Common use of Banro Events of Default Clause in Contracts

Banro Events of Default. Each of the following events or circumstances constitutes an event of default by the PSA Entities (each, a “Banro Event of Default”): (a) the Seller fails to sell and deliver the Payable Gold to the Purchaser on the terms and conditions set forth in this Agreement within three (3) Business Days after receipt of notice from the Purchaser notifying the Seller of such default; (b) other than as provided in Section 10.1(a), any PSA Entity is in breach or default of any terms or conditions, or any of its covenants or obligations, set forth in this Agreement or any Security Agreement in any material respect, which breach or default is not remedied within a period of 30 days following delivery by the Purchaser to the PSA Entities of written notice of such breach or default, or such longer period of time as the Purchaser may determine in its sole discretion; (c) any of the representations or warranties given by Banro and the Seller is inaccurate in any material respect as of the date given, and such inaccuracy is not remedied within a period of 30 days following delivery by the Purchaser to Banro and the Seller of written notice of such inaccuracy, or such longer period of time as the Purchaser may determine in its sole discretion; (d) in respect of Indebtedness, any (i) failure by any Banro Group Entity to pay such Indebtedness at the stated maturity thereof or as a result of which, the holder of such Indebtedness has declared the principal thereof to be due and payable prior to the stated maturity thereof, or any event shall occur and shall continue after the applicable grace period (if any) specified in any agreement or instrument relating to any such Indebtedness of any Banro Group Entity, the effect of which is to permit the holder of such Indebtedness to declare the principal amount thereof to be due and payable prior to its stated maturity and in respect of which such holder has so declared the principal amount to be payable; or (ii) failure by any Banro Group Entity to perform or observe any covenant or agreement to be performed or observed by it contained in any other agreement or in any instrument evidencing any of such Indebtedness, the effect of which is to permit the holder of such Indebtedness to declare the principal amount thereof to be due and payable prior to its stated maturity and in respect of which the holder has so declared the principal amount to be payable or has sought to enforce a guarantee in respect thereof; (e) upon the occurrence of an Insolvency Event affecting either Banro or the Seller; or (f) except as otherwise contemplated herein, the PSA Security does not constitute a first ranking Encumbrance over the PSA Collateral, subject only to the Prior Ranking Permitted Encumbrances, and does not become a first ranking charge within 20 days of receipt of notice from the Purchaser notifying the PSA Entities of such default.

Banro Events of Default. Each of the following events or circumstances constitutes an event of default by the PSA Entities (each, a “Banro Event of Default”): (a) the Seller fails to sell and deliver the Payable Gold to the Purchaser on the terms and conditions set forth in this Agreement within three (3) Business Days after receipt of notice from the Purchaser notifying the Seller of such default; (b) other than as provided in Section 10.1(a), any PSA Entity is in breach or default of any terms or conditions, or any of its covenants or obligations, set forth in this Agreement or any Security Agreement in any material respect, which breach or default is not remedied within a period of 30 days following delivery by the Purchaser to the PSA Entities of written notice of such breach or default, except in respect of the covenant set out in Section 6.9, which shall constitute a Banro Event of Default immediately on notice thereof, or such longer period of time as the Purchaser may determine in its sole discretion; (c) any of the representations or warranties given by Banro and the Seller is inaccurate in any material respect as of the date given, and such inaccuracy is not remedied within a period of 30 days following delivery by the Purchaser to Banro and the Seller of written notice of such inaccuracy, or such longer period of time as the Purchaser may determine in its sole discretion; (d) in respect of Indebtedness, any (i) failure by any Banro Group Entity to pay such Indebtedness at the stated maturity thereof or as a result of which, the holder of such Indebtedness has declared the principal thereof to be due and payable prior to the stated maturity thereof, or any event shall occur and shall continue after the applicable grace period (if any) specified in any agreement or instrument relating to any such Indebtedness of any Banro Group Entity, the effect of which is to permit the holder of such Indebtedness to declare the principal amount thereof to be due and payable prior to its stated maturity and in respect of which such holder has so declared the principal amount to be payable; or (ii) failure by any Banro Group Entity to perform or observe any covenant or agreement to be performed or observed by it contained in any other agreement or in any instrument evidencing any of such Indebtedness, the effect of which is to permit the holder of such Indebtedness to declare the principal amount thereof to be due and payable prior to its stated maturity and in respect of which the holder has so declared the principal amount to be payable or has sought to enforce a guarantee in respect thereof; (e) upon the occurrence of an Insolvency Event affecting either Banro or the Seller; or (f) except as otherwise contemplated herein, the PSA Security does not constitute a first ranking Encumbrance over the PSA Collateral, subject only to the Prior Ranking Permitted Encumbrances, and does not become a first ranking charge within 20 days of receipt of notice from the Purchaser notifying the PSA Entities of such default.

