Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 or violates any of the covenants contained in Section 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or (b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default;
Appears in 1 contract
Samples: Loan and Security Agreement (Imageware Systems Inc)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.2 (financial reporting), 6.4 (taxes), 6.5 (insurance), 6.6 (primary accounts) or 6.7 (financial covenants), or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days IO days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day 10 day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day 10 day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Indie Semiconductor, Inc.)
Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under Article 6 or such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten fifteen (1015) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten fifteen (1015) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.2, 6.5 – 6.7 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days 10 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day 10 day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day 10 day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Irvine Sensors Corp/De/)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.2, 6.4, 6.5, 6.6 or 6.7, or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.2 (financial reporting), 6.4 (taxes), 6.5 (insurance), 6.6 (primary accounts) or 6.7 (financial covenants), or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days 10 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day 10 day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day 10 day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such defaultOtonomy, so long as Borrower continues to diligently attempt to cure such Inc. LSA Execution Version 14 default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default;Default but no Credit Extensions will be made.
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation ---------------- under Section 6 Sections 5.7, 5.8, 5.9 or 5.10, or violates any of the covenants contained in Section 7 Article 6 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advances or Equipment Advances will be required to be made during such cure period);
Appears in 1 contract
Samples: Loan Agreement (Ultradata Corp)
Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days business days after Borrower receives written notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day business day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day business day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such defaultdefault with reasonable diligence, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any ---------------- obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advances will be required to be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If a Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, howeverin each case, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereofany material respect; or
(b) If a Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between a Borrower and Lenders Lender and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after a Borrower receives notice thereof or any officer of a Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower Borrowers be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower Borrowers shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Pac-West Telecomm Inc)
Covenant Default. (a) If Borrower fails to perform any obligation ---------------- under Section 6 Article 6, or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be required to be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 6.2, 6.3, 6.5, 6.6, 6.7, 6.8, 6.10, 6.11 or 6.12 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, condition or covenant contained in this Agreement, Agreement or in any of the other Loan Documents, or in any other present or future agreement between Borrower and Lenders and as to any default under such other term, provision, condition or covenant that can be cured, Borrower has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no new Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If a Borrower fails to perform any obligation under Section Article 6 (other than Sections 6.3, 6.4, 6.8, 6.9, 6.10, 6.11 and 6.12) or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If a Borrower fails or neglects to perform any obligation under Sections 6.3, 6.4, 6.8, 6.9, 6.10, 6.11 and 6.12 or fails to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between a Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten fifteen (1015) Business Days days after a Borrower receives notice thereof or any officer of a Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) Business Day day period or cannot after diligent attempts by a Borrower be cured within such ten fifteen (1015) Business Day day period, and such default is likely to be cured within a reasonable time, then such Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as such Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If any Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If any Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between any Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten fifteen (1015) Business Days days after such Borrower receives notice thereof or any officer of such Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) Business Day day period or cannot after diligent attempts by such Borrower be cured within such ten fifteen (1015) Business Day day period, and such default is likely to be cured within a reasonable time, then such Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as such Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Everside Health Group, Inc.)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 (other than Section 6.3) or violates any of the covenants contained in Section 7 of this Agreement; provided, however, that Agreement or if Borrower fails to perform any obligation set forth in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) 6.3 within 10 Business Days after of the occurrence thereofdate specified in Section 6.3; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default;Default but no Credit Extensions will be made.
Appears in 1 contract
Samples: Loan Agreement (Lime Energy Co.)
