Common use of Remedies on Events of Default Clause in Contracts

Remedies on Events of Default. (a) Upon the occurrence of an Event of Default and the giving of satisfactory indemnification under Section 701, the Trustee may proceed to pursue any available remedy to enforce the payment of the principal of, premium, if any, and interest on the Bonds then outstanding, including, without limitation, mandamus and as the holder of First Mortgage Bonds, if any. (b) Upon the happening and continuance of any Event of Default, then and in every case the Trustee may proceed, and upon the written request of the holders of not less than 25% in aggregate principal amount of the Bonds then outstanding and the giving of satisfactory indemnification under Section 701 shall proceed, to protect and enforce its rights, and by suits, actions or special proceedings in equity or at law, or by proceedings in the office of any board or officer having jurisdiction, whether for the specific performance of any covenant or agreement contained in this Agreement or in aid of the execution of any power granted herein or for the enforcement of any legal or equitable right or remedy as the Trustee, being advised by Counsel, shall deem most effectual to protect and enforce such rights or to perform any of its duties under this Agreement. (c) If an Event of Default shall have occurred, and if requested to do so by the holders of not less than 25% in aggregate principal amount of the Bonds then outstanding and satisfactorily indemnified, the Trustee shall be obligated to exercise such one or more of the rights and powers conferred by this section and by Section 902 and 905 as the Trustee, being advised by Counsel, shall deem most expedient in the interest of the Bondowners. (d) No remedy by the terms of this Agreement conferred upon or reserved to the Trustee (or to the Bondowners) is intended to be exclusive of any other remedy, but each and every remedy shall be cumulative and shall be in addition to any other remedy given to the Trustee or to the Bondowners hereunder or now or hereafter existing by law. (e) No delay or omission to exercise any right or power accruing upon any default or Event of Default shall impair any such right or power or shall be construed to be a waiver of any such default or Event of Default or acquiescence therein; and every such right and power may be exercised from time to time and as often as may be deemed expedient. (f) No waiver of any default or Event of Default hereunder, whether by the Trustee or by the Bondowners, shall extend to or shall affect any subsequent default or Event of Default or shall impair any rights or remedies consequent thereon.

Remedies on Events of Default. (a) Upon the occurrence of an Whenever any Event of Default and the giving of satisfactory indemnification under referred to in Section 701, the Trustee may proceed to pursue any available remedy to enforce the payment of the principal of, premium, if any, and interest on the Bonds then outstanding, including, without limitation, mandamus and as the holder of First Mortgage Bonds, if any. (b) Upon the happening and continuance of any Event of Default, then and in every case the Trustee may proceed, and upon the written request of the holders of not less than 25% in aggregate principal amount of the Bonds then outstanding and the giving of satisfactory indemnification under Section 701 shall proceed, to protect and enforce its rights, and by suits, actions or special proceedings in equity or at law, or by proceedings in the office of any board or officer having jurisdiction, whether for the specific performance of any covenant or agreement contained in this Agreement or in aid of the execution of any power granted herein or for the enforcement of any legal or equitable right or remedy as the Trustee, being advised by Counsel, shall deem most effectual to protect and enforce such rights or to perform any of its duties under this Agreement. (c) If an Event of Default 6.1 hereof shall have occurredhappened and be subsisting, and if requested to do so by the holders of not less than 25% in aggregate principal amount of the Bonds then outstanding and satisfactorily indemnified, the Trustee shall be obligated to exercise such any one or more of the rights and powers conferred by this section and by following remedial steps may be taken; provided, however, that if an Event of Default under subsection b of Section 902 and 905 6.1 occurs as a result of the failure to observe or perform any covenants or (a) The Issuer or the Trustee may, or the Trustee, being advised by Counselunder the circumstances provided in Section 8.02 of the Indenture, shall deem most expedient be obligated to, declare, as the case may be, all unpaid amounts payable pursuant to Sections 4.1 or 4.3 of this Agreement to be immediately due and payable, whereupon the same shall become immediately due and payable; (b) The Issuer may at its option, or the Trustee, as provided in the interest Section 8.03 of the Bondowners.Indenture, may at its option take or shall be obligated to take, as the case may be, whatever action at law or in equity may appear necessary or desirable to collect the amounts then due and thereafter to become due; (c) The Issuer or the Trustee may take whatever action at law or in equity may appear necessary or desirable to enforce performance and observance of any obligation, agreement or covenant of the Company under this Agreement; and (d) No remedy by In the terms event any of the Bonds shall at the time be outstanding and unpaid, the Issuer or the Trustee may have access to and inspect, examine and make copies of the books and records and any and all accounts and data of the Company as the Issuer may reasonably request but only, however, in so far as they pertain to the Facilities. Any amounts collected pursuant to action taken under this Section 6.2 shall be paid into the Bond Fund and applied in accordance with the provisions of the Indenture or, if the Bonds have been fully paid (or provision for payment thereof has been made) in accordance with the provisions of the Indenture, and all reasonable fees, charges and expenses of the Trustee and paying agents provided for herein have been paid, shall be paid to the Company; provided, however, that any such amounts which do not represent payments which the Company is required to make pursuant to Sections 4.1 or 4.3 of this Agreement conferred upon or reserved shall be paid to the Trustee (or party to the Bondowners) is intended to be exclusive of any other remedy, but each and every remedy shall be cumulative and shall be in addition to any other remedy given to the Trustee or to the Bondowners hereunder or now or hereafter existing by lawwhom such amounts are owed. (e) No delay or omission to exercise any right or power accruing upon any default or Event of Default shall impair any such right or power or shall be construed to be a waiver of any such default or Event of Default or acquiescence therein; and every such right and power may be exercised from time to time and as often as may be deemed expedient. (f) No waiver of any default or Event of Default hereunder, whether by the Trustee or by the Bondowners, shall extend to or shall affect any subsequent default or Event of Default or shall impair any rights or remedies consequent thereon.

