Proposal to Cure Event of Default Sample Clauses

Proposal to Cure Event of Default. 1. Upon receipt of a written notice of default from VHDA pursuant to Section 3.a.i., the County Board shall have sixty (60) days to inform or cause a designee to inform VHDA whether the County Board will place on its meeting agenda a proposal to take such actions as are necessary to cure the Borrower’s event of default detailed in the written notice of default or purchase the VHDA Promissory Notes. In the event Borrower has not cured the event of default detailed in the written notice of default, and the County Board has failed to inform VHDA within such sixty (60) day period, then VHDA may exercise the remedies permitted under their respective deeds of trust and other loan documents for such default.
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Related to Proposal to Cure Event of Default

  • 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 Rent, the Mortgagee shall give prompt written notice thereof to the Owner Trustee, the Owner Participant, Lessee, and each Note Holder. Subject to the terms of Sections 2.13, 4.03, 4.04, 4.08, 5.02 and 5.03 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 5.03, 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 5.01, 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 Owner Trustee or the Owner Participant, the Mortgagee, the Owner Trustee or the Owner Participant, as the case may be, shall not be deemed to have knowledge of a Default or an Event of Default (except, in the case of the Mortgagee, the failure of Lessee to pay any installment of Basic Rent within one Business Day after the same shall become due, if any portion of such installment was then required to be paid to the Mortgagee, which failure shall constitute knowledge of a Default) unless notified in writing by Lessee, the Owner Trustee, the Owner Participant or one or more Note Holders.

  • Event of Default Any of the following shall constitute an “Event of Default”:

  • No Event of Default No Default or Event of Default has occurred and is continuing.

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