Common use of Event of Default by Borrower Clause in Contracts

Event of Default by Borrower. All outstanding loans of Securities between Lender and Borrower shall be terminated immediately upon the happening of any one or more of the following events and without any notice by Lender: (a) If Borrower fails to deliver Securities to Lender on the date for return of Securities as provided in paragraph 5 hereof. (b) If Borrower shall fail to deliver (i) the initial Collateral or Letter of Credit required by paragraph 2 or 3 hereof, (ii) any additional Collateral or amendment to a Letter of Credit as required by paragraph 4 hereof, or (iii) a new or extended Letter of Credit, in form and substance satisfactory to Lender, or other substitute Collateral acceptable to Lender, not later than 10:30 a.m. New York time on the tenth business day before the expiration date of any Letter of Credit. (c) If Borrower shall fail to pay the amount of any interest, dividend or other distribution as required by paragraph 6 hereof. (d) If Borrower shall fail to substitute Collateral consisting of cash for a Letter of Credit as required by paragraph 3 hereof. (e) If Borrower shall fail to conform or comply with any other provision hereof and such failure shall continue for more than five days after notice from Lender. (f) If Borrower, or any affiliate of Borrower, or any bank which has issued a Letter of Credit as Collateral under this Agreement (“Issuing Bank”) shall make a general assignment for the benefit of creditors, or shall admit in writing to its inability to pay its debts as they become due, or shall file a petition in bankruptcy or shall be adjudicated as bankrupt or insolvent, or shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall seek consent to or acquiesce in the appointment of any trustee, receiver or liquidator of it or any material part of its property. (g) If Borrower, or any affiliate of Borrower, shall have been suspended or expelled from membership or participation in any national securities exchange or association or other self-regulatory organization or if it is suspended from dealing in securities by any governmental agency or if any petition is filed against Borrower, or any affiliate of Borrower, or an Issuing Bank in any court or before any agency alleging the bankruptcy or insolvency of Borrower, or any affiliate of Borrower, or an Issuing Bank, or seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or the appointment of a receiver or trustee of all- or a portion of the Borrower’s property, the property of any affiliate of Borrower or the property of an Issuing Bank. (h) If a final judgment for the payment of money in excess of $1 million shall be rendered against Borrower, and, within 60 days after the entry thereof, such judgment shall not have been discharged or execution thereof stayed pending appeal, or if, within 60 days after the expiration of any such stay, such judgment shall not have been discharged. (i) If an event of default with respect to Borrower shall have occurred under any securities lending arrangement between Borrower and BGI, as trustee or agent for any of its trust or agency accounts.

Event of Default by Borrower. All outstanding loans of Securities between Lender and Borrower The following shall be terminated immediately upon the happening Events of any one or more of the following events and without any notice by LenderDefault under this Agreement: (a) If Borrower fails failure to deliver Securities to Lender pay any principal or interest on the date for return of Securities as provided in paragraph 5 hereof.Loan when due; (b) If any representation or warranty made by Borrower shall fail to deliver (i) the initial Collateral herein or Letter of Credit required by paragraph 2 or 3 hereofin any document, (ii) any additional Collateral or amendment to a Letter of Credit as required by paragraph 4 hereofinstrument, or (iii) a new certificate given in connection with this Agreement or extended Letter of Credit, in form and substance satisfactory to Lender, or other substitute Collateral acceptable to Lender, not later than 10:30 a.m. New York time on the tenth business day before the expiration date of any Letter of Credit.Note is false when made; (c) If Borrower shall fail fails to pay the amount of any interestits debts as they become due, dividend or other distribution as required by paragraph 6 hereof. (d) If Borrower shall fail to substitute Collateral consisting of cash for a Letter of Credit as required by paragraph 3 hereof. (e) If Borrower shall fail to conform or comply with any other provision hereof and such failure shall continue for more than five days after notice from Lender. (f) If Borrower, or any affiliate of Borrower, or any bank which has issued a Letter of Credit as Collateral under this Agreement (“Issuing Bank”) shall make a general makes an assignment for the benefit of its creditors, or shall admit admits in writing to its inability to pay its debts as they become due, or shall file files a petition under any chapter of the Federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing, becomes "insolvent" as that term is generally defined under the Federal Bankruptcy Code, files an answer admitting insolvency or inability to pay its debts as they become due in any involuntary bankruptcy case commenced against it, or shall fails to obtain a dismissal of such case within sixty (60) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be adjudicated as the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or shall file has a petition seeking custodian, trustee, or receiver appointed for, or has any court take jurisdiction of its property, or any part thereof, in any proceeding for the purpose of reorganization, arrangement, compositiondissolution, readjustment, or liquidation, dissolution or similar relief under any present or future statuteand such custodian, law or regulationtrustee, or