Covenant Default. (a) If Borrower Borrower: (i) fails to perform any obligation under Sections 6.2(d), 6.4, 6.5, 6.8 and 6.9 of this Agreement; (ii) fails to perform any obligation under any other Section under Article 6 or of this Agreement if such failure remains uncured for more than 15 days after the date of such failure; (iii) violates any of the covenants contained in Section 7 Sections 7.1, 7.2, 7.3, 7.4, 7.6, 7.9, 7.10 and 7.11 of this Agreement; provided, however, that if and (iv) violates any of the covenants contained in the event any other Section under Article 7 of a breach of an obligation under Section 6, this Agreement if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues violation remains uncured for ten (10) Business Days more than 15 days after the occurrence thereofdate of such violation; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days 15 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day 15 day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day 15 day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.3, 6.7, 6.8 or 6.9 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Bacterin International Holdings, Inc.)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.2, 6.4, 6.5, 6.6 or 6.7 or violates any of the covenants contained in Section 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten fifteen (1015) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten fifteen (1015) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Trubion Pharmaceuticals, Inc)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Article 7 or violates any of the covenants contained in Section 7 Article 8 of this Loan Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Loan Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made; MATERIAL ADVERSE CHANGE. If there occurs a material adverse change in Borrower's business or financial condition taken as a whole, or if there is a material impairment of the prospect of repayment of any portion of the Obligations or a material impairment of the value or priority of Bank's security interests in the Collateral;
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform in a material respect as and when required any obligation under Section 6 7 of this Agreement or violates in a material respect any of the covenants contained in Section 7 8 of this Agreement; provided, however, that if in Agreement and such default is not cured within 10 days of the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence notice thereof; or
(b) or If Borrower fails or neglects to perform perform, keep or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the other Loan Documents, or in any other present or future agreement between Borrower and Lenders PBF and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer Responsible Officer of Borrower becomes aware thereof; provided, provided however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot not, after diligent attempts by Borrower Borrower, be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default;Default (provided that no Advances will be required to be made during such cure period).
Appears in 1 contract
Samples: Loan and Security Agreement (Southwall Technologies Inc /De/)
Covenant Default. (a) If any Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) 8.2.1 If such Borrower fails to perform any obligation under Section 6 SECTIONS 6.7, 6.8, 6.9, 6.10, 6.11 OR 6.12 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) 8.2.2 If such Borrower fails or neglects to perform perform, keep, or observe any other material term, provision, condition, condition or covenant contained in this Agreement, Agreement or in any of the other Loan Documents, or in any other present or future agreement between Borrower and Lenders and as to any default under of such other term, provision, condition or covenant that which can be cured, has failed to cure such default within ten (10) Business Days days after such Borrower receives notice thereof or any officer of such Borrower becomes aware thereof; providedPROVIDED, howeverHOWEVER, that if the such default cannot by its nature be cured within the ten (10) Business Day day period or cannot not, after diligent attempts by Borrower such Borrower, be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then such Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (PROVIDED that no Credit Extension will be required to be made during such cure period);
Appears in 1 contract
Samples: Loan Agreement (Cymer Inc)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 6.7 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days) days to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no advances will be required to be made during such cure period);
Appears in 1 contract
Samples: Loan and Security Agreement (Yieldup International Corp)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 6.2, 6.4, 6.5, 6.6, 6.7 or 6.10, or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an ;
(b) If Borrower fails or neglects to perform any obligation under Section 66.1, if 6.3, 6.8 or 6.9 and has failed to cure such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for default within ten (10) Business Days days after the occurrence earlier to occur of (i) Borrower’s receipt of notice thereof or (ii) the date any officer of Borrower becomes aware thereof; however during such cure period no Credit Extensions will be made; or
(bc) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (K2 Therapeutics, Inc.)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.4 (taxes), 6.5 (insurance), 6.6 (primary accounts) or 6.7 (financial covenants), or violates any of the covenants contained in Section Article 7 of this Agreement; providedor
(b) If Borrower fails to perform any obligation set forth in Section 6.2 (financial reporting), howeverBorrower shall have 10 days to cure such default, that if in and within such cure period the event of a breach of an obligation under Section 6, if failure to have cured such breach is capable of being cured, such breach default shall only become not be deemed an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereofbut no Credit Extensions will be made; or
(bc) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days 15 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day 15 day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day 15 day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Igi Laboratories, Inc)
Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can can, in Bank's reasonable discretion, be cured, has failed to cure such default within ten thirty (1030) Business Days days after Borrower receives notice thereof or any officer Responsible Officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten thirty (1030) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten thirty (1030) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be required to be made during such cure period);
Appears in 1 contract
Samples: Loan and Security Agreement (Tippingpoint Technologies Inc)
Covenant Default. (a) If Borrower fails to timely perform any obligation under Section 6 Sections 4.4, 6.7, 6.8 or 6.9 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders any Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten twenty (1020) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten twenty (1020) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten twenty (1020) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advances will be required to be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 5.8, 5.9, 5.10 or 5.11 or violates any of the covenants contained in Section 7 Article 6 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advances will be required to be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives written notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be required to be made during such cure period);