Banro Events of Default. Each of the following events or circumstances constitutes an event of default by the PSA Entities (each, a “Banro Event of Default”): (a) the Seller fails to sell and deliver the Payable Gold to any of the Purchaser Purchasers on the terms and conditions set forth in this Agreement within three (3) Business Days after receipt of notice from the Purchaser such Purchasers notifying the Seller of such default; (b) other than as provided in Section 10.1(a), any PSA Entity is in breach or default of any terms or conditions, or any of its covenants or obligations, set forth in this Agreement or any Security Agreement in any material respect, which breach or default is not remedied within a period of 30 days following delivery by any of the Purchaser Purchasers to the PSA Entities of written notice of such breach or default, or such longer period of time as the Purchaser Purchasers collectively may determine in its their sole discretion; (c) any of the representations or warranties given by Banro and the Seller is inaccurate in any material respect as of the date given, and such inaccuracy is not remedied within a period of 30 days following delivery by any of the Purchaser Purchasers to Banro and the Seller of written notice of such inaccuracy, or such longer period of time as the Purchaser Purchasers collectively may determine in its their sole discretion; (d) in respect of Indebtedness, any (i) failure by any Banro Group Entity to pay such Indebtedness at the stated maturity thereof or as a result of which, the holder of such Indebtedness has declared the principal thereof to be due and payable prior to the stated maturity thereof, or any event shall occur and shall continue after the applicable grace period (if any) specified in any agreement or instrument relating to any such Indebtedness of any Banro Group Entity, the effect of which is to permit the holder of such Indebtedness to declare the principal amount thereof to be due and payable prior to its stated maturity and in respect of which such holder has so declared the principal amount to be payable; or (ii) failure by any Banro Group Entity to perform or observe any covenant or agreement to be performed or observed by it contained in any other agreement or in any instrument evidencing any of such Indebtedness, the effect of which is to permit the holder of such Indebtedness to declare the principal amount thereof to be due and payable prior to its stated maturity and in respect of which the holder has so declared the principal amount to be payable or has sought to enforce a guarantee in respect thereof; (e) upon the occurrence of an Insolvency Event affecting either Banro or the Seller; or (f) except as otherwise contemplated herein, the PSA Security does not constitute a first ranking Encumbrance over the PSA Collateral, subject only to the Prior Ranking Permitted Priority Lien Encumbrances, and does not become a first ranking charge within 20 days of receipt of notice from any of the Purchaser Purchasers notifying the PSA Entities of such default.

Banro Events of Default. Each of the following events or circumstances constitutes an event of default by the PSA Entities (each, a “Banro Event of Default”): (a) the Seller fails to sell and deliver the Payable Gold to the Purchaser on the terms and conditions set forth in this Agreement within three (3) Business Days after receipt of notice from the Purchaser notifying the Seller of such default; (b) other than as provided in Section 10.1(a11.1(a), any PSA Entity is in breach or default of any terms or conditions, or any of its covenants or obligations, set forth in this Agreement or any Security Agreement in any material respect, which breach or default is not remedied within a period of 30 days following delivery by the Purchaser to the PSA Entities of written notice of such breach or default, except in respect of the covenant set out in Section 7.10, which shall constitute a Banro Event of Default immediately on notice thereof, or such longer period of time as the Purchaser may determine in its sole discretion; (c) any of the representations or warranties given by Banro and the Seller is inaccurate in any material respect as of the date given, and such inaccuracy is not remedied within a period of 30 days following delivery by the Purchaser to Banro and the Seller of written notice of such inaccuracy, or such longer period of time as the Purchaser may determine in its sole discretion; (d) in respect of Indebtedness, any (i) failure by any Banro Group Entity to pay such Indebtedness at the stated maturity thereof or as a result of which, the holder of such Indebtedness has declared the principal thereof to be due and payable prior to the stated maturity thereof, or any event shall occur and shall continue after the applicable grace period (if any) specified in any agreement or instrument relating to any such Indebtedness of any Banro Group Entity, the effect of which is to permit the holder of such Indebtedness to declare the principal amount thereof to be due and payable prior to its stated maturity and in respect of which such holder has so declared the principal amount to be payable; or (ii) failure by any Banro Group Entity to perform or observe any covenant or agreement to be performed or observed by it contained in any other agreement or in any instrument evidencing any of such Indebtedness, the effect of which is to permit the holder of such Indebtedness to declare the principal amount thereof to be due and payable prior to its stated maturity and in respect of which the holder has so declared the principal amount to be payable or has sought to enforce a guarantee in respect thereof; (e) upon the occurrence of an Insolvency Event affecting either Banro or the Seller; or (f) except as otherwise contemplated herein, the PSA Security does not constitute a first ranking Encumbrance over the PSA Collateral, subject only to the Prior Ranking Permitted Encumbrances, and does not become a first ranking charge within 20 days of receipt of notice from the Purchaser notifying the PSA Entities of such default.