shall seek receiver is not discharged, or such jurisdiction is not relinquished, vacated, or stayed within sixty (60) days of the appointment; (d) a garnishment summons or writ of attachment is issued against or served upon Lender for the attachment of any property of Borrower in Lender's possession or any indebtedness owing to Borrower, unless appropriate papers are filed by Borrower contesting the same within thirty (30) days after the date of such service or such shorter period of time as may be reasonable in the circumstances; (e) any breach or failure of Borrower to perform any other term or condition of this Agreement not specifically described as an Event of Default in this Agreement and such breach or failure continues for a period of thirty (30) days after Lender has given written notice to Borrower specifying such default or breach, unless Lender agrees in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, Lender will not unreasonably withhold its consent to or acquiesce in an extension of such time if corrective action is instituted by Borrower within the appointment applicable period and is being diligently pursued until the Default is corrected, but no such extension shall be given for an Event of any trustee, receiver or liquidator of it or any material part of its property. (g) If Borrower, or any affiliate of Borrower, shall have been suspended or expelled from membership or participation in any national securities exchange or association or other self-regulatory organization or if it is suspended from dealing in securities Default that can be cured by any governmental agency or if any petition is filed against Borrower, or any affiliate of Borrower, or an Issuing Bank in any court or before any agency alleging the bankruptcy or insolvency of Borrower, or any affiliate of Borrower, or an Issuing Bank, or seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or the appointment of a receiver or trustee of all- or a portion of the Borrower’s property, the property of any affiliate of Borrower or the property of an Issuing Bank. (h) If a final judgment for the payment of money in excess (i.e., payment of $1 million shall taxes, insurance premiums, or other amounts required to be rendered against paid hereunder); (f) any breach by Borrower of any other agreement between Borrower, andand Lender or the City of Monticello, within 60 days after the entry thereof, such judgment shall not have been discharged or execution thereof stayed pending appeal, or if, within 60 days after the expiration of any such stay, such judgment shall not have been dischargedMinnesota. (i) If an event of default with respect to Borrower shall have occurred under any securities lending arrangement between Borrower and BGI, as trustee or agent for any of its trust or agency accounts.

Event of Default by Borrower. All outstanding loans of Securities between Lender and Borrower shall be terminated immediately upon the happening of any one or more of the following events and without any notice by Lender: (a) If Borrower fails to deliver Securities to Lender on the date for return of Securities as provided in paragraph 5 hereof. (b) If Borrower shall fail to deliver (i) the initial Collateral or Letter of Credit required by paragraph 2 or 3 hereof, (ii) any additional Collateral or amendment to a Letter of Credit as required by paragraph 4 hereof, or (iii) a new or extended Letter of Credit, in form and substance satisfactory to Lender, or other substitute Collateral acceptable to Lender, not later than 10:30 a.m. New York time on the tenth business day before the expiration date of any Letter of Credit. (c) If Borrower shall fail to pay the amount of any interest, dividend or other distribution as required by paragraph 6 hereof. (d) If Borrower shall fail to substitute Collateral consisting of cash for a Letter of Credit as required by paragraph 3 hereof. (e) If Borrower shall fail to conform or comply with any other provision hereof and such failure shall continue for more than five days after notice from Lender. (f) If Borrower, or any affiliate of Borrower, or any bank which has issued a Letter of Credit as Collateral under this Agreement (“"Issuing Bank”") shall make a general assignment for the benefit of creditors, or shall admit in writing to its inability to pay its debts as they become due, or shall file a petition in bankruptcy or shall be adjudicated as bankrupt or insolvent, or shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall seek consent to or acquiesce in the appointment of any trustee, receiver or liquidator of it or any material part of its property. (g) If Borrower, or any affiliate of Borrower, shall have been suspended or expelled from membership or participation in any national securities exchange or association or other self-regulatory organization or if it is suspended from dealing in securities by any governmental agency or if any petition is filed against Borrower, or any affiliate of Borrower, or an Issuing Bank in any court or before any agency alleging the bankruptcy or insolvency of Borrower, or any affiliate of Borrower, or an Issuing Bank, or seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or the appointment of a receiver or trustee of all- all or a portion of the Borrower’s 's property, the property of any affiliate of Borrower or the property of an Issuing Bank. (h) If a final judgment for the payment of money in excess of $1 million shall be rendered against Borrower, and, within 60 days after the entry thereof, such judgment shall not have been discharged or execution thereof stayed pending appeal, or if, within 60 days after the expiration of any such stay, such judgment shall not have been discharged. (i) If an event of default with respect to Borrower shall have occurred under any securities lending arrangement between Borrower and BGI, as trustee or agent for any of its trust or agency accounts.