Appears in 1 contract
Samples: Loan and Security Agreement (Aspect Medical Systems Inc)
Covenant Default. (a) 8.2.1 If Borrower fails to perform any obligation under Section 6 Sections 6.7, 6.8, 6.9, 6.10, 6.11, or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) 8.2.2 If Borrower fails or neglects to perform perform, keep, or observe any other material term, provision, condition, condition or covenant contained in this Agreement, Agreement or in any of the other Loan Documents, or in any other present or future agreement between Borrower and Lenders and as to any default under of such other term, provision, condition or covenant that which can be cured, has failed to cure such default within ten thirty (1030) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the such default cannot by its nature be cured within the ten thirty (1030) Business Day day period or cannot not, after diligent attempts by Borrower Borrower, be cured within such ten thirty (1030) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advance will be required to be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 6.2, 6.4, 6.5, 6.6, 6.7, 6.11 or 6.12 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an ;
(b) If Borrower fails or neglects to perform any obligation under Section 6Sections 6.1, if 6.3, 6.8, 6.9 or 6.10 and has failed to cure such breach is capable default within 10 days after Borrower receives notice thereof or any officer of being cured, Borrower becomes aware thereof; however during such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereofcure period no Credit Extensions will be made; or
(bc) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case without Bank’s consent exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;”
25. Section 8.4 of the Agreement is amended and restated to read in its entirety as follows:
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.8, 6.9, or 6.10 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advances will be required to be made during such cure period);
Appears in 1 contract
Samples: Loan and Security Agreement (Calypte Biomedical Corp)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.4 through 6.10 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or;
(b) If Borrower fails to perform any obligation under Section 6.2 and has failed to cure such default within ten (10) days; or
(c) If Borrower fails to perform any obligation under Sections 6.1 or 6.3 or if Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 6.2, 6.5, 6.6, 6.7, or 6.12 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an ;
(b) If Borrower fails or neglects to perform any obligation under Section 66.1, if 6.3, 6.4, 6.8, 6.9, or 6.10 and has failed to cure such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for default within ten (10) Business Days days after the occurrence earlier to occur of (i) Borrower’s receipt of notice thereof or (ii) the date any officer of Borrower becomes aware thereof; however during such cure period no Credit Extensions will be made; or
(bc) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten twenty (1020) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten twenty (1020) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten twenty (1020) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails Borrowers fail to perform any obligation under Section 6 (other than Section 6.8) or violates violate any of the covenants contained in Section 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or,
(b) If Borrower fails or neglects Borrowers fail to perform any obligation under Section 6.8 and such failure is not cured within thirty (30) days after notice of default, or
(c) If Borrowers fail or neglect to perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this AgreementAgreement (other than as set forth in (a) or (b) above), in any of the Loan Documents, or in any other present or future agreement between Borrower Borrowers and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower Borrowers be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower Borrowers shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 6.2 (financial reporting), 6.3 (taxes), 6.4 (insurance), 6.5 (primary accounts) or 6.6 (financial covenants) or violates any of the covenants contained in Section Article 7 of this Agreement; providedPogoTec, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; orInc. – Loan Agreement 12
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, Documents or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days 15 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that that, if the default cannot by its nature be cured within the ten (10) Business Day 15-day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day period, 15-day period and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan Agreement (PogoTec, Inc.)
Covenant Default. (a) If a Borrower fails to perform any obligation under Section 6 Sections 6.2 (financial reporting), 6.4 (taxes), 6.5 (insurance), 6.6 (primary accounts) or 6.7 (financial covenants), or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or;
(b) If a Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between a Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days 10 days after a Borrower receives notice thereof or any officer of a Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day 10 day period or cannot after diligent attempts by Borrower Borrowers be cured within such ten (10) Business Day 10 day period, and such default is likely to be cured within a reasonable time, then Borrower Borrowers shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Everyday Health, Inc.)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.7 or 6.8 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advances will be required to be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 6.7, 6.8, 6.9 or 6.10 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advance will be required to be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.7, 6.8 or 6.9 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advances will be required to be made during such cure period);
Appears in 1 contract
Samples: Loan and Security Agreement (Franklin Ophthalmic Instruments Co Inc)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.2, 6.4, 6.5, 6.6 or 6.7 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an or
(b) If Borrower fails to perform any obligation under Section 6Sections 6.1, if 6.3, 6.8, 6.9 or 6.10 of this Agreement, and has failed to cure such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for default within ten (10) Business Days days after the occurrence Borrower receives notice thereof or any officer of Borrower becomes aware thereof; or
(bc) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten twenty (1020) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten twenty (1020) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten twenty (1020) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty forty-five (3045) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (GCT Semiconductor Inc)
Covenant Default. (a) If Borrower fails to perform any obligation obligations under Section 6 Article 6, and such failure if curable, is not cured in fifteen (15) days, or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Lender and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default;Default but no Credit Extensions will be made.
