Common use of Waiver of Event of Default Clause in Contracts

Waiver of Event of Default. Upon the happening of an Event of Default: (a) the Holders of Subordinate Secured Notes then outstanding with respect to which an Event of Default shall have occurred and be continuing, pursuant to an Extraordinary Resolution shall have the power, exercisable by requisition in writing, to instruct the Trustee to waive such Event of Default and to cancel any declaration made by the Trustee pursuant to Section 9.3, and the Trustee shall thereupon waive such Event of Default or cancel such declaration upon such terms and conditions as shall be prescribed in such requisition; and (b) the Trustee, so long as it has not become bound to declare the principal and interest on the Subordinate Secured Notes then outstanding to be due and payable, or to obtain or enforce payment thereof, shall have the power to waive any Event of Default which has been remedied or cured or in respect of which, in the opinion of the Trustee, relying, if necessary on the opinion of Trustee's Counsel or other expert, adequate satisfaction has been made. No delay or omission of the Trustee or of the Noteholders in exercising any right or power accruing upon the occurrence of an Event of Default shall impair any such right or power or shall be construed to be a waiver of such Event of Default or acquiescence therein, and no act or omission, either of the Trustee or of the Noteholders, shall extend to or be taken in any manner whatsoever to affect any subsequent Event of Default or the rights resulting therefrom.

Waiver of Event of Default. (a) Upon the happening of an any Event of DefaultDefault hereunder: (ai) the Holders of Subordinate Secured Notes then outstanding with respect to which an Event of Default shall have occurred and be continuing, pursuant to an Extraordinary Resolution Debentureholders shall have the power, exercisable power by requisition in writingwriting by the holders of not less than a majority in principal amount of Debentures then outstanding (provided that, for so long as a member of the MMCAP Group is then a Debentureholder, to be valid, such requisition must be executed by a member of the MMCAP Group that is a Debentureholder) or by Ordinary Resolution of Debentureholders at a meeting held in accordance with Article 12, to instruct the Trustee to waive such any Event of Default and to cancel Default, except a default in the payment of the principal of, or premium, if any, or interest on any declaration made by Debentures, or in respect of a covenant or provision hereof that under this Indenture cannot be modified or amended without the Trustee pursuant to Section 9.3consent of the holder of each outstanding Debenture affected, and the Trustee shall thereupon waive such the Event of Default or cancel such declaration Default, upon such terms and conditions as shall be prescribed in such requisition; and (bii) the Trustee, so long as it has not become bound to declare the principal and interest on the Subordinate Secured Notes Debentures then outstanding to be due and payable, or to obtain or enforce payment thereofof the same, shall have the power to waive any Event of Default which has been remedied or cured or in respect of whichif, in the opinion of Trustee’s opinion, the Trustee, relying, if necessary on the opinion of Trustee's Counsel same shall have been cured or other expert, adequate satisfaction has been made. made therefor, and in such event to cancel any such declaration theretofore made by the Trustee in the exercise of its discretion, upon such terms and conditions as the Trustee may deem advisable. (b) No delay such act or omission of the Trustee or of the Noteholders in exercising any right or power accruing upon the occurrence of an Event of Default shall impair any such right or power or shall be construed to be a waiver of such Event of Default or acquiescence therein, and no act or omission, by either of the Trustee or of the Noteholders, Debentureholders shall extend to or be taken in any manner whatsoever to affect any subsequent Event of Default or the rights resulting therefrom.

Waiver of Event of Default. Upon the happening of an Event of Default: (a) the Holders of Subordinate Secured Notes Debentures then outstanding with respect to which an Event of Default shall have occurred and be continuing, pursuant to an Extraordinary Resolution shall have the power, exercisable by requisition in writing, to instruct the Trustee to waive such Event of Default and to cancel any declaration made by the Trustee pursuant to Section 9.3Default, and the Trustee shall thereupon waive such Event of Default or cancel such declaration upon such terms and conditions as shall be prescribed in such requisition; and (b) the Trustee, so long as it has not become bound to declare the principal of, Premium, if any, and interest on on, the Subordinate Secured Notes then outstanding Debentures to be due and payable, or to obtain or enforce payment thereof, shall have the power to waive any Event of Default which has been remedied or cured or in respect of which, in the opinion of the Trustee, relying, if necessary on the opinion of Trustee's Trustee Counsel or other expert, adequate satisfaction has been made. No delay or omission of the Trustee or of the Noteholders Debentureholders in exercising any right or power accruing upon the occurrence of an Event of Default shall impair any such right or power or shall be construed to be a waiver of such Event of Default or acquiescence therein, and no act or omission, either of the Trustee or of the NoteholdersDebentureholders, shall extend to or be taken in any manner whatsoever to affect any subsequent Event of Default or the rights resulting therefrom.

