Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 6 contracts
Samples: Loan and Security Agreement (Aprimo, INC), Loan and Security Agreement (Skillsoft Public Limited Co), Loan and Security Agreement (Momenta Pharmaceuticals Inc)
Covenant Default. (ia) If a Borrower fails to perform any obligation under Article 6 or violates any of the covenants contained in Article 7 of this Agreement; or
(b) If a Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to 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 a Borrower and Bank and as to any default under such other material term, provision, condition, condition or covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence 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) day period or cannot after diligent attempts by Borrower Borrowers be cured within such ten (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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but no Credit Extensions shall will be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainmade;
Appears in 5 contracts
Samples: Loan and Security Agreement (Lyris, Inc.), Loan and Security Agreement (Pac-West Telecomm Inc), Loan and Security Agreement (Jl Halsey Corp)
Covenant Default. (i) Borrower fails to perform or satisfy any obligation under Section 6 or violates any of the covenants contained in Section 7 of this Agreement, or fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to perform, keep, or observe or otherwise defaults under any other material term, provision, condition, covenant or agreement contained in this Agreement, in any of the other Loan Documents, or in any other present or future instrument, document, agreement or other record between Borrower and any Bank or from Borrower to any Bank or for the benefit of any Bank, whether monetary or non-monetary, and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default is non-monetary and cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (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) days) to attempt to cure such non-monetary default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but no provided that the Banks shall not be required to make any Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 5 contracts
Samples: Loan and Security Agreement (Portfolio Recovery Associates Inc), Loan and Security Agreement (Portfolio Recovery Associates Inc), Loan and Security Agreement (Portfolio Recovery Associates Inc)
Covenant Default. (ia) If Borrower fails or neglects to perform any obligation in Section 6 under Sections 6.2, or 6.6, or violates any covenant of the covenants contained in Section 7; or Article 7 of this Agreement, or
(iib) If Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, or any of the Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall will be made during such cure period). Grace periods provided under this section shall not apply, among among, other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 4 contracts
Samples: Term Loan and Security Agreement (A123 Systems, Inc.), Term Loan and Security Agreement (A123 Systems, Inc.), Term Loan and Security Agreement (A123 Systems, Inc.)
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 5 (other than Sections 5.2 (Government Compliance), 5.10 (Litigation Cooperation), 5.11 (Inventory; Returns) and 5.12 (Further Assurances)) or violates any covenant in Section 76; or or
(iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, Agreement or any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 7) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) 30 days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace Cure periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certaincertain or any covenants set forth in clause (a) above;
Appears in 4 contracts
Samples: Contingent Convertible Debt Agreement (Achieve Life Sciences, Inc.), Loan and Security Agreement (Achieve Life Sciences, Inc.), Loan and Security Agreement (Liquidia Corp)
Covenant Default. (i) If Borrower fails or neglects to perform any obligation in Section ---------------- under Article 6 or violates any covenant of the covenants contained in Section 7; Article 7 of this Agreement, or (ii) Borrower fails or neglects to 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 Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence 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) day period or cannot after diligent attempts by Borrower be cured within such ten (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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall Advances will be required to be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 3 contracts
Samples: Loan and Security Agreement (Jetfax Inc), Loan and Security Agreement (Jetfax Inc), Loan and Security Agreement (Interwoven Inc)
Covenant Default. (i) Borrower fails or neglects to perform Violation of any obligation of the covenants contained in Section 6 or violates any covenant in Section 7; or Article V of this Agreement, or
(ii) Failure by Borrower fails or neglects any Affiliate of Borrower to 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 or such Affiliate on the one hand and Bank Lender or any Affiliate of Lender on the other hand, and as to any default under such other material term, provision, condition, covenant or agreement failure that can be curedcured and does not pose an imminent risk of loss to Lender, has failed the failure of Borrower or such Affiliate to cure the default such Default within ten (10) 30 days after the occurrence Borrower receives written notice thereof from Lender or after any officer, member, manager or partner of Borrower or such Affiliate becomes aware thereof; provided, however, that if the default Default cannot by its nature be cured within the ten (10) 30 day period or cannot after diligent attempts by Borrower or such Affiliate be cured within such ten (10) 30 day period, and such default Default is likely to be cured within a reasonable time, then Borrower shall or such Affiliate will have an additional reasonable period (which shall will not in any case exceed thirty (30) an additional 30 days) to attempt to cure such defaultfailure, and within such reasonable time period the failure to cure the default shall have cured such failure will not be deemed an Event of Default (but provided that Lender will have no Credit Extensions shall be made obligation to make Advances during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 3 contracts