Appears in 1 contract
Samples: Loan and Security Agreement (Focus Enhancements Inc)
Covenant Default. (a) If any Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If any Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between any Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten fifteen (1015) Business Days days after any Borrower receives notice thereof or any officer of any Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) Business Day day period or cannot after diligent attempts by Borrower Borrowers be cured within such ten fifteen (1015) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower Borrowers shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues Borrowers continue to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Interpace Biosciences, Inc.)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.8, 6.9, 6.10 or 6.11 violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advances will be required to be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer Responsible Officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be required to be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 ---------------- Sections 6.8, 6.9 or 6.10 (except in the event of a Conversion), or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof from Bank or any officer Responsible Officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advances will be required to be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.2 (financial reporting), 6.4 (taxes), 6.5 (insurance), 6.6 (primary accounts) or 6.7 (financial covenants), or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) 10 Business Days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) 10 Business Day period or cannot after diligent attempts by Borrower be cured within such ten (10) 10 Business Day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Cidara Therapeutics, Inc.)
Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 (other than any obligation under Sections 6.2, 6.6 or 6.7 as to which the cure period shall be fifteen (15) days) or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event Agreement and such failure or violation shall continue for a period of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten at least thirty (1030) Business Days days after the occurrence thereofwritten notice thereof from Bank; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten thirty (1030) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereoffrom Bank; provided, however, that if the default cannot by its nature be cured within the ten thirty (1030) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten thirty (1030) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Serviceware Technologies Inc/ Pa)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.2, 6.4, 6.5, 6.6, 6.7, 6.8 or 6.12 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Berkeley Lights, Inc.)
Covenant Default. (a) If Borrower fails to perform any obligation ---------------- under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten twenty (1020) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten twenty (1020) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten twenty (1020) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advances will be required to be made during such cure period);
Appears in 1 contract
Samples: Loan and Security Agreement (Corsair Communications Inc)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 or violates any of the covenants contained in Section 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten five (105) Business Days after following the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten five (105) Business Days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten five (105) Business Day period or cannot after diligent attempts by Borrower be cured within such ten five (105) Business Day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty ten (3010) Business Days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default;
Appears in 1 contract
Samples: Loan and Security Agreement (Imageware Systems Inc)
Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be required to be made during such period);
Appears in 1 contract
Samples: Loan and Security Agreement (Safeguard Scientifics Inc)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.2, 6.6, 6.7 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten fifteen (1015) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten fifteen (1015) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default;Default but no Credit Extensions will be made; Comerica Bank – 5th A&R Loan and Security Agreement Page 12 January 16, 2019
Appears in 1 contract
Covenant Default. (a) If a Borrower fails to perform any obligation under Section 6 6.2 (other than any obligation under Sections 6.2 (iv), (vi) or (vii)), Section 6.6, Section 6.7 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If a Borrower fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between a Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days 10 days after a Borrower receives notice thereof or or, if Borrower would reasonably be expected to know about the default before the Bank would, within 10 days after any officer Responsible Officer of a Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day 10 day period or cannot after diligent attempts by Borrower Borrowers be cured within such ten (10) Business Day 10 day period, and such default is likely to be cured within a reasonable time, then Borrower Borrowers shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Concur Technologies Inc)
Covenant Default. (a) If any Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, provided however that if Borrowers’ failure to timely pay taxes in the event an aggregate amount not to exceed $250,000 at any time shall not constitute a violation of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof6.6; or
(b) If any Borrower fails or neglects to perform or observe any other material term, provision, condition, condition or covenant that is applicable to such Borrower and is contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders and Bank and, as to any default under such other term, provision, condition or covenant that can be cured, such Borrower has failed to cure such default within ten twenty (1020) Business Days after Borrower receives days following such Borrower’s receipt of written notice thereof from Bank or any officer of such Borrower becomes aware thereof; provided, however, that that, if the such default cannot by its nature be cured within the ten (10) Business Day such 20-day period or cannot not, after diligent attempts by Borrower such Borrower, be cured within such ten (10) Business Day period, 20-day period and such default is likely to be cured within a reasonable time, then such Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysan additional 20 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default;, but no Credit Extensions will be made.
