Reduction of GABC Obligations in Event of Default Sample Clauses

Reduction of GABC Obligations in Event of Default. The GABC Obligations in respect of each Covered Contract are guaranteed, in accordance with the Restructuring Plan, by the respective PGA providing coverage for that Covered Contract. The GABC Obligations in respect of Uncovered Contracts are fully reinsured by a consortium of life insurance companies in accordance with Section 6.1 of the Restructuring Plan. The GABC Obligations in respect of Supplemental Benefits are fully reinsured by a consortium of life insurance companies in accordance with Section 6.1.2 of the Restructuring Plan. In the event of any default by any PGA, or by any member of the industry consortia, to make any payments necessary to continue payment of the respective GABC Obligations, which default is not cured within 180 days, GABC may reduce the benefit payments and its GABC Obligations related to all contracts impacted by the default. To the extent that any PGA uses a Long-Term Contingent Coverage PGA Note to fund any portion of its PGA Aggregate Contribution related to annuity benefits that the PGA has agreed to cover on a contingent basis pending resolution of whether the PGA has a legal obligation to cover such annuity benefits, and the principal and interest on such Long-Term Contingent Coverage PGA Note is reduced because it is determined such PGA does not have legal obligations for such annuity benefits, GABC may reduce the payments related to any such annuity benefits to the level they would have been if the annuity benefits had originally been determined to be Non-Covered Benefit Payments, further reduced proportionally to take into account any benefits in excess of the Non-Covered Benefit Payments received from GABC by the payee, except to the extent that any portion of such reduced principal is replaced by another PGA. If GABC makes such a reduction in benefit payments, the resulting benefit payments will become part of the Wrapped Obligations.
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Related to Reduction of GABC Obligations in Event of Default

  • Developer Event of Default Any of the following events shall constitute an event of default by the Developer ("Developer Event of Default") unless such event has occurred as a result of a Force Majeure Event or the Authority Event of Default or any governmental action for reasons other than any breach, default or lapse on the part of the Developer:

  • Termination due to Event of Default (a) Termination due to Parties Event of Default

  • Actions in Event of Breach Upon Contractor’s material breach, the Department may:  terminate this contract under Section 17.1 and pursue any of its remedies under this contract, at law, or in equity; or  treat this contract as materially breached and pursue any of its remedies under this contract, at law, or in equity. Upon the Department’s material breach, Contractor may:  terminate this contract under Section 17.2 and pursue any of its remedies under this contract, at law, or in equity; or  treat this contract as materially breached and, except as the remedy is limited in this contract, pursue any of its remedies under this contract, at law, or in equity.

  • Default Events (a) Any material breach of the Funding Agreement by the Recipient, including those set out below, will be an event of default (“Default Event”):

  • Termination on Material Default 30.2.1 The Authority may terminate this Framework Agreement for material Default by issuing a Termination Notice to the Supplier where:

  • Remedies Upon an Event of Default If an Event of Default shall have occurred and shall be continuing, the Holder of this Note may at any time at its option, declare the entire unpaid principal balance of this Note, together with all interest accrued hereon, due and payable, and thereupon, the same shall be accelerated and so due and payable; provided, however, that upon the occurrence of an Event of Default described in Section 3.1(f), without presentment, demand, protest, or notice, all of which are hereby expressly unconditionally and irrevocably waived by the Borrower, the outstanding principal balance and accrued interest hereunder shall be automatically due and payable. In addition, if an Event of Default shall have occurred and be continuing, the Holder may exercise or otherwise enforce any one or more of the Holder’s rights, powers, privileges, remedies and interests under this Note or applicable law and institute such actions or proceedings in law or equity as it shall deem expedient for the protection of its rights and may prosecute and enforce its claims against all assets and property of the Borrower, and in connection with any such action or proceeding shall be entitled to receive from the Borrower, payment of the principal amount of this Note plus accrued interest to the date of payment plus reasonable expenses of collection, including, without limitation, attorneys' and experts' fees and expenses. No course of delay on the part of the Holder shall operate as a waiver thereof or otherwise prejudice the right of the Holder. No remedy conferred hereby shall be exclusive of any other remedy referred to herein or now or hereafter available at law, in equity, by statute or otherwise.

  • Authority Event of Default Any of the following events shall constitute an event of default by the Authority ("Authority Event of Default”), when not caused by a Developer Event of Default:

  • Remedies Upon Event of Default If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

  • Rights Upon Event of Default (a) As long as an Event of Default under this Agreement remains unremedied, Holders of not less than 50% of the outstanding Class Principal Balance of the Original Notes (in each case the outstanding Class Principal Balance of the Original Notes will be determined without regard to any exchanges of Class M Notes for MAC Notes) to which such Event of Default relates may, by written notice to Freddie Mac, declare such Notes due and payable and accelerate the maturity of such Notes. In the event that Class M Notes have been exchanged for MAC Notes, Holders of such MAC Notes will be entitled to exercise all the voting or direction rights that are allocated to such exchanged Class M Notes as described herein. Upon such acceleration, the Class Principal Balance of such Notes and the interest accrued thereon shall be due and payable.

  • Event of Default Any of the following shall constitute an “Event of Default”:

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