Bank Default Sample Clauses

Bank Default. Upon the occurrence of any of the following events, the Bank shall be deemed to have committed a “Bank Default” and the Joint Venture shall be entitled to terminate this Agreement by giving written notice to the Bank, such notice to take effect at the end of the applicable Run-Off Period:
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Bank Default. The Company must promptly, inform the Investor of the occurrence of any "Payment Default" (a, "Bank Event of Default") as such term is defined in the Business Loan Agreement by and between Bank of Alameda and Diversified Risk dated as of the date hereof (along with the documents executed along with such Business Loan Agreement, the "Bank of Alameda Loan Agreement"). The Investor may then deliver a notice (such notice, a "Bank Default Notice") informing the Company that that the Investor intends to cure Event of Default, such notice to be delivered as soon as possible, but in any event within five (5)
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Bank Default. Neither Cantix nor any of its Subsidiaries is in default under any loan facilities to which it is a party, including, but not limited to, facility bank loans with Agriculture Bank of China, Wuhan Finance Bureau and Wuhan Pan-Asian.
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Bank Default. If an Event of Default occurs under the Bank Agreement (“Bank Agreement Default”) which remains uncured and un-waived; provided that any subsequent cure or waiver of such Bank Default shall be deemed to be a cure or waiver for purposes of a cross default hereunder unless Lender has already commenced its right or remedies hereunder.
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Bank Default. In the event that NOW Solutions does not have sufficient funds to repay the bank debts or any line of credit, and a call is made against the LC or guarantor, then the equity positions at the time of the cash call will remain the same until all bank debts are brought current by NOW Solutions.
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Bank Default. 11 2.03 Letter of Credit Requests; Notices of Issuance . . . . . . . . . 11 2.04
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Bank Default. In the event a Bank Default exists, the Letter of Credit Issuer shall not be required to issue any Letter of Credit unless the Letter of Credit Issuer has entered into arrangements satisfactory to it and the Borrower ("Section 2.02 Arrangements") to eliminate the Letter of Credit Issuer's risk with respect to the participation in Letters of Credit of the Defaulting Bank or Banks, including by cash collateralizing such Defaulting Bank's or Banks' Percentage of the Letter of Credit Outstandings.
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Bank Default. (a) If any Bank Default occurs with respect to any Bank or any Canadian Lending Bank, (i) the Agent and such Bank or Canadian Lending Bank agree, if requested by the Company, to attempt to locate a commercial bank or other financial institution that desires to accept the assignment of the Loans, L/C Participations, Canadian L/C Participations, Commitment and Canadian Commitment of such Bank or Canadian Lending Bank and its other rights and obligations hereunder relating thereto and (ii) if such a bank or institution is located, such Bank and Canadian Lending Bank each agrees to assign its interest in its Loans, L/C Participations, Canadian L/C Participations, Commitment, Canadian Commitment and Note, if any, and its other rights and obligations hereunder relating thereto to such bank or institution in accordance with Section 13.08(a) for an amount equal to the aggregate amount owing to such Bank or Canadian Lending Bank under this Agreement and such Bank's or Canadian Lending Bank's Note, if any, at the time of such assignment (including the aggregate principal amount of such Bank's or Canadian Lending Bank's Loans and such Bank's Borrowing Percentage, or such Canadian Lending Bank's Canadian Borrowing Percentage, of Drawings with respect to which it has made its required payments under Section 4.04(a), accrued interest, and all fees and other amounts accrued or payable to such Bank or Canadian Lending Bank). If no such assignment is arranged and no Default exists, the Company may, upon ten days' prior notice to such Bank or Canadian Lending Bank, terminate such Bank's Commitment or such Canadian Lending Bank's Canadian Commitment and thereupon promptly prepay such Bank's and such Canadian Lending Bank's Loans, Notes and all other amounts payable to such Bank and Canadian Lending Bank hereunder with respect to its Loans, L/C Participations, Canadian L/C Participations, Commitment and Canadian Commitment and cash collateralize its L/C Participations and Canadian L/C Participations; provided that prepayments of Fixed Rate Loans may be made on the last day of the applicable Interest Periods.
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Related to Bank Default

  • Monetary Default In the event of a monetary default for which Borrower is given a cure period, Lender shall give Borrower written notice of the Event of Default and Borrower shall be given an opportunity to cure the default within the applicable cure period.