Appears in 1 contract
Samples: Loan and Security Agreement (Orchard Enterprises, Inc.)
Covenant Default. (a) If Borrower fails to perform any obligation under Article 6 (other than Section 6 6.1(a)) and such failure continues for five (5) Business Days or violates any of the covenants contained in Article 7 or Section 7 6.1(a) of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days 20 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day 20 day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day 20 day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days20 days from the date Borrower receives notice thereof or any officer of Borrower becomes aware thereof) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.2 or 6.7 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten twenty (1020) Business Days days after Borrower receives notice thereof or any officer the earlier of (i) a Responsible Officer of Borrower becomes aware thereofhas knowledge, or should have had knowledge, of such default or (ii) receipt of written notice of such default from Bank; provided, however, that if the default cannot by its nature be cured within the ten twenty (1020) Business Day period or cannot after diligent attempts by Borrower be cured within such ten twenty (1020) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be made during such cure period);
Appears in 1 contract
Samples: Loan and Security Agreement (Concurrent Computer Corp/De)
Covenant Default. (a) If Borrower fails to perform any obligation under Article 6 (subject to Section 6 8.2(b) below as to Sections 6.1, 6.2 and 6.3) or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails to perform any obligation under Section 6.1, 6.2 or 6.3 of this Agreement, or fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6.3, 6.6, 6.7, 6.8, 6.9 or 6.10 of Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant (provided that Borrowers’ failure to meet and/or maintain the Target Covenants shall not constitute an Event of Default under this Agreement), or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be required to be made during such cure period) );
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.2 (excluding 6.2(iii)), 6.5 or 6.6 or violates any of the covenants contained in Section 7 of this Agreement; , provided, however, that if in the event of a breach of an obligation failure to perform under Section 66.7 or violation of any covenant in Section 7 may be cured by the immediate pledge of unrestricted, if such breach is capable otherwise unencumbered cash at Bank to secure the entire amount of being curedAdvances then outstanding, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof written notification from Bank or any an officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.7, 6.8 or 6.9 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, Agreement or in any of the other Loan Documents, or in any other present or future agreement between Borrower and Lenders Documents and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; , provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extension will be required to be made during such cure period), or
(c) If a default occurs under any other present or future agreement between Borrower and Bank, and such default has not been expressly waived in writing, permits the acceleration of debt issued or otherwise created pursuant thereto, or if any such debt is declared due and payable prior to the stated maturity thereof or is not paid in full at the stated maturity thereof;
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Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 2.11, 6.2, 6.3, 6.4, 6.5, 6.7, 6.8(c) or 6.9 of this Agreement or violates any of the covenants contained in Section 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be made during such cure period). Grace periods provided under this Section 8.2(b) shall not apply to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain or as set forth in clause (a) above;
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Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 4.4, 6.7, 6.8 or 6.9 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten twenty (1020) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten twenty (1020) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten twenty (1020) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advances will be required to be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation ---------------- under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future written agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten thirty (1030) Business Days days after Borrower receives written notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten thirty (1030) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten thirty (1030) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty forty-five (3045) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be required to be made during such cure period);
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Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.4 (taxes), 6.5 (insurance), 6.6 (primary accounts) or 6.7 (financial covenants), or violates any of the covenants contained in Section Article 7 of this Agreement; providedor
(b) If Borrower fails to perform any obligation set forth in Section 6.2 (financial reporting), howeverBorrower shall have 10 days to cure such default, that if in and within such cure period the event of a breach of an obligation under Section 6, if failure to have cured such breach is capable of being cured, such breach default shall only become not be deemed an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereofbut no Credit Extensions will be made; or
(bc) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days 10 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day 10 day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day 10 day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default;Default but no Credit Extensions will be made.
