Laserfiche WebLink
provisions or definitions of the Master Resolution included in Schedule VI (Flow of Funds), <br />Schedule VII (Rate Covenant), Schedule VIII (Additional Bonds Test)or referenced in Section <br />1 (Definitions) at least thirty (30) days prior to the effective date thereof and (2) copies of fully <br />executed amendments of any Related Document within ten (10) days following execution thereof. <br />ARTICLE VI <br />EVENTS OF DEFAULT <br />Section 17.Events of Default and Remedies. <br />(a)An “Event of Default” shall exist under this Agreement if any of the <br />following occurs: <br />(i)Payment Default. The Borrower shall fail to pay any part of the <br />principal amount of or interest on the WIFIA Loan (including WIFIA Debt Service <br />required to have been paid pursuant to the provisions of Section 8 (Payment of Principal <br />and Interest)) when and as the payment thereof shall be required under this Agreement or <br />the WIFIA Bond or on the Final Maturity Date (each such failure, a “Payment Default”). <br />(ii)Covenant Default. The Borrower shall fail to observe or perform <br />any covenant, agreement or obligation of the Borrower under this Agreement, the WIFIA <br />Bond or any other WIFIA Loan Document (other than in the case of any Payment Default, <br />any Development Default or any failure to comply with the Rate Covenant), and such <br />failure shall not be cured within thirty (30) days after the earlier to occur of (A) receipt by <br />the Borrower from the WIFIA Lender of written notice thereof or (B) the Borrower’s <br />knowledge of such failure; provided, however, that if such failure is capable of cure but <br />cannot reasonably be cured within such thirty (30) day cure period, then no Event of <br />Default shall be deemed to have occurred or be continuing under this Section 17(a)(ii), and <br />such thirty (30) day cure period shall be extended by up to one hundred fifty (150) <br />additional days, if and so long as (x) within such thirty (30) day cure period the Borrower <br />shall commence actions reasonably designed to cure such failure and shall diligently pursue <br />such actions until such failure is cured and (y) such failure is cured within one hundred <br />eighty (180) days of the date specified in either (A) or (B) above, as applicable. <br />(iii)Misrepresentation Default. Any of the representations, warranties <br />or certifications of the Borrower made in or delivered pursuant to the WIFIA Loan <br />Documents (or in any certificates delivered by the Borrower in connection with the WIFIA <br />Loan Documents) shall prove to have been false or misleading in any material respect when <br />made or deemed made (or any representation and warranty that is subject to a materiality <br />qualifier shall prove to have been false or misleading in any respect); provided, that no <br />Event of Default shall be deemed to have occurred under this Section 17(a)(iii) if and so <br />long as (A) such misrepresentation is not intentional, (B) such misrepresentation is not a <br />misrepresentation in respect of Section 12(h) (Representations and Warranties of <br />Borrower – No Debarment), Section 12(j) (Representations and Warranties of Borrower <br />– Compliance with Laws), or Section 12(y) (Representation and Warranties of Borrower <br />– Patriot Act), (C) in the reasonable determination of the WIFIA Lender, such <br />50 <br /> <br />