Samples: Loan Agreement (Corporate Property Associates 18 Global Inc), Loan Agreement (Carey Watermark Investors 2 Inc), Loan Agreement (Carey Watermark Investors Inc)
Covenant Default. (i) If Borrower fails or neglects to perform any obligation in ---------------- under Section 6 6.7, 6.8, 6.9 or 6.10 or violates any covenant of the covenants contained in Section 7; Article 7 of this Agreement, or (ii) Borrower fails or neglects to 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 Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten thirty (1030) days after the occurrence Borrower receives notice thereof or any Responsible Officer becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten thirty (1030) day period or cannot after diligent attempts by Borrower be cured within such ten thirty (1030) 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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall Advance will be required to be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 3 contracts
Samples: Loan and Security Agreement (Crossworlds Software Inc), Loan and Security Agreement (Crossworlds Software Inc), Loan and Security Agreement (Crossworlds Software Inc)
Covenant Default. (i) If a Borrower fails or neglects to perform any obligation in Section under Article 6 or violates any covenant of the covenants contained in Section 7; Article 7 of this Agreement, or (ii) Borrower fails or neglects to 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 Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, agreement; and a Borrower has failed to cure the such default within ten (10) days after the occurrence 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) day period or cannot after diligent attempts by Borrower Borrowers be cured within such ten (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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but no Credit Extensions shall will be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainmade;
Appears in 3 contracts
Samples: Loan and Security Agreement (Safeguard Scientifics Inc), Loan and Security Agreement (Safeguard Scientifics Inc), Loan and Security Agreement (Safeguard Scientifics Inc)
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; 7 or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 3 contracts
Samples: Loan and Security Agreement (Egenera, Inc.), Loan and Security Agreement (Open Solutions Inc), Loan and Security Agreement (Stereotaxis, Inc.)
Covenant Default. (i) Borrower fails to perform or satisfy any obligation under Section 6 or violates any of the covenants contained in Section 7 of this Agreement, or fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to perform, keep, or observe or otherwise defaults under any other material term, provision, condition, covenant or agreement contained in this Agreement, in any of the other Loan Documents, or in any other present or future instrument, document, agreement and other record between Borrower and Bank or from Borrower to Bank or for the benefit of Bank, whether monetary or non-monetary, and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default is non-monetary and cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (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) days) to attempt to cure such non-monetary default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but no provided that Bank shall not be required to make any Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 3 contracts
Samples: Loan and Security Agreement (Portfolio Recovery Associates Inc), Loan and Security Agreement (API Technologies Corp.), Loan and Security Agreement (Portfolio Recovery Associates Inc)
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 Sections 6.2 or 6.6, or violates any covenant in Section 7; or or
(iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 8) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section Section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainset forth in subsection (a) above;
Appears in 3 contracts
Samples: Term Loan and Security Agreement, Term Loan and Security Agreement (Meru Networks Inc), Term Loan and Security Agreement (Meru Networks Inc)
Covenant Default. (i) If Borrower fails or neglects to perform any obligation in Section ---------------- under Article 6 or violates any covenant of the covenants contained in Section 7; Article 7 of this Agreement, or (ii) Borrower fails or neglects to 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 Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence 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) day period or cannot after diligent attempts by Borrower be cured within such ten (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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall will be required to be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 3 contracts
Samples: Loan and Security Agreement (Egain Communications Corp), Loan and Security Agreement (Logicvision Inc), Loan Agreement (Logicvision Inc)
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or or
(iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in Section 8 below) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainset forth in subsection (a) above;
Appears in 2 contracts
Samples: Loan and Security Agreement (Interlink Electronics Inc), Loan and Security Agreement (Interlink Electronics Inc)
Covenant Default. (ia) If Borrower fails to perform any obligation under Article 6 (except Sections 6.3 or 6.4) or violates any of the covenants contained in Article 7 of this Agreement; or
(b) If Borrower fails to perform any obligation under Sections 6.3 or 6.4, and has failed to cure such default within ten (10) days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof;
(c) If Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to 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 Bank Lender and as to any default Default under such other material term, provision, condition, condition or covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default Default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) 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 thirty (30) days) to attempt to cure such defaultDefault, so long as Borrower continues to diligently attempt to cure such Default, and within such reasonable time period the failure to cure the default have cured such Default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;Default.
