Default by the Borrower. Upon the occurrence of an event of default (or similar term or phrase under the Loan Documents) by the Borrower under the Loan Documents (which is not cured after the expiration of any applicable opportunity to cure): in addition to all notices to the Borrower required under the Loan Documents, the Lender shall copy the MSF with all notices to the Borrower, and further provide the MSF written notice describing in reasonable detail the circumstances of the event of default; and prior to drawing Cash Collateral from the Cash Collateral Account to repay the Loan, the Lender shall first take control (via foreclosure, deed-in-lieu of foreclosure, possession, exercising assignments of rights, or other similar action) of any and all Primary Collateral, or provide written direction to the Borrower to sell or liquidate the Primary Collateral, or any combination thereof, and, as the case may be, the Lender shall sell or liquidate, or cause the Borrower to sell or liquidate, the Primary Collateral and apply the proceeds thereof to the Loan. (The gross proceeds from the sale or liquidation of the Primary Collateral (exclusive of any costs and expenses related to such sale or liquidation, or interest, or fees or other charges of any kind) is referred to herein as the “Gross Proceeds from Primary Collateral”; and the difference between the Gross Proceeds from Primary Collateral and the amount due under the Loan shall be deemed the “Remaining Default Principal Balance”). To the extent the Gross Proceeds from Primary Collateral is equal to or greater than the underwritten value assigned by the Lender for the Primary Collateral at the time of the Lender’s initial advance of the Loan (the “Underwriting Value for Lending Purposes”) then, upon at least forty-five (45) calendar days prior written notice to the MSF, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral (after taking into account applicable Reductions), against the Remaining Default Principal Balance. To the extent the Gross Proceeds from Primary Collateral is less than the Underwriting Value for Lending Purposes then, upon at least forty-five (45) calendar days prior written notice to the MSF, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral, less the Exit Fee as provided by Section 15, (after taking i...
Default by the Borrower. Upon the occurrence of an event of default (or similar phrase or term under the Loan Documents) by the Borrower (which is not cured after the expiration of any applicable opportunity to cure) under the Loan Documents:
(a) the Lender shall copy the MSF with all notices to the Borrower, and further provide the MSF written notice describing in reasonable detail the circumstances of the event of default; and
(b) the Lender shall diligently pursue the collection of all amounts owed by the Borrower under the Loan Documents until the Loan is brought current, collected in full, reduced to a Judgment, settled, or upon the reasonable judgment of the Lender, other action is desired (collectively, the “Legal Action”).
Default by the Borrower. (a) Upon Xxxxxx’s acquiring actual knowledge that a default or Event of Default under the Junior Mezz Loan Documents has occurred, Lender shall notify Participant in writing within five (5) Business Days after obtaining such knowledge of the existence and nature of such default or Event of Default. Following such notice to Participant, Lender shall propose a course of action that Lender has determined ought to be taken as a result of such default or Event of Default (including, without limitation, any Enforcement Action) and, provided that Participant approves such course of action as a Lender Decision/Action, Lender may proceed to take such course of action. Nothing contained herein shall preclude Participant from proposing a different course of action for approval by Xxxxxx. Lender and Participant agree that if they agree upon Lender commencing an Enforcement Action, Lender shall be authorized without further consent of the Participant but, if time permits, upon prior written notice to Participant to take all administrative and ministerial actions in pursuit of such action consistent with Xxxxxx’s standard of care under Section 4(b) hereof, including by way of example and not by limitation, decisions regarding details of advertising a UCC Sale, the location of such a sale and similar matters provided that the amount and terms of any bid shall be deemed a Lender Decision/Action. In the event that Lender and Participant agree that a sale of the Equity Interests or other Collateral is to be instituted, absent an agreement to the contrary by Xxxxxx and Participant, the bid amount shall be the full outstanding principal balance of the Junior Mezz Loan, all accrued and unpaid interest at the Default Rate, all late charges and other amounts payable under the Junior Mezz Loan.
