Reinstatement Event. If a Reinstatement Event occurs, the Operator must provide the Commonwealth with either: a notice that the Operator elects to reinstate the Facility (Election to Reinstate), including the Operator’s proposed plan to reinstate the Project to the condition it was in immediately prior to the Reinstatement Event and applying Good Industry Practice as soon as reasonably practicable (including a reasonable period of contingency) after that Reinstatement Event occurs (Proposed Reinstatement Plan); or a notice that the Operator elects to not reinstate the Facility, provided that if the Operator does not provide an Election to Reinstate by the date that is 6 months after the occurrence of the Reinstatement Event (or any such longer period agreed by both parties, acting reasonably), the Operator will be deemed to have elected to not reinstate the Facility. If the Commonwealth receives an Election to Reinstate: the Commonwealth must acting reasonably either: subject to clause 23.2(b), request any reasonable changes to the Proposed Reinstatement Plan; or approve the Proposed Reinstatement Plan, provided that: if the Commonwealth does not request any changes to the Proposed Reinstatement Plan within 6030 Business Days after receipt of the Election to Reinstate; the Operator provides a notice to the Commonwealth of that fact which includes an express warning that if the Commonwealth does not provide any comments on the Proposed Reinstatement Plan within a further 10 Business Days after receipt of that notice, the Commonwealth will be deemed to have approved the Proposed Reinstatement Plan; and the Commonwealth does not request any changes to the Proposed Reinstatement Plan within that further 10 Business Day period, the Commonwealth will be deemed to have approved the Proposed Reinstatement Plan at the end of that further 10 Business Day period; and if the Commonwealth acting reasonably requests any changes to the Proposed Reinstatement Plan in accordance with clause 23.2(a)(i), within 20 Business Days after receipt of: the Commonwealth’s request, the Operator must provide an amended Proposed Reinstatement Plan to the Commonwealth; and the Operator’s amended Proposed Reinstatement Plan, the Commonwealth must (acting reasonably) approve or reject the amended Proposed Reinstatement Plan. Without limitation, it will be unreasonable for the Commonwealth to request changes to the Proposed Reinstatement Plan where it: is prepared in accordance with the requirements of this Ag...
Reinstatement Event. 21 i. The Parties acknowledge and agree that the “Reinstatement Event” (as defined 22 in the DDA) conclusively, and unconditionally, occurred on August 26, 2011, 23 before the “Reinstatement Event Deadline” (as defined in the DDA). To that 24 end, the Parties further acknowledge and agree that neither DIR’s vacation of its 25 Coverage Determination, DIR’s vacation of the Decision, DLSE’s assignment of 26 all CWPAs and any judgments thereunder to ATS, the Parties’ settlement with 27 DLSE and/or DIR, nor the Parties’ withdrawal or dismissal of the Petition for 28 Writ of Mandate, have any effect whatsoever on the fact that the “Reinstatement 4 1 Event” (as defined in the DDA) conclusively, and unconditionally, occurred on 2 August 26, 2011, before the “Reinstatement Event Deadline” (as defined in the 3 DDA). Consequently, the Parties agree that the market rate loan provided by the 4 Agency to ATS (i.e., the “Mezzanine Loan” as defined in the DDA) was 5 converted, in accordance with the DDA, to a grant and is no longer owed to SA.
Reinstatement Event. If a Reinstatement Event occurs, the Operator must provide the Commonwealth with either:
(a) a notice that the Operator elects to reinstate the Facility (Election to Reinstate), including the Operator’s proposed plan to reinstate the Project as soon as reasonably practicable after that Reinstatement Event occurs (Proposed Reinstatement Plan); or
(b) a notice that the Operator elects to not reinstate the Facility, provided that if the Operator does not provide an Election to Reinstate by the date that is 6 months after the occurrence of the Reinstatement Event (or any such longer period agreed by both parties, acting reasonably), the Operator will be deemed to have elected to not reinstate the Facility.
Reinstatement Event. If at any time following the Closing Date, a Reinstatement Event (as defined below) occurs, then (a) all amounts that would have been due and owing from Gulfstream to RACC but for the operation of this Agreement (the “Unpaid Obligations”), including, but not limited to, the Past Due Rental Payments and any and all amounts relating to the return of the Mesa Aircraft that would have been payable but for the agreement to settle the Mesa Return Costs for $700,000, shall be reinstated in full and all of Gulfstream’s obligations under the Leases shall continue with the same force and effect, in such case with respect to the amount of the Unpaid Obligations as if this Agreement had never been executed and delivered and (b) the full amount of the Unpaid Obligations that, but for the operation of this Agreement, would have been payable by Gulfstream to RACC pursuant to the Leases after the Closing Date shall become immediately due and payable by Gulfstream, with interest at the applicable past due rate on such payments. For purposes of this Section 2.3, a “Reinstatement Event” is defined as one or more of the following: (x) a case shall have been commenced under Chapter 7 of the United States Bankruptcy Code (11 U.S.C. § 101 et seq.) (the “Bankruptcy Code”) with respect to Gulfstream; provided that, if such case is an involuntary case, such case shall not, within ninety (90) days, have been withdrawn, dismissed or converted to a case under Chapter 11 of the Bankruptcy Code; (y) following the commencement of (or conversion to) any case under Chapter 11 of the Bankruptcy Code with respect to Gulfstream, the rejection or attempted rejection of this Agreement by Gulfstream, Gulfstream as debtor-in-possession or any bankruptcy trustee or any challenge to this Agreement is filed in that proceeding by any other party or person; or (z) following the commencement of (or conversion to) any case under Chapter 11 of the Bankruptcy Code with respect to Gulfstream, Gulfstream, Gulfstream as debtor-in-possession, any bankruptcy trustee or any other party or person shall seek termination of or otherwise challenge the validity of this Agreement and/or challenge or seek to avoid the transactions or payments contemplated hereby, including, without limitation, attacking any of the transactions or payments hereunder as being preferential or involving or constituting fraudulent transfers.
Reinstatement Event. Notwithstanding the previous sentence, if at any time subsequent to a Fallaway Event, either (i) the aggregate Beneficial Ownership of the Hill Path Affiliates again equals or exceeds the Current Beneficial Ownership Percentage or (ii) the aggregate Economic Ownership Percentage of the Hill Path Affiliates, again equals or exceeds the Current Economic Ownership Percentage, then Section 3 [Voting Agreement] shall again, without further action, automatically be deemed to be amended to read in its entirety as follows in Section 2 below (a “Reinstatement Event”). For the avoidance of doubt, there may be multiple Fallaway Events and/or Reinstatement Events.