Event of Default by Borrower. All outstanding loans of Securities between Lender and Borrower The following shall be terminated immediately upon Events of Default under this Agreement, subject to any cure or grace periods contained in the happening of any one or more of the following events and without any notice by LenderLoan Documents: (a) If Borrower fails failure to deliver Securities to Lender pay any principal or interest on the date for return of Securities as provided in paragraph 5 hereof.Loan when due; (b) If any material representation or warranty made by Borrower shall fail to deliver (i) the initial Collateral herein or Letter of Credit required by paragraph 2 or 3 hereofin any document, (ii) any additional Collateral or amendment to a Letter of Credit as required by paragraph 4 hereofinstrument, or (iii) a new or extended Letter of Creditcertificate given in connection with this Agreement, in form and substance satisfactory to Lenderthe Note, or other substitute Collateral acceptable to Lender, not later than 10:30 a.m. New York time on the tenth business day before Mortgage (the expiration date of any Letter of Credit.“Loan Documents”) which is materially false when made; (c) If Borrower shall fail fails to pay the amount of any interestits debts as they become due, dividend or other distribution as required by paragraph 6 hereof. (d) If Borrower shall fail to substitute Collateral consisting of cash for a Letter of Credit as required by paragraph 3 hereof. (e) If Borrower shall fail to conform or comply with any other provision hereof and such failure shall continue for more than five days after notice from Lender. (f) If Borrower, or any affiliate of Borrower, or any bank which has issued a Letter of Credit as Collateral under this Agreement (“Issuing Bank”) shall make a general makes an assignment for the benefit of its creditors, or shall admit admits in writing to its inability to pay its debts as they become due, or shall file files a petition under any chapter of the Federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing, becomes "insolvent" as that term is generally defined under the Federal Bankruptcy Code, files an answer admitting insolvency or inability to pay its debts as they become due in any involuntary bankruptcy case commenced against it, or shall fails to obtain a dismissal of such case within thirty (30) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be adjudicated as the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or shall file has a petition seeking custodian, trustee, or receiver appointed for, or has any court take jurisdiction of its property, or any part thereof, in any proceeding for the purpose of reorganization, arrangement, compositiondissolution, readjustment, or liquidation, dissolution or similar relief under any present or future statuteand such custodian, law or regulationtrustee, or shall seek receiver is not discharged, or such jurisdiction is not relinquished, vacated, or stayed within thirty (30) days of the appointment; (d) a garnishment summons or writ of attachment is issued against or served upon Lender for the attachment of any property of Borrower in Lender's possession or any indebtedness owing to Borrower, unless appropriate papers are filed by Borrower contesting the same within thirty (30) days after the date of such service or such shorter period of time as may be reasonable in the circumstances; (e) Borrower breaches or fails to perform any other term or condition of this Agreement not specifically described as an Event of Default in this Agreement and such breach or failure continues for a period of thirty (30) days after Lender has given written notice to Borrower specifying such default or breach, unless Lender agrees in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, Lender will not unreasonably withhold its consent to an extension of such time if corrective action is instituted by Borrower within the applicable period and is being diligently pursued until the Default is corrected, but no such extension shall be given for an Event of Default that can be cured by the payment of money (i.e., payment of taxes, insurance premiums, or acquiesce in other amounts required to be paid hereunder); (f) Borrower fails to perform any requirement under the appointment of any trustee, receiver or liquidator of it or any material part of its property.Grant Agreement; or (g) If Borrowerany breach by Borrower of any other agreement between Borrower and Lender and/or the City of Roseville. Notwithstanding anything to the contrary in the Loan Documents, or the limited partner of the Borrower ( “Investor”) shall have the right, but not the obligation, to cure any affiliate default of Borrower, and Lender agrees to accept cures tendered by Investor as follows: (i) with respect to any monetary default, Lender shall notify Investor in writing of such monetary default, and Investor shall have been suspended ten (10) days after the receipt of such notice of such monetary default to cure such monetary default; and (ii) with respect to any non-monetary default, Lender shall notify Investor in writing of such non-monetary default, and Investor shall have thirty (30) days after the receipt of such notice of such non-monetary default to cure such non-monetary default; provided, however, that if such non-monetary default cannot be