Common use of Waivers of Events of Default Clause in Contracts

Waivers of Events of Default. Except as hereinafter provided, at any time, in its discretion, the Trustee, but only with the express written consent of the Bank, other than in the case of an Event of Default described in Section 7.01(a), (b), (c), (g) or (h) hereof, may waive any Event of Default hereunder and its consequences and may rescind and annul any declaration of maturity of principal of the Bonds. The Trustee shall do so upon the written request of the Bank (other than in the case of an Event of Default described in Section 7.01 (a), (b), (c), (g) or (h) hereof). Notwithstanding the foregoing, prior to waiving any Event of Default described in Section 7.01(f) or (i) hereof, the Trustee shall have received written confirmation from the Bank that (i) the Bank has annulled the declaration of maturity of principal of the Bonds and (ii) the Letter of Credit has been reinstated to an amount not less than 100% of the outstanding principal of, plus 56 days interest (or 195 days interest if the Interest Rate Mode on the Refunding Bonds is six months or longer) on, the Refunding Bonds computed at the Maximum Rate. . There shall not be so waived, however, any Event of Default described in paragraphs (a), (b), (c), (g) or (h) of Section 7.01 hereof or any declaration of acceleration in connection therewith rescinded or annulled except (i) if such Event of Default shall have been cured and (ii) with the written consent of the Holders of a majority in aggregate principal amount of all Bonds then outstanding and of the Bank. In the case of the waiver or rescission and annulment, or in case any suit, action or proceedings taken by the Trustee on account of any Event of Default shall have been discontinued, abandoned or determined adversely to it; the Issuer, the Trustee, the Bank and the Holders shall be restored to their former positions and rights hereunder, respectively. No waiver or rescission shall extend to any subsequent or other Event of Default or impair any right consequent thereon.

Waivers of Events of Default. Except as hereinafter provided, at any time, in its discretion, the The Trustee, but only with the express written consent of the Bank, Bank (other than in the case of an Event of Default described in Section 7.01(aitems (a), (b), (c), (g) or (h) hereofabove), may waive any an Event of Default hereunder and its consequences and may rescind and annul any declaration of maturity of principal and interest of the Bonds. The Trustee shall do so upon the written request of the Bank (other than in the case of an Event of Default described in Section 7.01 items (a), (b), (c), (g) or (h) hereofabove). Notwithstanding the foregoing, prior to waiving any Event of Default described in Section 7.01(fitem (f) or (i) hereofabove, the Trustee shall have received written confirmation from the Bank that (i) the Bank has annulled the declaration of maturity of principal of the Bonds and (ii) that the Letter of Credit has been reinstated to an amount not less than 100% of the outstanding principal of, plus 56 days days' interest (or 195 days days' interest if the Interest Rate Mode on the Refunding Bonds is six months or longer) on, the Refunding Bonds computed at the Maximum Rate. maximum rate of 12% per annum. There shall not be so waived, however, any Event of Default described in paragraphs items (a), (b), (c), (g) or (h) of Section 7.01 hereof above or any declaration of acceleration in connection therewith rescinded or annulled except (i) if such Event of Default shall have been cured and (ii) with the written consent of the Holders of a majority in aggregate principal amount of all Bonds then outstanding and of the Bank. In the case of the such waiver or rescission and annulment, or in case any suit, action or proceedings taken by the Trustee on account of any Event of Default shall have been discontinued, abandoned abandoned, or determined adversely to it; , the Issuer, the Trustee, the Bank and the Holders shall be restored to their former positions and rights hereunder, respectivelyunder the Indenture. No waiver or rescission shall extend to any subsequent or other Event of Default or impair any right consequent thereon.

Waivers of Events of Default. Except as hereinafter provided, at any time, in its discretion, the Trustee, but only with the express written consent of the Bank, other than in the case of an Event of Default described in Section 7.01(a), (b), (c), (g) or (h) hereof, may waive any Event of Default hereunder and its consequences and may rescind and annul any declaration of maturity of principal of the Bonds. The Trustee shall do so upon the written request of the Bank (other than in the case of an Event of Default described in Section 7.01 (a), (b), (c), (g) or (h) hereof). Notwithstanding the foregoing, prior to waiving any Event of Default described in Section 7.01(f) or (i) hereof, the Trustee shall have received written confirmation from the Bank that (i) the Bank has annulled the declaration of maturity of principal of the Bonds and (ii) the Letter of Credit has been reinstated to an amount not less than 100% of the outstanding principal of, plus 56 45 days interest (or 195 days interest if the Interest Rate Mode on the Refunding Project Bonds is six months or longer) on, the Refunding Project Bonds computed at the Maximum Rate. . There shall not be so waived, however, any Event of Default described in paragraphs (a), (b), (c), (g) or (h) of Section 7.01 hereof or any declaration of acceleration in connection therewith rescinded or annulled except (i) if such Event of Default shall have been cured and (ii) with the written consent of the Holders of a majority in aggregate principal amount of all Bonds then outstanding and of the Bank. In the case of the waiver or rescission and annulment, or in case any suit, action or proceedings taken by the Trustee on account of any Event of Default shall have been discontinued, abandoned or determined adversely to it; the Issuer, the Trustee, the Bank and the Holders shall be restored to their former positions and rights hereunder, respectively. No waiver or rescission shall extend to any subsequent or other Event of Default or impair any right consequent thereon.. (End of Article VII) 106 ARTICLE VIII

Waivers of Events of Default. Except as hereinafter provided, at any time, in its discretion, the Trustee, but only with the express written consent of the Bank, other than in the case of an Event of Default described in Section 7.01(a7.01 (a), (b), (c), (g) or (h) hereof, may waive any Event of Default hereunder and its consequences and may rescind and annul any declaration of maturity of principal of the Bonds. The Trustee shall do so upon the written request of the Bank (other than in the case of an Event of Default described in Section 7.01 (a), (b), (c), (g) or (h) hereof). Notwithstanding the foregoing, prior to waiving any Event of Default described in Section 7.01(f) or (i) hereof, the Trustee shall have received written confirmation from the Bank that (i) the Bank has annulled the declaration of maturity of principal of the Bonds and (ii) the Letter of Credit has been reinstated to an amount not less than 100% of the outstanding principal of, plus 56 45 days interest (or 195 days interest if the Interest Rate Mode on the Refunding Project Bonds is six months or longer) on, the Refunding Project Bonds computed at the Maximum Rate. . There shall not be so waived, however, any Event of Default described in paragraphs (a), (b), (c), (g) or (h) of Section 7.01 hereof or any declaration of acceleration in connection therewith rescinded or annulled except (i) if such Event of Default shall have been cured and (ii) with the written consent of the Holders of a majority in aggregate principal amount of all Bonds then outstanding and of the Bank. In the case of the waiver or rescission and annulment, or in case any suit, action or proceedings taken by the Trustee on account of any Event of Default shall have been discontinued, abandoned or determined adversely to it; the Issuer, the Trustee, the Bank and the Holders shall be restored to their former positions and rights hereunder, respectively. No waiver or rescission shall extend to any subsequent or other Event of Default or impair any right consequent thereon.. END OF ARTICLE VII 77