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten fifteen (1015) Business Days days after Borrower receives notice thereof or any officer Responsible Officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten fifteen (1015) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty forty five (3045) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be required to be made during such cure period);
Appears in 1 contract
Samples: Loan and Security Agreement (Biomarin Pharmaceutical Inc)
Covenant Default. (a) If a Borrower fails to perform any obligation under Section 6 6.9 or violates any of the covenants contained in Section 7 of this Agreement; providedor
(b) If a Borrower fails to comply with Section 6.1, however6.2, that if in the event of a breach of an obligation under Section 6, if and/or 6.3 and fails to cure such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for default within ten (10) Business Days after from the occurrence thereofdate Bank notifies such Borrower of such default (provided that Borrowers shall have only two (2) cure periods per calendar year in respect of Section 6.2); or
(bc) If a Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between such Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after such a Borrower receives notice thereof or any officer of such Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by such Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then such Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default;Default but no Credit Extensions will be made.
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Covenant Default. (ai) If Violation by Borrower fails to perform any obligation under Section 6 or violates of any of the covenants contained in Section 7 Article 6 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(bii) If Failure by Borrower fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the other Loan Documents, or in any other present or future agreement between Borrower and Lenders Lender and as to any default Default under such other term, provision, condition condition, covenant or covenant agreement that can be curedcured and does not pose an imminent risk of loss to Lender, has failed to cure such default Default within ten (10) Business Days days after Borrower receives written notice thereof from Lender or any officer officer, member, manager or partner of Borrower becomes aware thereof; provided, however, that if the default Default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default Default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed an additional thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such defaultDefault, and within such reasonable time period the failure to have cured such default Default shall not be deemed an Event of Default;Default (provided that no Advances will be required to be made during such cure period).
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Covenant Default. (a) If a Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If a Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between such Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten thirty (1030) Business Days days after such Borrower receives notice thereof or any officer of such Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten thirty (1030) Business Day day period or cannot after diligent attempts by such Borrower be cured within such ten thirty (1030) Business Day day period, and such default is likely to be cured within a reasonable time, then such Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days) days to attempt to cure such default, so long as such Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
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Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If if Borrower fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be required to be made during such cure period);
Appears in 1 contract
Samples: Loan Agreement (Logicvision Inc)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.6, 6.7 or 6.8 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advances will be required to be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten fifteen (1015) Business Days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) Business Day period or cannot after diligent attempts by Borrower be cured within such ten (1015) Business Day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Credit Extensions will be required to be made during such cure period);
Appears in 1 contract
Samples: Loan and Security Agreement (Lynx Therapeutics Inc)
Covenant Default. (a) If Borrower fails to perform any obligation under Sections 6.2 (provided, that any breach of Section 6 6.2(a) shall be cured within two (2) Business Days of notice or knowledge thereof), 6.4, 6.5 or 6.6, or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware Responsible Officer obtains actual knowledge thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty forty-five (3045) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan Agreement (Qad Inc)
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 6.2, 6.4, 6.7 or 6.8 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If a Borrower fails to perform any obligation under Section 6 Sections 6.2, 6.5, 6.6 or 6.7 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If a Borrower fails to perform any obligation under (i) Sections 6.1, 6.3, 6.4, 6.8, 6.9, 6.10 or 6.11 and has failed to cure such default within 10 days after Borrowers receive notice thereof or any officer of a Borrower becomes aware thereof or (ii) any agreement or instrument pertaining to the Export Revolving Line, subject to any notice or cure periods.
(c) If a Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between a Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days 30 days after Borrower receives Borrowers receive notice thereof or any officer of such Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day 30 day period or cannot after diligent attempts by Borrower Borrowers be cured within such ten (10) Business Day 30 day period, and such default is likely to be cured within a reasonable time, then such Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Lender and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Samples: Loan and Security Agreement (Complete Genomics Inc)
Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten fifteen (1015) Business Days days after Borrower receives notice thereof or any officer Responsible Officer of Borrower (or Borrower’s General Counsel) becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten fifteen (1015) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under Article 6 or such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten fifteen (1015) Business Days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) Business Day period or cannot after diligent attempts by Borrower be cured within such ten fifteen (1015) Business Day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails Borrowers fail to perform any obligation under Section 6 6.7 or violates any of the covenants contained in Section 7 of this Agreement; providedAgreement other than Sections 7.5, however7.6 or 7.7, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails Borrowers fail or neglects neglect to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the other Loan DocumentsDocument, or in any other present or future agreement between Borrower Borrowers and Lenders Agent or any Lender and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten fifteen (1015) Business Days days after Borrower receives notice thereof or any officer a Responsible Officer is aware of Borrower becomes aware the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) Business Day day period or cannot after diligent attempts by Borrower Borrowers be cured within such ten fifteen (1015) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower Borrowers shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default;Default (but no Credit Extensions will be made during such cure period).