cured within such thirty- (30-) day cure period, then Lender shall permit additional time to cure such non-monetary default as long as Investor is diligently pursuing such cure. Notwithstanding anything to the contrary contained in the Loan Documents, the following transfers of interests in Borrower (or expelled from membership in the interests of the members of Borrower) shall be expressly permitted under the Loan Documents, and shall not be deemed an Event of Default or participation in trigger any national securities exchange or association due on sale or other self-regulatory organization similar provisions in the Loan Documents: (a) the sale, transfer, conveyance or if it is suspended from dealing in securities by pledge of the Investor’s or of any governmental agency or if any petition is filed against Borrower, or any affiliate of Borrower, or an Issuing Bank in any court or before any agency alleging the bankruptcy or insolvency of Borrower, or any affiliate of Borrower, or an Issuing Bank, or seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or the appointment of a receiver or trustee of all- or a portion limited partner of the Borrower’s property(“Special Limited Partner”) interest in Borrower; (b) the sale, the property transfer, conveyance or pledge of any affiliate interests within the Investor or Special Limited Partner; (c) the removal of the general partner of Borrower for cause under the terms of the Borrower’s then current partnership agreement and the admission of a new or additional substitute general partner; and (d) any amendment to the property of an Issuing Bankoperating agreement evidencing the transfers described above. (h) If a final judgment for the payment of money in excess of $1 million shall be rendered against Borrower, and, within 60 days after the entry thereof, such judgment shall not have been discharged or execution thereof stayed pending appeal, or if, within 60 days after the expiration of any such stay, such judgment shall not have been discharged. (i) If an event of default with respect to Borrower shall have occurred under any securities lending arrangement between Borrower and BGI, as trustee or agent for any of its trust or agency accounts.

Event of Default by Borrower. All outstanding loans of Securities between Lender and Borrower shall be terminated immediately upon the happening of any one or more of the following events and without any notice by Lender: (a) If Borrower fails to deliver Securities to Lender on the date for return of Securities as provided in paragraph 5 hereof. (b) If Borrower shall fail to deliver (i) the initial Collateral or Letter of Credit required by paragraph 2 or 3 hereof, hereof (ii) any additional Collateral or amendment to a Letter of Credit as required by paragraph 4 hereof, or (iii) a new or extended Letter of Credit, in form and substance satisfactory to Lender, or other substitute Collateral acceptable to Lender, not later than 10:30 a.m. New York time on the tenth business day U.S. Business Day before the expiration date of any Letter of Credit. (c) If Borrower shall fail to pay the amount of any interest, dividend or other distribution as required by paragraph 6 hereof. (d) If Borrower shall fail to substitute Collateral consisting of cash for a Letter of Credit as required by paragraph 3 hereof. (e) If Borrower shall fail to conform or comply with any other provision hereof and such failure shall continue for more than five days after notice from Lender. (f) If Borrower, or any affiliate of Borrower, or any bank which has issued a Letter of Credit as Collateral under this Agreement (“Issuing Bank”) shall make a general assignment for the benefit of creditors, or shall admit in writing to its inability to pay its debts as they become due, or shall file a petition in bankruptcy or shall be adjudicated as bankrupt or insolvent, or shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall seek seek, consent to or acquiesce in the appointment of any trustee, receiver or liquidator of for it or all or any material part of its property. (g) If Borrower, or any affiliate of Borrower, shall have been suspended or expelled from membership or participation in any national securities exchange or association or other self-regulatory organization or if it is suspended from dealing in securities by any governmental agency or if any petition is filed against Borrower, or any affiliate of Borrower, or an Issuing Bank in any court or before any agency alleging the bankruptcy or insolvency of Borrower, or any affiliate of Borrower, or an Issuing Bank, or seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or the appointment of a receiver or trustee of all- all or a portion of the Borrower’s property, the property of any affiliate of Borrower or the property of an Issuing Bank. (h) If a final judgment for the payment of money in excess of $1 million shall be rendered against Borrower, and, within 60 days after the then entry thereof, such judgment shall not have been discharged or execution thereof stayed pending appeal, or if, within 60 days after the expiration of any such stay, such judgment shall not have been discharged. (i) If an event of default with respect to Borrower shall have occurred under any securities lending arrangement between Borrower and BGI, as trustee or agent for any of its trust or agency accounts.