Waiver of Event of Default. Upon the happening of an Event of Default: (a) the Holders of Subordinate Secured a Series of Notes then outstanding with respect to which an Event of Default shall have occurred and be continuing, pursuant to an Extraordinary Resolution (or, in the case of an Event of Default relating to a failure to make payment of principal or a covenant or provision hereof which pursuant to Section 9.11 hereof cannot be modified or amended without the consent of the Holder of each outstanding Note affected, with the consent of the Holder of each outstanding Note of the Series) shall have the power, exercisable by requisition in writing, to instruct the Trustee to waive such Event of Default with respect to such Series and to cancel any declaration with respect to such Series made by the Trustee pursuant to Section 9.37.3, and the Trustee shall thereupon waive such Event of Default with respect to such Series or cancel such declaration with respect to such Series upon such terms and conditions as shall be prescribed in such requisition; and (b) the Trustee, so long as it has not become bound to declare the principal of and Premium and interest on the Subordinate Secured Notes then outstanding to be due and payable, or to obtain or enforce payment thereof, shall have the power to waive any Event of Default which has been remedied or cured or in respect of which, in the opinion of the Trustee, relying, if necessary on the opinion of Trustee's Counsel or other expert, adequate satisfaction has been made. No delay or omission of the Trustee or of the Noteholders in exercising any right or power accruing upon the occurrence of an Event of Default shall impair any such right or power or shall be construed to be a waiver of such Event of Default or acquiescence therein, and no act or omission, either of the Trustee or of the Noteholders, shall extend to or be taken in any manner whatsoever to affect any subsequent Event of Default or the rights resulting therefrom.

Waiver of Event of Default. Upon the happening of an Event of Default: (a) Default which is continuing, the Holders of Subordinate Secured Notes then outstanding not less than 66 2/3% of the principal amount of the Series of Debentures with respect to which an Event of Default shall have occurred and be continuing, continuing (or not less than 100% in the case of a failure to make payment of principal or in respect of a covenant or provision hereof which pursuant to an Extraordinary Resolution Section 11.11 hereof cannot be modified or amended without the consent of the holder of each outstanding Debenture affected) shall have the power, exercisable by requisition in writing, to instruct the Trustee Trustees to waive such Event of Default and to cancel any declaration made by the either Trustee pursuant to Section 9.38.3, and the Trustee Trustees shall thereupon waive such Event of Default or cancel such declaration upon such terms and conditions as shall be prescribed in such requisition; and (b) the Trustee, so long as it has not become bound to declare the principal and interest on the Subordinate Secured Notes then outstanding to be due and payable, or to obtain or enforce payment thereof, shall have the power to waive any Event of Default which has been remedied or cured or in respect of which, in the opinion of the Trustee, relying, if necessary on the opinion of Trustee's Counsel or other expert, adequate satisfaction has been made. No delay or omission of the Trustee Trustees or of the Noteholders Debentureholders in exercising any right or power accruing upon the occurrence of an Event of Default shall impair any such right or power or shall be construed to be a waiver of such Event of Default or acquiescence therein, and no act or omission, either of the Trustee Trustees or of the NoteholdersDebentureholders, shall extend to or be taken in any manner whatsoever to affect any subsequent Event of Default or the rights resulting therefrom.