Appears in 1 contract
Covenant Default. (a) If a Borrower fails to perform any material ---------------- obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between a Borrower or the Borrowers and Lenders Bank and as to any default under such other term, provision, condition condition, covenant or covenant agreement that can be cured, has failed to cure such default within ten twenty (1020) Business Days days after a Borrower receives written notice thereof or any officer of such Borrower actually becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten twenty (1020) Business Day day period or cannot after diligent attempts by a Borrower be cured within such ten twenty (1020) Business Day day period, and such default is likely to be cured within a reasonable time, then such Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault (provided that no Advances will be required to be made during such cure period);
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 6.2, 6.4, 6.5, 6.6, 6.7 or 6.8 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 6.2(j), 6.2(l) or 6.7 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days 10 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day 10 day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day 10 day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section 6 Sections 6.2, 6.4 through 6.6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, condition or covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days 10 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day 10 day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day 10 day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of DefaultDefault but no Credit Extensions will be made;
Appears in 1 contract
Covenant Default. (a) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days business days after Borrower receives notice thereof or any officer Responsible Officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day business day period or cannot after diligent attempts by Borrower be cured within such ten (10) Business Day business day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Days30 days unless otherwise agreed in writing by Bank) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default;Default but no Credit Extensions will be made.
Appears in 1 contract
Covenant Default. (a) If Borrower fails Borrowers fail to perform any obligation under Section 6 Sections 6.2, 6.4, 6.5, 6.6, 6.7, 6.8 or 6.9, or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower fails Borrowers fail or neglects neglect to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between a Borrower and Lenders Collateral Agent or any Lender and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within ten (10) Business Days days after Borrower Parent receives notice thereof or any officer of a Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) Business Day day period or cannot after diligent attempts by Borrower Borrowers be cured within such ten (10) Business Day day period, and such default is likely to be cured within a reasonable time, then Borrower Borrowers shall have an additional reasonable period (which shall not in any case exceed thirty (30) Business Daysdays) to attempt to cure such default, so long as Borrower continues Borrowers continue to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default;Default but no Credit Extensions will be made.
Appears in 1 contract
Samples: Loan and Security Agreement (CareView Communications Inc)
Covenant Default. If (ai) If Borrower fails to perform any obligation under Section Article 6 or violates any of the covenants contained in Section Article 7 of this Agreement; provided, however, that if in the event of a breach of an obligation under Section 6, if such breach is capable of being cured, such breach shall only become an Event of Default if such breach continues for ten (10) Business Days after the occurrence thereof; or
(b) If Borrower or fails or neglects to perform perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Lenders Bank, or (ii) there occurs any circumstance or circumstances that could reasonably be expected to have a Material Adverse Effect, and (a) as to any such default under such other term, provision, condition or covenant that can be cured, Section 6.3 Borrower has failed to cure such default within ten five (105) Business Days and (b) as to any such default under clause (ii) Borrower has failed to cure such default within five (5) Business Days after Borrower receives notice thereof or any officer the earlier of (x) the date Borrower becomes aware thereof; providedand notifies Bank of such default or (y) the date Bank becomes aware and notifies Borrower of such default, howeverunless in the case of either clause (a) or (b) such default, that if the default by its nature, cannot by its nature be cured within the ten (10) Business Day period or cannot after diligent attempts by Borrower reasonably be cured within such ten (10) Business Day period, and such default is likely to time period but can reasonably be cured within a reasonable timewith more time and effort, then Borrower shall have an additional reasonable period (in which case such failure shall not in any case exceed thirty (30) Business Days) to attempt to cure such default, be considered an Event of Default hereunder so long as Borrower continues to diligently attempt promptly commences to cure such default, and within thereafter diligently prosecutes such reasonable time period the failure cure to have cured such default shall not be deemed an Event of Defaultcompletion;
Appears in 1 contract
Samples: Loan and Security Agreement (Star Mountain Lower Middle-Market Capital Corp)