Appears in 2 contracts
Samples: Loan and Security Agreement (Rocky Mountain Chocolate Factory Inc), Loan and Security Agreement (U-Swirl, Inc.)
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; 7 or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten fifteen (1015) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) day period or cannot after diligent attempts by Borrower be cured within such ten fifteen (1015) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 2 contracts
Samples: Loan and Security Agreement (Alnylam Pharmaceuticals Inc), Loan and Security Agreement (Onesource Information Services Inc)
Covenant Default. (ia) If Borrower fails to perform any obligation under Sections 6.2, 6.4, 6.5, 6.6 or violates any of the covenants contained in Article 6.11 of this Agreement; or
(b) If Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to 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 Bank and as to any default under such other material term, provision, condition, condition or covenant or agreement that can be cured, has failed to cure the such default within ten fifteen (1015) days after the occurrence Borrower receives notice thereof from Bank 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) day period or cannot after diligent attempts by Borrower be cured within such ten fifteen (1015) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which additional period shall not in any case exceed thirty (30) 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 cure the have cured such default shall not be deemed an Event of Default (but no Credit Extensions shall will be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainmade;
Appears in 2 contracts
Samples: Loan and Security Agreement (CS Disco, Inc.), Loan and Security Agreement (CS Disco, Inc.)
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 Sections 6.2 or 6.6 or violates any covenant in Section 7; or or
(iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in Section 8 below) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainset forth in subsection (a) above;
Appears in 2 contracts
Samples: Loan and Security Agreement (Ista Pharmaceuticals Inc), Loan and Security Agreement (Ista Pharmaceuticals Inc)
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 2.2.7, 6.2, or 6.6, or violates any covenant in Section 7; 7 or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank Documents and as to any default (other than those specified in this Section 8) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace ; provided further, however, grace and cure periods provided under this section shall not apply, among other things, apply to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 2 contracts
Samples: Loan and Security Agreement (Cyoptics Inc), Loan and Security Agreement (Cyoptics Inc)
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; 7 or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Bank shall not be obligated to make Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 2 contracts
Samples: Loan and Security Agreement (Constant Contact, Inc.), Loan and Security Agreement (Constant Contact, Inc.)
Covenant Default. (ia) If Borrower fails to perform any obligation under Sections 6.2, 6.4, 6.5, 6.6 or 6.7, or violates any of the covenants contained in Article 7 of this Agreement; or
(b) If Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, Agreement or in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank Bank, and as to any default under such other material term, provision, condition, condition or covenant or agreement that can be cured, has failed to cure the such default within ten fifteen (1015) days after the occurrence Borrower receives notice thereof or any Responsible Officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) day period or cannot after diligent attempts by Borrower be cured within such ten fifteen (1015) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case without Bank’s consent exceed thirty (30) days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time thirty (30) day period (or longer period agreed by Bank) the failure to cure the have cured such default shall not be deemed an Event of Default (but no Credit Extensions shall will be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainmade;
Appears in 2 contracts
Samples: Loan and Security Agreement (Nutanix, Inc.), Loan and Security Agreement (Nutanix, Inc.)