  • Lender Default If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.02(c), 2.14(e), 2.17(d), 2.18(d), 2.18(e) or 10.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

  • Non-Monetary Default Failure in the performance of any of the agreements, conditions, covenants, provisions or stipulations contained in the Loan Documents which is not cured within one hundred twenty (120) days from written notice thereof from the Lender to the Borrower.

  • Bankruptcy Default (i) A Credit Party or any of its Subsidiaries shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or a Credit Party or any of its Subsidiaries shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against a Credit Party or any of its Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there shall be commenced against a Credit Party or any of its Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of their assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) a Credit Party or any of its Subsidiaries shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) a Credit Party or any of its Subsidiaries shall generally not, or shall be unable to, or shall admit in writing their inability to, pay its debts as they become due; or

  • Borrower Default Unless the Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that Borrower will not make such payment, the Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

  • Major Default The Purchasers shall be considered to be in “Major Default” in the event that (a) the Purchasers are in breach of their obligations under the Agreement and (b) such breaches, individually or in the aggregate, resulted or would reasonably be expected to result in (i) material Losses to the Sellers or their Affiliates, (ii) material reputational harm to the Sellers or their Affiliates, (iii) material and adverse regulatory consequences to the Sellers or their Affiliates, for which, in each case of clauses (i) through (iii), indemnification by the Purchasers pursuant to Article 8 of the Agreement would not be sufficient to remedy all damages incurred by the Sellers and their Affiliates or (iv) if the Sellers reasonably determine, based on the advice of counsel, that it would reasonably be expected to be a violation of their fiduciary duties under applicable Law to not terminate the Agreement, taking into account the indemnification by the Purchasers pursuant to Article 8 of the Agreement; provided, that the following breaches shall be excluded, and not taken into account, in determining if a Major Default has occurred: (x) any breach to the extent resulting from any action taken by the Purchasers pursuant to and in accordance with written direction given by the Sellers and (y) any breach to the extent arising out of or resulting from, directly or indirectly, a breach by the Sellers of the Agreement, the Transition Services Agreement or the Purchase Agreement.

  • Guaranty Default Upon the failure of Guarantor to pay the amounts required to be paid hereunder when due following the occurrence of a Tenant Event of Default under the Lease, Landlord shall have the right to bring such actions at law or in equity, including, without limitation, appropriate injunctive relief, as it deems appropriate to compel compliance, payment or deposit, and among other remedies to recover its reasonable attorneys’ fees in any proceeding, including any appeal therefrom and any post judgment proceedings.

  • Default Section 7.01

  • Bankruptcy Defaults When any Event of Default described in subsections (j) or (k) of Section 9.1 hereof has occurred and is continuing, then all outstanding Notes shall immediately become due and payable together with all other amounts payable under the Loan Documents without presentment, demand, protest or notice of any kind, the obligation of the Lenders to extend further credit pursuant to any of the terms hereof shall immediately terminate and the Borrower shall immediately pay to the Administrative Agent the full amount then available for drawing under all outstanding Letters of Credit, the Borrower acknowledging and agreeing that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Lenders, and the Administrative Agent on their behalf, shall have the right to require the Borrower to specifically perform such undertaking whether or not any draws or other demands for payment have been made under any of the Letters of Credit.

  • Additional Event of Default The following will constitute an additional Event of Default with respect to Party B: "NOTE ACCELERATION NOTICE. A Note Acceleration Notice is served on Party B in relation to the Relevant Notes."

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