Loan Default

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Loan Default, in the specific meaning of the Concession Agreement "means an event or condition (including an act or omission), the occurrence of which would, with the lapse of time or the giving of notice, or both, become a Loan Event of Default.

As I read it, if, say, an alien Martian fungus begins to spread on the concrete piers, the Lenders might issue a Notice of Loan Default as per Article 20.1(c), pointing out that the only permissible fungus in the Highway Code is from Vulcan, and that the problem must be fixed. If the Project Company and/or the GNWT does not "cure" the problem in the time allowed, the Lenders would then issue a Notice of Loan Event of Default. The GNWT has 30 days (or extension) to "cure" the problem. If it does not, a "step-in" is triggered per Article 20.1(d) and the GNWT takes over the debt and other obligations to the Lender.

I believe this is what happened on March 1, 2010, as it sounds like the second part ("Notice of Loan Event of Default"). If so, there should have been an earlier "Notice of Loan Default" to the DCBC, but this is unclear. The result was the GNWT announcement that it would be taking over the debt, and the special sitting of the Legislature March 23-26.