Credit Default Sample Clauses

Credit Default. One of the following credit defaults occurs: (1) Tenant commences any proceeding under any law relating to bankruptcy, insolvency, reorganization or relief of debts, or seeks appointment of a receiver, trustee, custodian or other similar official for the Tenant or for any substantial part of its property, or any such proceeding is commenced against Tenant and either remains undismissed for a period of thirty days or results in the entry of an order for relief against Tenant which is not fully stayed within seven days after entry; (2) Tenant becomes insolvent or bankrupt, does not generally pay its debts as they become due, or admits in writing its inability to pay its debts, or makes a general assignment for the benefit of creditors; (3) Any third party obtains a levy or attachment under process of law against Tenant's leasehold interest.

Credit Default. Unless otherwise disclosed by Guarantor on Form 8-K with separate notice by the Borrowers to Lender of the filing of such Form 8-K, upon, and in any event within five (5) Business Days after, the Borrowers shall furnish the Lender notice of the involuntary termination, acceleration, maturity of or reduction in the amount available for borrowing under any repurchase agreement, loan and security agreement or similar credit facility or agreement for borrowed funds entered into by a Borrower Party and any third party to the extent that such agreement or facility, prior to the effectiveness of such termination, acceleration, maturity or reduction in the amount available for borrowing, provides for a minimum amount available for borrowing by such Borrower Party equal to or greater than $10,000,000.

Credit Default. The Borrower shall furnish the Lender notice upon, and in any event within five (5) Business Days after, any involuntary termination or acceleration of any repurchase agreement, loan and security agreement or similar credit facility or agreement for borrowed funds entered into by Borrower and any third party.

Credit Default. One of the following credit defaults occurs: (i) Tenant commences any proceeding under any law relating to bankruptcy, insolvency, reorganization or relief of debts, or seeks appointment of a receiver, trustee, custodian or other similar official for the Tenant or for any substantial part of its property, or any such proceeding is commenced against Tenant and either remains undismissed for a period of thirty (30) days or results in the entry of an order for relief against Tenant which is not fully stayed within seven (7) days after entry; (ii) Tenant becomes insolvent or bankrupt, does not generally pay its debts as they become due, or admits in writing its inability to pay its debts, or makes a general assignment for the benefit of creditors; or (iii) Any third party obtains a levy or attachment under process of law against Tenant’s leasehold interest.

Credit Default. In the event of a credit default in the EIM, the credit default settlement provisions in Section 12 shall apply.

Credit Default. One of the following credit defaults occurs: (1) Tenant commences any proceeding under any law relating to bankruptcy, insolvency, reorganization or relief of debts, or seeks appointment of a receiver, trustee, custodian or other similar official for the Tenant or for any substantial part of its property, or any such proceeding is commenced against Tenant and either remains undismissed for a period of thirty days or results in the entry of an order for relief against Tenant which is not fully stayed within ninety (90) days after entry; (2) Tenant becomes insolvent or bankrupt, does not generally pay its debts as they become due, or admits in writing its inability to pay its debts, or makes a general assignment for the benefit of creditors; (3) Any third party obtains a levy or attachment under process of law against Tenant’s leasehold interest and Tenant fails to have same removed within ninety (90) days.

Credit Default. One of the following credit defaults occurs: (i) Tenant commences any proceeding under any law relating to bankruptcy, insolvency, reorganization or relief of debts, or seeks appointment of a receiver, trustee, custodian or other similar official for the Tenant or for any substantial part of its property, or any such proceeding is commenced against Tenant and either remains undismissed for a period of sixty (60) days or results in the entry of an order for relief against Tenant which is not fully stayed within sixty (60) days after entry; (ii) Tenant becomes insolvent or bankrupt, does not generally pay its debts as they become due, or admits in writing its inability to pay its debts, or makes a general assignment for the benefit of creditors; (iii) Any third party obtains a levy or attachment under process of law against Tenant’s leasehold interest, which is not reversed or stayed within sixty (60) days after the entry thereof.

Credit Default. (a) We may perform a credit check on you, using the information you have provided to us on our request. (b) You consent to us disclosing your information to a credit reporting agency for the purpose of conducting a credit check and, subject to paragraph (c), to lodge a credit default listing. (c) We may lodge a credit default listing against you if we have notified you of our intention to do so in writing and more than 60 days has elapsed since the due date for any outstanding amount. (d) We may recover any legal or other costs that we incur from you while seeking to recover any amount outstanding by you.

Credit Default. In the event either Party shall (a) make an assignment or any general arrangement for the benefit of creditors or experience the appointment of a trustee, custodian or receiver; (b) default in the payment obligation to the other Party; (c) file a petition or otherwise commence, authorize, or acquiesce in the commencement of a proceeding or case under any bankruptcy or similar law for the protection of creditors or have such petition filed or proceeding commenced against it; (d) otherwise become bankrupt or insolvent (however evidenced); or (e) be unable to pay its debts as they fall due (collectively, a “Credit Default”); then the other Party shall have the right to either withhold and/or suspend deliveries or payment, or terminate this Agreement without prior notice, in addition to any and all other remedies available hereunder or under applicable law. If Manager is the party which is in Credit Default, then in addition to all other remedies available to UGI, all storage inventories associated with storage capacities released by UGI to Manager up to the Storage Equivalent Inventory Balance, or other rights or property previously transferred hereunder, shall be immediately deemed to be transferred back to UGI and Manager hereby grants UGI a limited power of attorney to effectuate all such transfers. Notwithstanding anything in this Agreement to the contrary; (i) the provision of Performance Security by Manager to UGI is absolute, and not subject to offset or deduction of any kind; (ii) the provision of Performance Security secures all obligations of Manager to UGI whether under this Agreement or otherwise; and (iii) any payment obligation of UGI to Manager is expressly conditioned upon and shall not become due until the provision of Performance Security to UGI consistent with the terms of this Agreement.

Credit Default. A “Credit Default” shall occur (i) if Customer fails to make full and timely payment for all amounts due (subject to Section 5 herein governing billing disputes). In the event of a Credit Default, Atron Solutions may, in addition to its rights available to it at law or in equity: (i) suspend any or all Services to Customer upon written notice;