Covenant Default. (ia) If a Borrower fails to perform any obligation under Sections 6.1, 6.2, 6.5, or 6.7 or violates any of the covenants contained in Article 7 of this Agreement; or
(b) If a Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to 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 such Borrower and Bank and as to any default under such other material term, provision, condition, condition or covenant or agreement that can be cured, has failed to cure the such default within ten thirty (1030) days after the occurrence either Borrower receives notice thereof or any Responsible Officer of such Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten thirty (1030) day period or cannot after diligent attempts by such Borrower be cured within such ten thirty (1030) 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 sixty (3060) 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 cure the have cured such default shall not be deemed an Event of Default (but no Credit Extensions shall will be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainmade;
Appears in 2 contracts
Samples: Loan and Security Agreement (Taiwan Liposome Company, Ltd.), Loan and Security Agreement (Taiwan Liposome Company, Ltd.)
Covenant Default. (ia) Borrower fails or neglects neglect to perform any obligation in Section 6 Sections 6.2 and 6.5 or violates any covenant in Section 7; or or
(iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 8) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section Section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainset forth in subsection (a) above;
Appears in 2 contracts
Samples: Loan and Security Agreement (T2 Biosystems, Inc.), Loan and Security Agreement (T2 Biosystems, Inc.)
Covenant Default. (i) Borrower Debtor fails or neglects to perform any obligation in Section 6 3 or violates any covenant in Section 74; or (ii) Borrower Debtor fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documentsthe Guaranty, or in any present or future agreement between Borrower Debtor and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower Debtor be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower Debtor shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 2 contracts
Samples: Security Agreement (Reval Holdings Inc), Security Agreement (GlobalOptions Group, Inc.)
Covenant Default. (ia) If Borrower fails to perform any obligation under Article 6 or violates any of the covenants contained in Article 7 of this Agreement; or
(b) If Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to 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 Bank and as to any default under such other material term, provision, condition, condition or covenant or agreement that can be cured, has failed to cure the such default within ten (10) days Business Days after the occurrence 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) day Business Day period or cannot after diligent attempts by Borrower be cured within such ten (10) 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) 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 cure the have cured such default shall not be deemed an Event of Default (but no Credit Extensions shall will be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainmade;
Appears in 2 contracts
Samples: Loan and Security Agreement (Seres Health, Inc.), Loan and Security Agreement (Seres Health, Inc.)
Covenant Default. (i) If Borrower fails or neglects to perform any obligation in Section under Article 6 or violates any covenant of the covenants contained in Section 7; Article 7 of this Agreement, or (ii) Borrower fails or neglects to 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 Bank Lender and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence 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) day period or cannot after diligent attempts by Borrower be cured within such ten (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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall Advances will be required to be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 2 contracts
Samples: Loan and Security Agreement (Physicians Insurance Co of Ohio), Loan and Security Agreement (Pc Quote Inc)
Covenant Default. (i) Borrower fails to perform or satisfy any obligation under Section 6 or violates any of the covenants contained in Section 7 of this Agreement, or fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to perform, keep, or observe or otherwise defaults under any other material term, provision, condition, covenant or agreement contained in this Agreement, in any of the other Loan Documents, or in any other present or future instrument, document, agreement and other record between Borrower and Bank or from Borrower to Bank or for the benefit of Bank, whether monetary or non-monetary, and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten five (105) days after the occurrence Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default is non-monetary and cannot by its nature be cured within the ten five (105) day period or cannot after diligent attempts by Borrower be cured within such ten five (105) 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 twenty (3020) days) to attempt to cure such non-monetary default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but no provided that Bank shall not be required to make any Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 2 contracts
Samples: Loan and Security Agreement (Unilens Vision Inc), Loan and Security Agreement (Cea Acquisition Corp)
Covenant Default. (i) If Borrower fails or neglects to perform any obligation in Section under Article 6 or violates any covenant of the covenants contained in Section 7; Article 7 of this Agreement, or (ii) Borrower fails or neglects to 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 Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten fifteen (1015) days after the occurrence thereofBorrower receives notice thereof from Bank; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) day period or cannot after diligent attempts by Borrower be cured within such ten fifteen (1015) 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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall will be required to be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 2 contracts
Samples: Loan Agreement (Clarient, Inc), Loan Agreement (Safeguard Scientifics Inc)
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or or
(iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, Agreement or any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 8) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace Cure periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainset forth in clause (a) above;
Appears in 2 contracts
Samples: Loan and Security Agreement (Root, Inc.), Loan and Security Agreement (Root Stockholdings, Inc.)
