Default

  1. Law
  2. US Virgin Islands Code
  3. Public Planning and Development
  4. Hotel Development Program
  5. Default

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  • If there is a default in the payment of the principal of or interest on any Hotel Development Notes of a series after the principal or interest becomes due and payable, whether at maturity or upon call for redemption, or if the Notes Issuer or the Government fails or refuses to carry out and perform the terms of any agreement with the holders of any of the Hotel Development Notes, then the holders of the Hotel Development Notes, or the trustee appointed to act on behalf of the holders, may, subject to the provisions of the financing documents, do the following:

    • (1) By action, writ, or other proceeding enforce all rights of the holders of the Hotel Development Notes, including the right to require the Notes Issuer to carry out and perform the terms of any agreement with the holders of the Hotel Development Notes or its duties under this chapter;

    • (2) By action, petition to enjoin any acts or things that may be unlawful or in violation of the rights of the holders of the Hotel Development Notes; and

    • (3) Declare all Hotel Development Notes due and payable, whether or not in advance of maturity and, if all the defaults be made good, annul the declaration and its consequences.


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