Occurrence of a Bankruptcy Related Event Sample Clauses

Occurrence of a Bankruptcy Related Event. A Bankruptcy Related Event shall occur with respect to (A) the Borrower or (B) a Principal Project Party; provided that (1) a Bankruptcy Related Event in connection with such Principal Project Party shall not constitute an Event of Default if the Borrower shall have promptly provided evidence satisfactory to the TIFIA Lender demonstrating that a substitute Principal Project Party has sufficient financial resources and operating expertise to complete such Principal Project Contract to which such Principal Project Party was a party in accordance with the applicable Construction Schedule, and (2) after Substantial Completion shall have occurred, the occurrence of a Bankruptcy Related Event in connection with any Principal Project Party shall not constitute an Event of Default if at the time of such occurrence, (I) no claim against any warranty under the applicable Principal Project Contract to which such Principal Project Party is a party exists or remains outstanding, or (II) the Borrower promptly provides evidence satisfactory to the TIFIA Lender showing that the Borrower has (x) sufficient moneys to correct any defect or nonconforming work of such Principal Project Party, and (y) a plan to carry out such works referred to in clause (x) hereof.
Sample 1Sample 2Sample 3See All (9)
AutoNDA by SimpleDocs
Occurrence of a Bankruptcy Related Event. (A) A Bankruptcy Related Event shall occur with respect to the Borrower or (B) a Bankruptcy Related Event shall occur with respect to any Borrower Related Party (other than the Borrower) or any Principal Project Party;
Sample 1Sample 2Sample 3See All (6)
Occurrence of a Bankruptcy Related Event. A Bankruptcy Related Event shall occur with respect to the Borrower.
Sample 1Sample 2See All (4)
Occurrence of a Bankruptcy Related Event. A Bankruptcy Related Event shall occur with respect to a City Related Party.
Sample 1Sample 2
Occurrence of a Bankruptcy Related Event. A Bankruptcy Related Event shall occur with respect to (A) the Borrower or (B) a Principal Project Party related to such Funded MCA Project; provided that (1) a Bankruptcy Related Event in connection with such Principal Project Party shall not constitute an Event of Default under such Funded MCA Project if the Borrower shall have promptly provided evidence satisfactory to the TIFIA Lender demonstrating that a substitute Principal Project Party has sufficient financial resources and operating expertise to complete such Principal Project Contract to which such Principal Project Party was a party in accordance with the applicable Construction Schedule for such Funded MCA Project, and (2) after Substantial Completion of such Funded MCA Project shall have occurred, the occurrence of a Bankruptcy Related Event in connection with any Principal Project Party related to such Funded MCA Project shall not constitute an Event of Default under such Funded MCA Project if at the time of such occurrence, (I) no claim against any warranty under the applicable Principal Project Contract to which such Principal Project Party is a party exists or remains outstanding, or (II) the Borrower promptly provides evidence satisfactory to the TIFIA Lender showing that the Borrower has (x) sufficient moneys to correct any defect or nonconforming work of such Principal Project Party, and (y) a plan to carry out such works referred to in clause (x) hereof;
Sample 1
Occurrence of a Bankruptcy Related Event. (A) A Bankruptcy Related Event shall occur with respect to the Borrower or (B) a Bankruptcy Related Event shall occur with respect to any Construction Contractor, excluding (1) a Construction Contractor to the extent the Bankruptcy Related Event does not constitute a default under Sections of the Construction Agreement, and (2) in the case of a Bankruptcy Related Event occurring with respect to such Construction Contractor that constitutes a default under Sections of the Development Agreement, the Borrower provides the TIFIA Lender with a plan acceptable to the TIFIA Lender in its sole discretion within thirty (30) days immediately following the occurrence of such Bankruptcy Related Event to (I) replace the relevant Construction Contractor, and
Sample 1
Occurrence of a Bankruptcy Related Event. (A) A Bankruptcy Related Event shall occur with respect to the Borrower or CDOT or (B) a Bankruptcy Related Event shall occur with respect to any Principal Project Party provided, that no Event of Default shall be deemed to have occurred or be continuing under this clause (B) if, with respect to a Bankruptcy Related Event of a Principal Project Party, such Principal Project Party is replaced within ninety (90) days after the occurrence of such Bankruptcy Related Event by a new Principal Project Party that (I) possesses similar or greater creditworthiness (including credit support), technical capability and relevant experience as the counterparty being replaced, considered as of the time the applicable Principal Project Contract was executed, as reasonably acceptable to the TIFIA Lender,
Sample 1
AutoNDA by SimpleDocs
Occurrence of a Bankruptcy Related Event. (A) A Bankruptcy Related Event shall occur with respect to the Borrower or CDOT or (B) a Bankruptcy Related Event shall occur with respect to any Principal Project Party provided, that no Event of Default shall be deemed to have occurred or be continuing under this clause (B) if, with respect to a Bankruptcy Related Event of a Principal Project Party, such Principal Project Party is replaced within ninety (90) days after the occurrence of such Bankruptcy Related Event by a new Principal Project Party that (I) possesses similar or greater creditworthiness (including credit support), technical capability and relevant experience as the counterparty being replaced, considered as of the time the applicable Principal Project Contract was executed, as reasonably acceptable to the TIFIA Lender, (II) is not, at the time of such replacement, suspended or debarred or subject to a proceeding to suspend or debar from bidding, proposing or contracting with any federal or state department or agency, (III) is not, at the time of such replacement, in violation of any applicable laws referenced in Section 14(q) (OFAC; Anti-Corruption Laws), and is in compliance with all applicable laws referenced in Section 14(r) (Compliance with Law) and Section 14(s) (Environmental Matters), (IV) is bound under a contract containing substantially the same terms and conditions as the Principal Project Contract being replaced (or otherwise reasonably acceptable to the TIFIA Lender), and (V) is capable (in the TIFIA Lender’s reasonable determination) of completing the scope of work of the replaced Principal Project Party in such a manner so that the Project is reasonably expected to be completed in accordance with the Construction Schedule and Project Budget set forth in the Financial Plan most recently approved by the TIFIA Lender.
Sample 1