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 5 (other than Sections 5.2 (Government Compliance), 5.12 (Litigation Cooperation), 5.14 (Inventory; Returns) and 5.15 (Further Assurances)) or violates any covenant in Section 76; or or
(iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, Agreement or any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 7) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (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) 30 days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace Cure periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certaincertain or any covenants set forth in clause (a) above;
Appears in 2 contracts
Samples: Loan and Security Agreement (Ibotta, Inc.), Loan and Security Agreement (Ibotta, Inc.)
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 6.2 or Section 6.5 or violates any covenant in Section Article 7; or (iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan of the Credit Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall be made during such cure period). Grace periods provided under this section Section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 1 contract
Samples: Letter of Credit Reimbursement Agreement (Finisar Corp)
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; 7 or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 1 contract
Samples: Loan and Security Agreement (NMS Communications Corp)
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; 7 or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, apply to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 1 contract
Samples: Loan and Security Agreement (Momenta Pharmaceuticals Inc)
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 Sections 6.2 or 6.7 or violates any covenant in Section 7; or or
(iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 8) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainset forth in subsection (a) above;
Appears in 1 contract
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; 7 or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 8) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure sure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 1 contract
Samples: Loan and Security Agreement (Paradigm Holdings, Inc)
Covenant Default. (ia) If Borrower fails or neglects to perform any obligation in Section 6 Sections 6.3, 6.5, 6.6, 6.7, 6.8, 6.9, 6.12 or 6.13 or violates any covenant of the covenants contained in Section 7Article 7 of this Agreement; or or
(iib) If Borrower fails or neglects to perform, keep, perform or observe any other material term, provision, condition, 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 Bank and as to any default under such other material term, provision, condition, condition or covenant or agreement that can be cured, has failed to cure the such default within ten fifteen (1015) days after the occurrence Borrower receives notice thereof or any Responsible Officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten fifteen (1015) day period or cannot after diligent attempts by Borrower be cured within such ten fifteen (1015) 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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but no Credit Extensions shall will be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;made.
Appears in 1 contract
Samples: Loan and Security Agreement (Arcturus Therapeutics Ltd.)