Waiver of Event of Default. Upon the happening occurrence of an Event of Default: (a) , the Holders holders of Subordinate Secured the Notes then outstanding with respect to which an Event of Default shall have occurred and be continuing, pursuant to an power by Extraordinary Resolution shall have the power, exercisable by requisition in writing, writing to instruct the Trustee to waive such Event of Default and to cancel any declaration made by the Trustee pursuant to Section 9.38.3, and the Trustee shall thereupon waive such the Event of Default or cancel such declaration upon such terms and conditions as shall be prescribed in such requisition; and (b) Extraordinary Resolution, provided that, notwithstanding the Trusteeforegoing, so long as it has not become bound to declare if the principal and interest on the Subordinate Secured Notes then outstanding to be due and payable, or to obtain or enforce payment thereof, shall have the power to waive any Event of Default which has been remedied or cured or in respect of which, in the opinion occurred by reason of the Trusteenon-observance or non-performance by the Issuer of any covenant applicable only to one or more particular Series of Notes, relyingthen the Noteholders of the outstanding Notes of that Series or those Series, as the case may be, shall be entitled by Extraordinary Resolution (or by separate Extraordinary Resolutions if more than one Series of Notes is so affected) to exercise the foregoing power as if the Notes of that Series or those Series, as the case may be, were the only Notes outstanding hereunder and the Trustee shall act in accordance with the instructions set out in any such Extraordinary Resolutions and it shall not be necessary on to obtain a waiver from the opinion Noteholders of Trustee's Counsel or any other expert, adequate satisfaction has been madeSeries of Notes. No delay or omission of the Trustee or of the Noteholders holders in exercising any right or power accruing upon the occurrence of an any Event of Default shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or acquiescence therein, and no act or omission, either of the Trustee or of the Noteholdersholders, shall extend to or be taken in any manner whatsoever to affect any subsequent Event of Default or the rights resulting therefrom. The Trustee, so long as it has not become bound to institute any proceedings hereunder, shall have power to waive the default as the Trustee shall determine, in its discretion, if, in the Trustee's opinion, relying on the advice of Counsel, the same shall have been cured or adequate satisfaction made therefor, and in such event to cancel any such declaration or demand theretofore made by the Trustee in the exercise of its discretion, upon such terms and conditions as the Trustee may deem advisable.

Waiver of Event of Default. Upon the happening of an Event of Default: (a) the Holders of Subordinate Secured Notes then outstanding with respect to which an Event of Default shall have occurred and be continuing, pursuant to an Extraordinary Resolution shall have the power, exercisable by requisition in writing, to instruct the Trustee to waive such Event of Default and to cancel any declaration made by the Trustee pursuant to Section 9.3, and the Trustee shall thereupon waive such Event of Default or cancel such declaration upon such terms and conditions as shall be prescribed in such requisition; and (b) the Trustee, so long as it has not become bound to declare the principal and interest on the Subordinate Secured Notes then outstanding to be due and payable, or to obtain or enforce payment thereof, shall have the power to waive any Event of Default which has been remedied or cured or in respect of which, in the opinion of the Trustee, relying, if necessary on the opinion of Trustee's Counsel or other expert, adequate satisfaction has been made. No delay or omission of the Trustee or Trustee, of any Holder of the Noteholders in exercising Bonds or, if provided by Supplemental Indenture, any Credit Provider to exercise any right or power accruing upon the occurrence of an any Event of Default shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein. Every power and remedy given by this Article to the Trustee, and no act or omission, either the Holders of the Trustee Bonds and, if provided by Supplemental Indenture, any Credit Provider, respectively, may be exercised from time to time and as often as may be deemed expedient by them. (b) The Trustee, with the written consent of any Credit Provider, if provided by Supplemental Indenture (provided, however, that such Credit Provider’s consent may be required only in connection with an Event of Default on a Series of Bonds with respect to which such Credit Provider is providing a Credit Facility), may waive any Event of Default with respect to the Bonds, that in its opinion, shall have been remedied at any time, regardless of whether any suit, action or proceeding has been instituted, before the entry of final judgment or decree in any suit, action or proceeding instituted by it under the provisions hereof, or before the completion of the Noteholdersenforcement of any other remedy hereunder. (c) Notwithstanding anything contained herein to the contrary, the Trustee, upon the written request of (i) the Credit Provider, if any, if provided by a Supplemental Indenture, with respect to an Event of Default which applies only to the related Series of Bonds, (ii) Holders of at least a majority of the aggregate principal amount of Bonds of a Series then Outstanding with respect to any Event of Default which applies only to such Series, with the consent of the applicable Credit Provider, if any, if provided by a Supplemental Indenture or (iii) Holders of at least a majority of the aggregate principal amount of Bonds then Outstanding with respect to any Event of Default which applies to all Bonds, shall waive any such Event of Default hereunder and its consequences; provided, however, that a default in the payment of the principal amount of, premium, if any, or interest on any such Bond, when the same shall become due and payable by the terms thereof or upon call for redemption, may not be waived without the written consent of the Holders of all the Bonds then Outstanding of such Series to which an Event of Default applies and any consent of the applicable Credit Provider, if any, if provided by a Supplemental Indenture. (d) In case of any waiver by the Trustee of an Event of Default hereunder, the Airports Authority, the Trustee, the Bondholders and, if provided by a Supplemental Indenture, the Credit Provider shall be restored to their former positions and rights hereunder, respectively, but no such waiver shall extend to or be taken in any manner whatsoever to affect any subsequent or other Event of Default or the rights resulting therefromimpair any right consequent thereon. The Trustee shall not be responsible to any one for waiving or refraining from waiving any Event of Default in accordance with this Section.