Common use of Occurrence of a Bankruptcy Related Event Clause in Contracts

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.

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 provided, that, (1) a Bankruptcy Related Event in connection with such a 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 anya substitute Principal Project Party has sufficient financial resources and operating expertise to complete such the 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.;

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 RRIF 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 RRIF 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.