Covenant Default. (ia) Borrower If Debtor fails or neglects to perform any obligation in under Section 6 3 of this Agreement, or violates any covenant of the covenants contained in Section 74 of this Agreement; or or
(iib) Borrower If Debtor fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant covenant, or agreement contained in this Agreement, the Guaranty or in any of the other Loan Documents, or in any other present or future agreement between Borrower Debtor and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) days [**] after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day [**] period or cannot after diligent attempts by Borrower Debtor be cured within such ten (10) day [**] period, and such default is likely to be cured within a reasonable time, then Borrower Debtor shall have an additional reasonable period (which shall not in any case exceed thirty (30) days[**]) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall Advances will be made to Borrower during such cure period). Grace periods provided under this section Section 5.3 shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed completed, or tested by a date certaincertain or as set forth in subsection (a) above;
Appears in 1 contract
Covenant Default. (ia) If Borrower fails or neglects to perform any obligation in Section 6 under Sections 6.3, 6.6, 6.7, 6.8, or 6.9 or violates any covenant of the covenants contained in Section 7Article 7 of this Agreement; or or
(iib) If Borrower fails or neglects to 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 Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten thirty (1030) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten thirty (1030) day period or cannot after diligent attempts by Borrower be cured within such ten thirty (1030) 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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall Advances will be required to be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 1 contract
Samples: Loan and Security Agreement (Speechworks International Inc)
Covenant Default. (i) If Borrower fails or neglects to perform any obligation in Section ---------------- under Article 6 or violates any covenant of the covenants contained in Section 7; Article 7 of this Agreement, or (ii) if Borrower fails or neglects to 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 Bank Lender and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall will be required to be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 1 contract
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 6.2, Section 6.6, or Section 6.7 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 1 contract
Samples: Loan and Security Agreement (Zoom Technologies Inc)
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 6.2 or 6.6 or violates any covenant in Section Article 7; or (iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any of the Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall be made during such cure period). Grace periods provided under this section Section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 1 contract
Samples: Loan and Security Agreement (Cyberkinetics Neurotechnology Systems, Inc.)
Covenant Default. (ia) If Borrower fails or neglects to perform any obligation in under Section 6 6.2 or violates any covenant of the covenants contained in Section 7; or 7 of this Agreement, or
(iib) If Borrower fails or neglects to 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 Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall Advances will be made during such cure period). Grace ; provided, however, grace and cure periods provided under this section shall not apply, among other things, apply to financial covenants or any other covenants that are required to be satisfied, satisfied or completed or tested by a date certain;.
Appears in 1 contract
Covenant Default. (i) If Borrower fails or neglects to perform any obligation in Section under Article 6 or violates any covenant of the covenants contained in Section 7; Article 7 of this Agreement, or (ii) Borrower fails or neglects to 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 Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten cured and such failure continues for a period of thirty (1030) days after the occurrence notice thereof; provided, however, that if the default cannot by its nature be cured within the ten thirty (1030) day period or cannot after diligent attempts by Borrower be cured within such ten thirty (1030) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) additional days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 1 contract
Covenant Default. (i) Borrower fails to perform or satisfy any obligation under Section 6 or violates any of the covenants contained in Section 7 of this Agreement, or fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to perform, keep, or observe or otherwise defaults under any other material term, provision, condition, covenant or agreement contained in this Agreement, in any of the other Loan Documents, or in any other present or future instrument, document, agreement and other record between Borrower and Bank or from Borrower to Bank or for the benefit of Bank, whether monetary or non-monetary, and as to any such failure, violation or default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default is non-monetary and cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (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 twenty (3020) days) to attempt to cure such non-monetary default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but no provided that Bank shall not be required to make any Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 1 contract
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 6.2, 6.6 or violates any covenant in Section Article 7; or (iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any of the Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall be made during such cure period). Grace periods provided under this section Section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 1 contract
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or or
(iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, EXIM Agreement or any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 8) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainset forth in subsection (a) above;
Appears in 1 contract
Samples: Export Import Loan and Security Agreement (Axcelis Technologies Inc)
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; 7 or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 1 contract
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; 7 or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as so to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 1 contract
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; 7 or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, ,covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 1 contract
Samples: Loan and Security Agreement (American Science & Engineering Inc)
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 Sections 6.2, 6.5, 6.6 or violates any covenant in Section 7; or or
(iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 8) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days Business Days after the occurrence thereofearlier of (i) a Responsible Officer of Borrower becoming aware of such default or (ii) receipt by Borrower of notice from Bank of such default; provided, however, that if the default cannot by its nature be cured within the ten (10) day Business Day period or cannot after diligent attempts by Borrower be cured within such ten (10) day Business Day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainset forth in subsection (a) above;