Banro Events of Default. Each of the following events or circumstances constitutes an event of default by the PSA Entities (each, a “Banro Event of Default”): (a) the Seller fails to sell and deliver the Payable Gold to any of the Purchaser Purchasers on the terms and conditions set forth in this Agreement within three (3) Business Days after receipt of notice from the Purchaser such Purchasers notifying the Seller of such default; (b) other than as provided in Section 10.1(a), any PSA Entity is in breach or default of any terms or conditions, or any of its covenants or obligations, set forth in this Agreement or any Security Agreement in any material respect, which breach or default is not remedied within a period of 30 days following delivery by any of the Purchaser Purchasers to the PSA Entities of written notice of such breach or default, or such longer period of time as the Purchaser Purchasers collectively may determine in its their sole discretion; (c) any of the representations or warranties given by Banro and the Seller is inaccurate in any material respect as of the date given, and such inaccuracy is not remedied within a period of 30 days following delivery by any of the Purchaser Purchasers to Banro and the Seller of written notice of such inaccuracy, or such longer period of time as the Purchaser Purchasers collectively may determine in its their sole discretion; (d) in respect of Indebtedness, any (i) failure by any Banro Group Entity to pay such Indebtedness at the stated maturity thereof or as a result of which, the holder of such Indebtedness has declared the principal thereof to be due and payable prior to the stated maturity thereof, or any event shall occur and shall continue after the applicable grace period (if any) specified in any agreement or instrument relating to any such Indebtedness of any Banro Group Entity, the effect of which is to permit the holder of such Indebtedness to declare the principal amount thereof to be due and payable prior to its stated maturity and in respect of which such holder has so declared the principal amount to be payable; or (ii) failure by any Banro Group Entity to perform or observe any covenant or agreement to be performed or observed by it contained in any other agreement or in any instrument evidencing any of such Indebtedness, the effect of which is to permit the holder of such Indebtedness to declare the principal amount thereof to be due and payable prior to its stated maturity and in respect of which the holder has so declared the principal amount to be payable or has sought to enforce a guarantee in respect thereof; (e) upon the occurrence of an Insolvency Event affecting either Banro or the Seller; or (f) except as otherwise contemplated herein, the PSA Security does not constitute a first ranking Encumbrance over the PSA Collateral, subject only to the Prior Ranking Permitted Priority Lien Encumbrances, and does not become a first ranking charge charge, subject only to the Priority Lien Encumbrances, within 20 days of receipt of notice from any of the Purchaser Purchasers notifying the PSA Entities of such default.

Banro Events of Default. Each of the following events or circumstances constitutes an event of default by the PSA Entities (each, a “”Banro Event of Default”): (a) the Seller fails to sell and deliver the Payable Gold to the Purchaser Purchasers on the terms and conditions set forth in this Agreement within three (3) Business Days after receipt of notice from the Purchaser Agent notifying the Seller of such default; (b) other than as provided in Section 10.1(a11.1(a), any PSA Entity is in breach or default of any terms or conditions, or any of its covenants or obligations, set forth in this Agreement or any Security Agreement in any material respect, which breach or default is not remedied within a period of 30 days following delivery by the Purchaser Agent to the PSA Entities of written notice of such breach or default, except in respect of the covenant set out in Section 7.10, which shall constitute a Banro Event of Default immediately on notice thereof, or such longer period of time as the Purchaser Agent may determine in its sole discretion; (c) any of the representations or warranties given by Banro and the Seller is inaccurate in any material respect as of the date given, and such inaccuracy is not remedied within a period of 30 days following delivery by the Purchaser Agent to Banro and the Seller of written notice of such inaccuracy, or such longer period of time as the Purchaser Agent may determine in its sole discretion; (d) in respect of Indebtedness, any (i) failure by any Banro Group Entity to pay such Indebtedness at the stated maturity thereof or as a result of which, the holder of such Indebtedness has declared the principal thereof to be due and payable prior to the stated maturity thereof, or any event shall occur and shall continue after the applicable grace period (if any) specified in any agreement or instrument relating to any such Indebtedness of any Banro Group Entity, the effect of which is to permit the holder of such Indebtedness to declare the principal amount thereof to be due and payable prior to its stated maturity and in respect of which such holder has so declared the principal amount to be payable; or (ii) failure by any Banro Group Entity to perform or observe any covenant or agreement to be performed or observed by it contained in any other agreement or in any instrument evidencing any of such Indebtedness, the effect of which is to permit the holder of such Indebtedness to declare the principal amount thereof to be due and payable prior to its stated maturity and in respect of which the holder has so declared the principal amount to be payable or has sought to enforce a guarantee in respect thereof; (e) upon the occurrence of an Insolvency Event affecting either Banro or the Seller; or (f) except as otherwise contemplated herein, the PSA Security does not constitute a first ranking Encumbrance over the PSA Collateral, subject only to the Prior Ranking Permitted Encumbrances, and does not become a first ranking charge within 20 days of receipt of notice from the Purchaser Agent notifying the PSA Entities of such default.