Remedies on Events of Default. (a) Upon the occurrence of an Whenever any Event of Default and the giving of satisfactory indemnification under referred to in Section 701, the Trustee may proceed to pursue any available remedy to enforce the payment of the principal of, premium, if any, and interest on the Bonds then outstanding, including, without limitation, mandamus and as the holder of First Mortgage Bonds, if any. (b) Upon the happening and continuance of any Event of Default, then and in every case the Trustee may proceed, and upon the written request of the holders of not less than 25% in aggregate principal amount of the Bonds then outstanding and the giving of satisfactory indemnification under Section 701 shall proceed, to protect and enforce its rights, and by suits, actions or special proceedings in equity or at law, or by proceedings in the office of any board or officer having jurisdiction, whether for the specific performance of any covenant or agreement contained in this Agreement or in aid of the execution of any power granted herein or for the enforcement of any legal or equitable right or remedy as the Trustee, being advised by Counsel, shall deem most effectual to protect and enforce such rights or to perform any of its duties under this Agreement. (c) If an Event of Default 6.1 shall have occurredhappened and be subsisting, and if requested to do so by the holders of not less than 25% in aggregate principal amount of the Bonds then outstanding and satisfactorily indemnified, the Trustee shall be obligated to exercise such any one or more of the rights following remedial steps may be taken; provided, however, that if an Event of Default under subsection (b) of Section 6.1 occurs as a result of the failure to observe or perform any covenants or agreements under Section 5.5. the remedies of the Issuer and powers conferred by the Trustee shall be limited to those provided in subsections (c) and (d) of this section and by Section 902 and 905 as 6.2: (a) the Issuer or the Trustee may, or the Trustee, being advised by Counselunder the circumstances provided in Section 1102 of the Indenture, shall deem most expedient be obligated to, declare as the case may, be, all unpaid amounts payable pursuant to Section 4.1 or 4.3 of this Agreement to be immediately due and payable, whereupon the same shall become immediately due and payable; (b) the Issuer may at its options, or the Trustee, as provided in the interest Section 1103 of the Bondowners.Indenture, may at its option take or shall be obligated to take, as the case may be, whatever action at law or in equity may appear necessary or desirable to collect the amounts then due and thereafter to become due; (c) the Issuer or the Trustee may take whatever action at law or in equity may appear necessary or desirable to enforce performance and observance of any obligation, agreement or covenant of the Company under this Agreement; and (d) No remedy by in the terms event any of the Bonds shall at the time be outstanding and unpaid, the Issuer or the Trustee may have access to and inspect examine and make copies of the books and records and any and all accounts and data of the Company as the Issuer may reasonably request but only, however, insofar as they pertain to the Facilities. Any amounts collected pursuant to action taken under this Section 6.2 shall be paid into the Bond Fund and applied in accordance with the provisions of the Indenture or, if the Bonds have been fully paid (or provision for payment thereof has been made in accordance with the provisions of the Indenture), and all reasonable fees, charges and expenses of the Trustee and Paying Agents provided for herein have been paid, shall be paid to the Bank to the extent that any moneys are owed to the Bank pursuant to the Letter of Credit Agreement and, otherwise, to the Company; provided, however, that any such amounts which do not represent payments which the Company is required to make pursuant to Section 4.1 or 4.3 of this Agreement conferred upon or reserved shall be paid to the Trustee (or party to whom such amounts are owed. Notwithstanding the Bondowners) is intended to be exclusive foregoing, in the event the Bank has fully funded the Letter of any other remedyCredit, but each and every remedy shall be cumulative and shall be in addition to any other remedy given to neither the Issuer nor the Trustee or to the Bondowners hereunder or now or hereafter existing by law. (e) No delay or omission to exercise shall have any right or power accruing upon any default or Event of Default shall impair any such right or power or shall be construed to be a waiver of any such default or Event of Default or acquiescence therein; pursue remedies under subsections (b) and every such right and power may be exercised from time to time and as often as may be deemed expedient(c) above. (f) No waiver of any default or Event of Default hereunder, whether by the Trustee or by the Bondowners, shall extend to or shall affect any subsequent default or Event of Default or shall impair any rights or remedies consequent thereon.