Appears in 1 contract
Covenant Default. (ia) If Borrower fails or neglects to perform any obligation in Section 6 hereunder, or violates any covenant of the covenants contained in Section 7; or this Agreement, or
(iib) If Borrower fails or neglects to 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 Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence thereofNOTIFICATION BY THE BANK; provided, however, that if the default cannot by its nature be cured within the ten (10) day period (for example, financial covenants) or cannot after diligent attempts by Borrower be cured within such ten (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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall Advances will be required to be made during such cure period). Grace periods provided under this section With respect to defaults resulting from the Borrower's failure to deliver the financial information requested in Section 6.3(b), or 6.3
(c) in a timely manner, the Borrower shall not apply, among other things, be in default hereunder unless the Borrower fails to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certaindeliver such information within five (5) days after the Bank notifies the Borrower of such failure;
Appears in 1 contract
Covenant Default. (ia) If Borrower fails to perform any obligation under Article 5 or violates any of the covenants contained in Article 6 of this Agreement; or
(b) If Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, condition or covenant or agreement that is applicable to Borrower and is contained in this AgreementAgreement or the Promissory Note and, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, condition or covenant or agreement that can be cured, such Borrower has failed to cure the such default within ten twenty (1020) days after the occurrence thereoffollowing such Borrower's receipt of written notice thereof from Lender; provided, however, that that, if the such default cannot by its nature be cured within the ten (10) such 20-day period or cannot not, after diligent attempts by Borrower such Borrower, be cured within such ten (10) 20-day period, 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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (Default, but no Credit Extensions shall will be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;made.
Appears in 1 contract
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 5 or violates any covenant in Section 76; or or
(iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, Agreement or any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 7) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) 30 days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace Cure periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certaincertain or any covenants set forth in clause (a) above;
Appears in 1 contract
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section Article 6 or violates any covenant in Section Article 7; or (iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, Agreement or any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 8) under such other material term, provision, condition, covenant covenant, or agreement that can be cured, has failed to cure the default within ten thirty (1030) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten thirty (1030) day period or cannot after diligent attempts by Borrower be cured within such ten thirty (1030) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty ninety (3090) additional days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no additional Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants period and the Agent or any other covenants that are required Lender may elect to be satisfied, completed or tested by a date certainapply the Default Interest Rate during such time);
Appears in 1 contract
Samples: Credit and Security Agreement (ScanTech AI Systems Inc.)
Covenant Default. (i) Borrower fails to perform or satisfy any obligation under Section 6 or violates any of the covenants contained in Section 7 of this Agreement, or fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to perform, keep, or observe or otherwise defaults under any other material term, provision, condition, covenant or agreement contained in this Agreement, in any of the other Loan Documents, or in any other present or future instrument, document, agreement and other record between Borrower and Bank or from Borrower to Bank or for the benefit of Bank, whether monetary or non-monetary, and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default is non-monetary and cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (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 twenty (3020) days) to attempt to cure such non-monetary default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but no provided that Bank shall not be required to make any Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 1 contract
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 6.2, 6.6 and 6.7 or violates any covenant in Section 7; or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 1 contract
Samples: Loan and Security Agreement (Lynx Therapeutics Inc)
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 Sections 6.2, 6.6, or 6.7, or violates any covenant in Section 7; or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;
Appears in 1 contract
Covenant Default. (ia) If Borrower fails or neglects to perform any obligation in under Section 6 6.2 or violates any covenant of the covenants contained in Section 7; Article 7 of this Agreement or (ii) Borrower fails or neglects to 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 Bank Lender and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (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) days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall will be made during such cure period). Grace periods provided under this section shall not apply, among other things, or
(b) Any failure by Borrower to financial covenants or any other covenants that are required to be satisfied, completed or tested by a comply with the binding provisions of the Letter of Intent between Lender and Borrower dated as of the date certainhereof (the "Letter of Intent");
Appears in 1 contract
Covenant Default. (ia) A Borrower fails or neglects to perform any obligation beyond the respective cure periods in Section 6 or violates any covenant in Section 7; or or
(iib) A Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, Agreement or any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 8) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by such Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then such Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace Cure periods provided under this section shall not apply, among other things, apply to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certainset forth in clause (a) above;
Appears in 1 contract
Samples: Loan and Security Agreement (Advanced Photonix Inc)
Covenant Default. (ia) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; or or
(iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, Agreement or any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 8) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace Cure periods provided under this section shall not apply, among other things, to financial any covenants or any other covenants that are required to be satisfied, completed or tested by a date certainset forth in clause (a) above;
Appears in 1 contract
Samples: Loan and Security Agreement (Sorrento Therapeutics, Inc.)
