default and shall not have corrected it; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Tax-Exempt Bonds.