Remedies on Events of Default. (a) Upon the occurrence of an Whenever any Event of Default and the giving of satisfactory indemnification under referred to in Section 701, the Trustee may proceed to pursue any available remedy to enforce the payment of the principal of, premium, if any, and interest on the Bonds then outstanding, including, without limitation, mandamus and as the holder of First Mortgage Bonds, if any. (b) Upon the happening and continuance of any Event of Default, then and in every case the Trustee may proceed, and upon the written request of the holders of not less than 25% in aggregate principal amount of the Bonds then outstanding and the giving of satisfactory indemnification under Section 701 shall proceed, to protect and enforce its rights, and by suits, actions or special proceedings in equity or at law, or by proceedings in the office of any board or officer having jurisdiction, whether for the specific performance of any covenant or agreement contained in this Agreement or in aid of the execution of any power granted herein or for the enforcement of any legal or equitable right or remedy as the Trustee, being advised by Counsel, shall deem most effectual to protect and enforce such rights or to perform any of its duties under this Agreement. (c) If an Event of Default 6.1 shall have occurredhappened and be subsisting, and if requested to do so by the holders of not less than 25% in aggregate principal amount of the Bonds then outstanding and satisfactorily indemnified, the Trustee shall be obligated to exercise such any one or more of the rights following remedial steps may be taken; provided, however, that if an Event of Default under subsection (b) of Section 6.1 occurs as a result of the failure to observe or perform any covenants or agreements under Section 5.5, the remedies of the Issuer and powers conferred by the Trustee shall be limited to those provided in subsections (c) and (d) of this section and by Section 902 and 905 as 6.2: (a) the Issuer or the Trustee may, or the Trustee, being advised by Counselunder the circumstances provided in Section 1102 of the Indenture, shall deem most expedient be obligated to, declare, as the case may be, all unpaid amounts payable pursuant to Section 4.1 or 4.3 of this Agreement to be immediately due and payable, whereupon the same shall become immediately due and payable; (b) the Issuer may at its option, or the Trustee, as provided in the interest Section 1103 of the Bondowners.Indenture, may at its option take or shall be obligated to take, as the case may be, whatever action at law or in equity may appear necessary or desirable to collect the amounts then due and thereafter to become due; (c) the Issuer or the Trustee may take whatever action at law, or in equity may appear necessary or desirable to enforce performance and observance of any obligation, agreement or covenant of the Company under this Agreement; and (d) No remedy by in the terms event any of the Bonds shall at the time be outstanding and unpaid, the Issuer or the Trustee may have access to and inspect, examine and make copies of the books and records and any and all accounts and data of the Company as the Issuer may reasonably request but only, however, insofar as they pertain to the Facilities. Any amounts collected pursuant to action taken under this Section 6.2 shall be paid into the Bond Fund and applied in accordance with the provisions of the Indenture or, if the Bonds have been fully paid (or provision for payment thereof has been made in accordance with the provisions of the Indenture), and all reasonable fees, charges and expenses of the Trustee and Paying Agents provided for herein have been paid, shall be paid to the Bank to the extent that any moneys are owed to the Bank pursuant to the Letter of Credit Agreement and, otherwise, to the Company; provided, however, that any such amounts which do not represent payments which the Company is required to make pursuant to Section 4.1 or 4.3 of this Agreement conferred upon or reserved shall be paid to the Trustee (or party to whom such amounts are owed. Notwithstanding the Bondowners) is intended to be exclusive foregoing, in the event the Bank has fully funded the Letter of any other remedyCredit, but each and every remedy shall be cumulative and shall be in addition to any other remedy given to neither the Issuer nor the Trustee or to the Bondowners hereunder or now or hereafter existing by law. (e) No delay or omission to exercise shall have any right or power accruing upon any default or Event of Default shall impair any such right or power or shall be construed to be a waiver of any such default or Event of Default or acquiescence therein; pursue remedies under subsections (b) and every such right and power may be exercised from time to time and as often as may be deemed expedient(c) above. (f) No waiver of any default or Event of Default hereunder, whether by the Trustee or by the Bondowners, shall extend to or shall affect any subsequent default or Event of Default or shall impair any rights or remedies consequent thereon.