Covenant Default. Borrower (ia) Borrower fails or neglects to perform any obligation in Section 6 of this Agreement or violates any covenant in Section 7; 7 of this Agreement or (iib) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, Agreement or any Loan Documents, or in any present or future agreement between Borrower and Bank Documents and as to any default (other than those specified in clause (a)) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty twenty (3020) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace ; and provided, further, however, grace and cure periods provided under this section Section 8.2 shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certaincertain or any covenants set forth in clause (a);
Appears in 1 contract
Covenant Default. (i) Borrower fails or neglects to perform any obligation in Section 6 or violates any covenant in Section 7; 7 or (ii) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days Business Days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day Business Day period or cannot after diligent attempts by Borrower be cured within such ten (10) day Business Day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 1 contract
Samples: Loan Agreement (Applix Inc /Ma/)
Covenant Default. (iA) Borrower fails or neglects to perform any obligation in Section 6 5 (other than Sections 5.2 (Government Compliance), 5.12 (Litigation Cooperation), and 5.18 (Further Assurances)) or violates any covenant in Section 76; or or
(iiB) Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant or agreement contained in this Agreement, Agreement or any Loan Documents, or in any present or future agreement between Borrower and Bank and as to any default (other than those specified in this Section 7) under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten thirty (1030) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten thirty (1030) day period or cannot after diligent attempts by Borrower be cured within such ten thirty (1030) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) 30 days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace Cure periods provided under this section shall not apply, among other things, apply to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certaincertain or to any covenants set forth in clause (A) above;
Appears in 1 contract
Samples: Loan and Security Agreement (Atlas Crest Investment Corp.)
Covenant Default. (a) If Borrower (i) Borrower fails or neglects to perform any obligation in under Section 6 or violates any covenant in Section 7; 6.3 within five (5) calendar days of when due or (ii) fails to perform any obligation under Sections 6.7, 6.8 or 6.9 or (iii) violates any of the covenants contained in Article 7 of this Agreement, or
(b) If Borrower fails or neglects to 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 Bank Bank, including without limitation, those documents relating to Bank's loan to Borrower of Seven Hundred Fifty Thousand and No/100 Dollars ($750,000.00) dated on or about February 7, 1997 and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) calendar days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) calendar 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) calendar days) to attempt to cure such default, and within such reasonable time period the failure to cure the have cured such default shall not be deemed an Event of Default (but provided that no Credit Extensions shall Advances will be required to be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 1 contract
Samples: Loan and Security Agreement (Mission Critical Software Inc)
Covenant Default. (ia) If Borrower fails or neglects to perform any obligation in Section 6 under Sections 6.2, 6.6, 6.8, 6.9 or 6.10 or violates any covenant of the covenants contained in Section 7; or 7 of this Agreement, or
(iib) If Borrower fails or neglects to 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 Bank any Lender and as to any default under such other material term, provision, condition, covenant or agreement that can be cured, has failed to cure the such default within ten (10) days after the occurrence thereof; provided, however, that (i) if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (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) days) to 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 (provided that no Credit Extensions will be made during such cure period) and (ii) if the default cannot by its nature be cured, then Borrower shall have a reasonable period (which shall not in any case exceed ten (10) days) to minimize the impact of the default such that the default is not material, and within such reasonable time period the default shall not be deemed an Event of Default (but provided that no Credit Extensions shall will be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain;.
Appears in 1 contract
Samples: Loan and Security Agreement (Poniard Pharmaceuticals, Inc.)