Related to Occurrence of a Bankruptcy Related Event

  • Insolvency Event An “Insolvency Event” occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors, or if information becomes publicly available indicating that unsecured claims against the Company are not expected to be paid.

  • Notice of Event of Default If the Mortgagee shall have Actual Knowledge of an Event of Default or of a Default arising from a failure to pay any installment of principal and interest on any Equipment Note, the Mortgagee shall give prompt written notice thereof to each Note Holder. Subject to the terms of Sections 5.06, 6.02 and 6.03 hereof, the Mortgagee shall take such action, or refrain from taking such action, with respect to such Event of Default or Default (including with respect to the exercise of any rights or remedies hereunder) as the Mortgagee shall be instructed in writing by a Majority in Interest of Note Holders. Subject to the provisions of Section 6.03, if the Mortgagee shall not have received instructions as above provided within 20 days after mailing notice of such Event of Default to the Note Holders, the Mortgagee may, subject to instructions thereafter received pursuant to the preceding provisions of this Section 6.01, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default or Default as it shall determine advisable in the best interests of the Note Holders; provided, however, that the Mortgagee may not sell the Aircraft or any Engine without the consent of a Majority in Interest of Note Holders. For all purposes of this Trust Indenture, in the absence of Actual Knowledge on the part of the Mortgagee, the Mortgagee shall not be deemed to have knowledge of a Default or an Event of Default (except, the failure of Owner to pay any installment of principal or interest within one Business Day after the same shall become due, which failure shall constitute knowledge of a Default) unless notified in writing by the Owner or one or more Note Holders.

  • Authority Relative to this Agreement The board of directors of Merger Sub has approved this Agreement and declared it and the Merger to be advisable, and Merger Sub has the requisite corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The board of directors of Parent has declared the Merger and the related issuance of Parent Shares advisable, has duly and validly authorized this Agreement and the consummation by Parent of the transactions contemplated hereby and has recommended that the stockholders of Parent approve the Merger and the related issuance of shares of Parent Common Stock and Parent has the requisite corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. No other corporate proceedings on the part of Parent are necessary to authorize this Agreement or to consummate the transactions contemplated hereby, other than the approval of the issuance of the Parent Shares pursuant to this Agreement by the stockholders of Parent in accordance with the rules and regulations of the NNM. The affirmative vote of the holders of a majority in interest of the stock present or represented by proxy at the Parent Stockholders Meeting, provided a quorum is present, is sufficient for Parent's stockholders to approve the issuance of shares of Parent Common Stock in connection with the Merger, and no other approval of any holder of any securities of Parent is required in connection with the consummation of the transactions contemplated hereby. This Agreement and the consummation by Parent and Merger Sub of the transactions contemplated hereby have been duly and validly authorized by the boards of directors of Parent and Merger Sub and by Parent as the sole stockholder of Merger Sub. This Agreement has been duly and validly executed and delivered by Parent and Merger Sub and, assuming this Agreement constitutes the valid and binding agreement of the Company, constitutes the valid and binding agreement of Parent and Merger Sub, enforceable against Parent and Merger Sub in accordance with its terms, subject, as to enforceability, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors' rights and to general principles of equity.

  • City Default Material failure of City, which has neither been remedied nor waived, to pay the Design- Builder as required by the Contract, provided that failure is the cause of the failure of Design-Builder to pay the Claimants and is sufficient to justify termination of the Contract.

  • Developer Event of Default Any of the following events shall constitute an event of default by the Developer ("Developer Event of Default") unless such event has occurred as a result of a Force Majeure Event or the Authority Event of Default or any governmental action for reasons other than any breach, default or lapse on the part of the Developer:

  • Default Events (a) Any material breach of the Funding Agreement by the Recipient, including those set out below, will be an event of default (“Default Event”):

  • NOTICE OF BANKRUPTCY FILING If either Xxxxxx decides to claim any rights under the bankruptcy laws, that Xxxxxx must notify the other of this intention in writing at least ten (10) days before filing the petition. Such notice must include, but not necessarily be limited to, the name, address, and telephone number of the attorney, if any, representing the Spouse in that proceeding and the court in which the petition shall be filed.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!