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2016.05.16 CC Packet
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2016.05.16 CC Packet
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City Council
Document Type
Agenda/Packets
Meeting Date
5/16/2016
Meeting Type
Regular
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iv. Upon any rejection or other termination of this Agreement pursuant to any <br />process undertaken with respect to ANCSGI under the United States Bankruptcy Code, at the <br />request of the Financing Party made within ninety (90) days of such termination or rejection, <br />Subscriber shall enter into a new agreement with the Financing Party or its assignee having the <br />same terms and conditions as this Agreement. <br />(d) Right to Cure. <br />i. Except for termination pursuant to Section 3(a) of the Subscription Agreement in <br />connection with a failure to achieve commercial operation by December 31, 2016, Subscriber <br />will not exercise any right to terminate or suspend this Agreement unless it shall have given the <br />Financing Party prior written notice by sending notice to the Financing Party (at the address <br />provided by ANCSGI) of its intent to terminate or suspend this Agreement, specifying the <br />condition giving rise to such right, and the Financing Party shall not have caused to be cured the <br />condition giving rise to the right of termination or suspension within thirty (30) days after such <br />notice or (if longer) the periods provided for in this Agreement. The Parties respective <br />obligations will otherwise remain in effect during any cure period; provided that if such <br />ANCSGI default reasonably cannot be cured by the Financing Party within such period and the <br />Financing Party commences and continuously pursues cure of such default within such period, <br />such period for cure will be extended for a reasonable period of time under the circumstances, <br />such period not to exceed additional sixty (60) days. <br />ii. If the Financing Party (including any transferee), pursuant to an exercise of <br />remedies by the Financing Party, shall acquire title to or control of ANCSGI's assets and shall, <br />within the time periods described in Sub -section (d)(i) above, cure all defaults under this <br />Agreement existing as of the date of such change in title or control in the manner required by this <br />Agreement and which are capable of cure by a third person or entity, then such person or entity <br />shall no longer be in default under this Agreement, and this Agreement shall continue in fall <br />force and effect. <br />53116334 <br />28 <br />
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