This excerpt taken from the CCRT 8-K filed Dec 7, 2005.
Section 13.01. Events of Default. Each of the following shall be an Event of Default hereunder with respect to each Party:
(a) Performance Default. The occurrence of a Performance Default. A Performance Default shall mean a Party defaults in the performance of any of its material duties or obligations under this Agreement, other than with respect to a Receivables Purchase Payment Default and other than with respect to any Non-Program Prohibition violation and fails to correct the default to the reasonable satisfaction of the other non-defaulting Party, within a thirty (30) day cure period commencing upon receipt of notice from the non-defaulting party or, if, at the reasonable discretion of the non-defaulting Party, such non-performance cannot be cured within thirty (30) days, such additional time as deemed reasonable by the non-defaulting Party to cure such default, but not more than an additional thirty (30) days, and so long as the defaulting Party has notified the non-defaulting Party within the initial thirty (30) day period and in sufficient detail of its plans to initiate substantive steps to remedy the breach and diligently thereafter pursues the same to completion within such additional thirty (30) day period.
(b) Bankruptcy Event. The Occurrence of a Bankruptcy Event. A Bankruptcy Event shall mean a Party files any petition in bankruptcy or for reorganization or debt consolidation under the federal bankruptcy laws or under any comparable law, or a Party makes an assignment of its assets for the benefit of creditors, or upon the application of a Party for the appointment of a receiver or trustee of its assets.
(c) Receivables Purchase Payment Default. The occurrence of a Receivables Purchase Payment Default. A Receivables Purchase Payment Default shall mean the failure of a Receivables Purchaser, as applicable, to pay the full Purchase Price due by such Receivables Purchaser as specified by Accounts Owner for any day by 4:00 p.m. (Eastern time) that day pursuant to Section 5.01 (or, if Accounts Owner was late in notifying Receivables Purchaser of the Purchase Price due by such Receivables Purchaser, by 4:00 p.m. (Eastern time) of the next Business Day following such Receivables Purchasers receipt of notice from Accounts Owner of the Purchase Price due), unless such failure is fully corrected by such Receivables Purchaser, in the manner described below by 4:00 p.m. (Eastern time) of the third calendar day thereafter (or on the first Business Day after such third calendar day if such third calendar day is not a Business Day). For purposes of this Section 13.01(c), the failure to pay the Purchase Price due for any day shall be considered fully corrected only when the applicable Receivables Purchaser shall have both (i) paid Accounts Owner by wire transfer of collected funds the full Purchase Price due from such Receivables Purchaser as specified by Accounts Owner for the first day the Purchase Price due was not paid in full and for each day thereafter for which the Purchase Price due as specified by Accounts Owner was not paid in full by the applicable Receivables Purchaser (Past Due Amounts) and (ii) to the extent Accounts Owner shall have drawn on the Letter of Credit to satisfy all or part of any of such Past Due Amounts, replenished the Letter of Credit by the full amount drawn and caused Accounts Owner to be in receipt of written notification from the Letter of Credit bank of such replenishment, or alternatively, provided Accounts Owner written authority to communicate with the bank issuing the Letter of Credit and like written authority for said bank to disclose to Accounts Owner that the Letter of
Credit has been replenished and the details associated therewith and the bank confirms that the Letter of Credit has been replenished.
(d) Pledge Default. The occurrence of a Pledge Default. A Pledge Default shall mean (i) an Event of Default (as defined in the Pledge and Security Agreement) shall have occurred or (ii) CCRT shall fail to comply with its obligations under Section 4.02(c) of the Pledge and Security Agreement.