Laserfiche WebLink
40 <br />Events of Default (Section 6.01) <br />Events of Default under the Loan Agreement include, among others, the <br />following events: the Company shall fail to pay when due the principal, <br />Redemption Price or purchase price of or interest on any Bond; the Company <br />shall fail to pay when due any other payment required to be paid under the <br />Loan Agreement which failure shall continue for a period of 30 days after <br />written notice; subject to force majeure, the Company shall fail to perform, <br />observe or comply with any other of the terms: covenants, conditions or <br />provisions contained in the Loan Agreement, which failure shall continue for a <br />period of 30 days after written notice; provided, however, that if the Company <br />or NHC shall proceed to take any curative action that, if begun and prosecuted <br />with duo diligence, cannot be completed within a period of 30 days, then such <br />period shall be increased to such extent as shall be necessary to enable the <br />Company or NHC to complete such curative action through the exercise of due <br />diligence; certain events of insolvency of the Company shall occur; the <br />Company shall default in the payment of the principal of and interest on any <br />evidence of indebtedness of the Company for borrowed money, or any event shall <br />occur under any indenture, agreement or other similar instrument under which <br />any indebtedness of the Company for borrowed money may be issued, which <br />default or event permits the acceleration of the maturity of such indebtedness <br />of the Company outstanding thereunder. <br />Notwithstanding the foregoing provisions, so long as the Credit <br />Facility Provider shall not have wrongfully failed to honor any demand for <br />funds under the Credit Facility, no Event of Default specified above shall be <br />deemed to have occurred unless and until the Credit Facility Provider shall <br />have given written notice to the Trustee of the occurrence of such Event of <br />Default. <br />Remedies (Section 6.02) <br />Upon the occurrence of an Event of Default and upon written notice <br />thereof to the Company and NHC, the Issuer or the Trustee, may (i) accelerate <br />the payment of the amounts payable under the Loan Agreement and all amounts <br />due under the Loan Agreement upon notice to the Company, whereupon the entire <br />unpaid amount payable under the Loan Agreement immediately shall become due <br />and payable without further demand upon the Company, and (ii) take any action <br />at law or in equity to collect the payments due and thereafter to become due, <br />or to enforce the performance and observance of any obligation, agreement or <br />covenant of the Company under the Loan Agreement. <br />Redemption of Bonds by voluntary Payment (Section 7.01) <br />Upon written notice to the Registrar and Paying Agent by the Company <br />and NHC, consented to in writing by the Credit Facility Provider if a Credit <br />Facility is in effect and the Credit Facility Provider has not wrongfully <br />failed to honor a demand for funds under the Credit Facility, which notice <br />-43- <br />