Remedies on Events of Default. (a) Upon the occurrence of an Event of Default and the giving of satisfactory indemnification under Section 701Default, the Trustee may proceed Purchaser will have the following rights and remedies: (a) Acceleration. The Purchaser or its assignee may, by written notice given to pursue any available remedy to enforce the payment other Parties, declare the principal amount of the Bond outstanding to be immediately due and payable and principal ofand interest thereon will become immediately due and payable; provided, premiumhowever, that the Purchaser or its assignee, by written notice to the other Parties, may annul such declaration and destroy its effects and waive any such default: (i) if anyall covenants, conditions and agreements with respect to which such default shall have been made shall be fully performed, (ii) all arrears shall have been paid on any installment of interest and principal which has been theretofore due, plus (to the extent permitted by law) interest thereon from the due dates, and interest on (iii) all reasonable charges and expenses of the Bonds then outstandingIssuer, includingthe Purchaser, without limitation, mandamus the Depositary and as their agents and counsel shall have been paid or provided for. Any such declaration that the holder Bond is due and payable will be deemed to be a redemption of First Mortgage Bonds, if any.the Bond; (b) Upon Suit for Judgment on the happening and continuance of any Event of Default, then and in every case the Trustee may proceed, and upon the written request of the holders of not less than 25% in aggregate principal amount of the Bonds then outstanding and the giving of satisfactory indemnification under Section 701 shall proceed, Bonds. The Purchaser will be entitled to protect and enforce its rights, and by suits, actions or special proceedings in equity or at law, or by proceedings in the office of any board or officer having jurisdiction, whether sue either for the specific performance enforcement of any covenant or agreement contained in this Agreement herein, or in aid any of the Bond Documents, or in and of the execution of any power herein granted herein and/or for and recover judgment, either before or after or during the pendency of any proceedings for the enforcement of the lien of this Indenture or for the enforcement of any legal or equitable right or remedy as of its rights, but any such judgment against the Trustee, being advised Issuer will be enforceable only against the funds and accounts related to and held under this Indenture for the Bonds. There will not be authorized any deficiency judgment against the Issuer. No recovery of any judgment by Counsel, shall deem most effectual to protect and enforce such rights the Purchaser will in any manner or to perform any extent affect the lien of its duties under this Agreement.Indenture or any rights, powers or remedies of the Purchaser hereunder, but such lien, rights, powers and remedies of the Purchaser will continue unimpaired; and (c) If an Event Enforcement of Default shall have occurredRights under Agreement. The Purchaser or its assignee may, and if requested to do so by the holders as assignee of not less than 25% in aggregate principal amount specified interests of the Bonds then outstanding and satisfactorily indemnifiedIssuer in the Agreement, enforce any remedy available to the Trustee shall be obligated to exercise such one or more Issuer under the Agreement (except the remedies of the rights Issuer pursuant to Section 8.3 of the Agreement) and powers conferred by this section and by Section 902 and 905 as the Trusteeunder any other lease, being advised by Counselsublease, shall deem most expedient license or other grant of a possessory or use interest in the interest of the Bondowners. (d) Project Property. No right or remedy by the terms of this Agreement conferred upon or reserved to the Trustee (or to the Bondowners) confirmed on any Party hereunder is intended to be exclusive of any other remedyright or remedy confirmed on such Party hereunder, but each and every such right or remedy shall will be cumulative and shall be in addition to any other remedy given to the Trustee or to the Bondowners hereunder or now or hereafter existing at law or in equity or by law. (e) No delay or omission to exercise any right or power accruing upon any default or Event statute; provided, that the remedy of Default shall impair any such right or power or shall be construed to be a waiver Purchaser in respect of any such default or an Event of Default or acquiescence therein; and every such right and power may other breach hereunder or any other Bond Document shall be exercised from time limited in all cases to time and as often as may be deemed expedientthose expressly provided in Section 902. (f) No waiver of any default or Event of Default hereunder, whether by the Trustee or by the Bondowners, shall extend to or shall affect any subsequent default or Event of Default or shall impair any rights or remedies consequent thereon.