Common use of Improvement Districts Clause in Contracts

Improvement Districts. For any Project, without obtaining the prior written consent of Majority Lenders, Borrower shall not consent to, or vote in favor of, the inclusion of all or any part of the Collateral in any improvement district, any “Xxxxx Xxxx” district (for Projects in California), special assessment district or similar district. Borrower shall give immediate notice to Administrative Agent and each Lender of any notification or advice that Borrower may receive from any municipality or other third party of any intent or proposal to include all or any part of the Collateral in an improvement, assessment or other district. Upon prior written notice to Borrower, Administrative Agent, acting at the direction of Majority Lenders, shall have the right to file a written objection to the inclusion of all or any part of the Collateral in an improvement, assessment or other district, either in its own name or in the name of Borrower or any Lender, and to appear at, and participate in, any hearing with respect to the formation of any such district. In the event that Borrower is not able to comply with the covenants set forth herein for a Project or portion thereof for a period of ten (10) days following written notice from Administrative Agent (provided that if Borrower cannot reasonably cure such non-compliance within such ten (10) day period, such ten (10) day period shall be extended for a reasonable period not in excess of thirty (30) days from the date of Administrative Agent’s notice to cure such non-compliance provided that Borrower shall have commenced such cure within such ten (10) day period and shall diligently thereafter proceed to effect such cure), then such Project shall cease to have any value in calculation of the Borrowing Base until Borrower shall so comply.

Improvement Districts. For any Qualified Project, without obtaining the prior written consent of Majority LendersLender, Borrower shall not consent to, or vote in favor of, the inclusion of all or any part of the Collateral in any improvement district, any “Xxxxx Xxxx” district (for Qualified Projects in California), special assessment district or similar district. Borrower shall give immediate notice to Administrative Agent and each Lender of any notification or advice that Borrower may receive from any municipality or other third party of any intent or proposal to include all or any part of the Collateral in an improvement, assessment or other district. Upon prior written notice to Borrower, Administrative Agent, acting at the direction of Majority Lenders, Lender shall have the right to file a written objection to the inclusion of all or any part of the Collateral in an improvement, assessment or other district, either in its own name or in the name of Borrower or any LenderBorrower, and to appear at, and participate in, any hearing with respect to the formation of any such district. In the event that Borrower is not able to comply with the covenants set forth herein for a Qualified Project or portion thereof for a period of ten thirty (1030) days following written notice from Administrative Agent Lender (provided that if Borrower cannot reasonably cure such non-compliance within such ten thirty (1030) day period, such ten thirty (1030) day period shall be extended for a reasonable period not in excess of thirty ninety (3090) days from the date of Administrative AgentLender’s notice to cure such non-compliance provided that Borrower shall have commenced such cure within such ten thirty (1030) day period and shall diligently thereafter proceed to effect such cure), then such said Qualified Project (or portion thereof, as the case may be) shall cease to have any value in calculation be a part of the Borrowing Base until Borrower shall so comply.

Improvement Districts. For any Qualified Project, without obtaining the prior written consent of Majority LendersLender, Borrower shall not consent to, or vote in favor of, the inclusion of all or any part of the Collateral in any improvement district, any “Xxxxx Xxxx” district (for Qualified Projects in California), special assessment district or similar district. Borrower shall give immediate notice to Administrative Agent and each Lender of any notification or advice that Borrower may receive from any municipality or other third party of any intent or proposal to include all or any part of the Collateral in an improvement, assessment or other district. Upon prior written notice to Borrower, Administrative Agent, acting at the direction of Majority Lenders, Lender shall have the right to file a written objection to the inclusion of all or any part of the Collateral in an improvement, assessment or other district, either in its own name or in the name of Borrower or any LenderBorrower, and to appear at, and participate in, any hearing with respect to the formation of any such district. In the event that Borrower is not able to comply with the covenants set forth herein for a Qualified Project or portion thereof for a period of ten thirty (1030) days following written notice from Administrative Agent Lender (provided that if Borrower cannot reasonably cure such non-compliance within such ten thirty (1030) day period, such ten thirty (1030) day period shall be extended for a reasonable period not in excess of thirty ninety (3090) days from the date of Administrative AgentLender’s notice to cure such non-compliance provided that Borrower shall have commenced such cure within such ten thirty (1030) day period and shall diligently thereafter proceed to effect such cure), then such Qualified Project (or portion thereof, as the case may be) shall cease to have any value in calculation be a part of the Borrowing Base until Borrower shall so comply.

Improvement Districts. For any Project, without obtaining the prior written consent of Majority Lenders, Borrower shall not consent to, or vote in favor of, the inclusion of all or any part of the Collateral in any improvement district, any “Xxxxx Xxxxx-Xxxx” district (for Projects in California), special assessment district or similar district. Borrower shall give immediate notice to Administrative Agent and each Lender of any notification or advice that Borrower may receive from any municipality or other third party of any intent or proposal to include all or any part of the Collateral in an improvement, assessment or other district. Upon prior written notice to Borrower, Administrative Agent, acting at the direction of Majority Lenders, shall have the right to file a written objection to the inclusion of all or any part of the Collateral in an improvement, assessment or other district, either in its own name or in the name of Borrower or any Lender, and to appear at, and participate in, any hearing with respect to the formation of any such district. In the event that Borrower is not able to comply with the covenants set forth herein for a Project or portion thereof for a period of ten (10) days following written notice from Administrative Agent (provided that if Borrower cannot reasonably cure such non-compliance within such ten (10) day period, such ten (10) day period shall be extended for a reasonable period not in excess of thirty (30) days from the date of Administrative Agent’s notice to cure such non-compliance provided that Borrower shall have commenced such cure within such ten (10) day period and shall diligently thereafter proceed to effect such cure), then such Project shall cease to have any value in calculation of the Borrowing Base until Borrower shall so comply.