Contractor’s Default Under Financing Agreements Sample Clauses

Contractor’s Default Under Financing Agreements. Contractor agrees to request that any ▇▇▇▇▇▇ notify the Judicial Council in writing of any default of Contractor under any agreement with Lender regarding the System. If the Lender notifies the Judicial Council that an event of default under the System Lease or other financing agreement has occurred and that the Lender has elected to exercise its rights and remedies there under or under any of the related security documents, then, upon the exercise of such rights and remedies, the Lender or any other qualified purchaser of, or successor to, the interests in a judicial or non-judicial foreclosure sale shall be substituted for Contractor under this SPPA, provided that the conditions in this section are satisfied. In that event, the Judicial Council will continue to perform their obligations under this SPPA in favor of the Substitute Contractor provided that such Substitute Contractor expressly acknowledges in writing that (i) it is assuming all rights, duties, and obligations of Contractor under this SPPA and (ii) it agrees to cure all of Contractor’s defaults under this SPPA existing at the time such Substitute Contractor assumes the rights, duties, and obligations of Contractor; and Contractor further that the Lender has included in such notice supporting documentation sufficient to demonstrate to the reasonable satisfaction of the Judicial Council that such proposed Substitute Contractor or designee has both the financial capacity and the technical ability to perform the duties and obligations required under this SPPA at a level equal to or exceeding Contractor’s ability. If the Judicial Council determines in its sole reasonable judgment that those standards are satisfied, the Judicial Council shall approve such proposed Substitute Contractor or designee for the remaining Term and on the same terms and conditions contained in this SPPA. In the event the Judicial Council determines in its sole reasonable judgment that the proposed Substitute Contractor or designee fails to meet the financial capacity and the technical ability to perform the duties and obligations required under this SPPA or if the proposed Substitute Contractor has failed to satisfy the requirements of (i) and (ii) in the preceding paragraph, the Judicial Council shall promptly give the Lender written notice of the Judicial Council’s determination and Lender and Contractor shall be prohibited from making such assignment.
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Related to Contractor’s Default Under Financing Agreements

  • Default under Loan Documents A default under any of the other Loan Documents, all of which covenants, conditions and agreements contained therein are hereby incorporated in this Agreement by express reference, shall be and constitute an Event of Default under this Agreement and any other of the Obligations.

  • Default Under Other Loan Documents Any Credit Party shall default in the performance or observance of any term, covenant, condition or agreement on its part to be performed or observed hereunder or under any Loan Document (and not constituting an Event of Default under any other clause of this Section 10.1) and such default shall continue unremedied for a period of thirty (30) days after written or telephonic (immediately confirmed in writing) notice thereof has been given to the Borrower by the Administrative Agent; or

  • Default Under Other Agreements (a) Any event of default occurs under any financial contract or financial document relating to any Indebtedness of any member of the NCLC Group; (b) Any such Indebtedness or any sum payable in respect thereof is not paid when due (after the expiry of any applicable grace period(s)) whether by acceleration or otherwise; (c) Any Lien over any assets of any member of the NCLC Group becomes enforceable; or (d) Any other Indebtedness of any member of the NCLC Group is not paid when due or is or becomes capable of being declared due prematurely by reason of default or any security for the same becomes enforceable by reason of default, provided that: (i) it shall not be a Default or Event of Default under this Section 11.04 unless the principal amount of the relevant Indebtedness as described in preceding clauses (a) through (d), inclusive, exceeds $15,000,000; (ii) no Event of Default will arise under clauses (a), (c) and/or (d) until the earlier of (x) 30 days following the occurrence of the related event of default, Lien becoming enforceable or Indebtedness becoming capable of being declared due prematurely, as the case may be, and (y) the acceleration of the relevant Indebtedness or the enforcement of the relevant Lien; and (iii) if at any time hereafter the Parent or any other member of the NCLC Group agrees to the incorporation of a cross default provision into any financial contract or financial document relating to any Indebtedness that is more onerous than this Section 11.04, then the Parent shall immediately notify the Facility Agent and that cross default provision shall be deemed to apply to this Agreement as if set out in full herein with effect from the date of such financial contract or financial document and during the term of that financial contract or financial document; or

  • Other Defaults Under Loan Documents Any Loan Party shall default in the performance of or compliance with any term contained in this Agreement or any of the other Loan Documents, other than any such term referred to in any other subsection of this Section 8, and such default shall not have been remedied or waived within 30 days after the earlier of (i) an Officer of Company or such Loan Party becoming aware of such default or (ii) receipt by Company and such Loan Party of notice from Administrative Agent or any Lender of such default; or

  • Events of Default; Waiver The Holders of a Majority in liquidation amount of Preferred Securities may, by vote, on behalf of the Holders of all of the Preferred Securities, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Preferred Securities Guarantee, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.