(b) In the event that any Enforcement Action is instituted, Lender shall keep Participant reasonably informed as to the progress thereof and Participant shall have the right to meet with and consult with Lender with respect to such Enforcement Action and Event of Default. In the event Lender proposes to discontinue or modify in any material respect any such Enforcement Action, the same shall constitute a Lender Decision/Action requiring the prior written consent of Participant.
Default by the Borrower. In the event of a Default by the Borrower, the Bank will have no duty or obligation to make any further Interest Rate Reduction payments on the Loan and the Borrowing Rate shall increase to the Yield Rate.
Default by the Borrower. Where the Borrower fails to make up the deficiency in the collaterals according to the agreement in a timely fashion, or fails to return the securities on the due date or according to agreement, or fails to pay for the lending charges, or is in violation of the representations or warranties, it shall be deemed to be in default. In the event of default by the Borrower, the related securities lending and borrowing shall be deemed to be due, and the Lender may complete the negotiated borrowing transaction by ______________ (the agreed manner), recover the deficiency in payment from the Borrower, collect a default penalty equivalent to _______, and at the same time claim for damages.
Default by the Borrower. If a NFLP borrower defaults on the loan, the school must immediately stop the disbursement of the NFLP loan and begin collection on the loan. Default means: Failure to complete the advanced nurse education program. Loss of the status as a student in good standing, as used by the School for the advanced nurse training program. Failure to become employed or maintain employment as a full-time faculty member at an accredited school of nursing. “Full-time” has the meaning used by the employing school of nursing for its faculty and may include (1) full-time faculty member at an accredited school of nursing; or (2) part-time faculty member at an accredited school of nursing in combination with another part-time faculty position or part-time clinical preceptor position affiliated with an accredited school of nursing that together equates to full-time employment. Failure to provide certification of employment will evidence default. or Failure to make payments as required by the NFLP borrower’s Promissory Note and repayment agreement.
Default by the Borrower. Upon the occurrence of an event of default by the Borrower (a “Borrower Event of Default”):
a) the Lender shall copy the Department with all notices to the Borrower, and further provide the Department written notice describing in reasonable detail the circumstances of the event of default. Upon such notice to the Department of a Borrower Event of Default, the requirement of the Lender to request extensions to the Guarantee Term is suspended and Guarantee will remain in force; and
b) The Lender shall diligently pursue the collection of all amounts owed by the Borrower under the Loan documents. In the event the Loan is collected in full, the Guarantee will terminate pursuant to Section 4(b). In the event the Borrower Event of Default is cured, upon notice to the Department of the cure, the Guarantee will remain in force for the remainder of Guarantee Term, as extended pursuant to Section 3.
c) Within thirty (30) days of the Borrower Event Default and subsequent loss on the loan, the Lender shall notify the Department in writing and submit a request for payment to the Department. The Department will pay the Lender the Amount of Guarantee due on the remaining default loan balance.
Default by the Borrower in the payment of any other Indebtedness or in the observance or performance of any term, covenant or agreement of the Borrower in any agreement relating to any Indebtedness of the Borrower, the effect of which default is to permit the holder of such Indebtedness to declare the same due prior to the date fixed for its payment under the terms thereof and failure to cure such default within 30 days after written notice by Xxxxxx to Borrower; or
Default by the Borrower. Events of Default; Default. "Event of Default" in this Agreement -------------------------- means any one of the events set forth below and "Default" means any Event of Default without regard to any lapse of time or notice.
Default by the Borrower. Should an Event of Default (as defined in the Loan Agreement) occur, the Guarantor unconditionally and absolutely agrees to pay the unpaid amount of the Borrower's Indebtedness guaranteed hereunder. Such payment or payments shall be made immediately following written demand by the Lender at the Lender's address stated above. The Guarantor hereby waives notice of acceptance of this Agreement and of any Indebtedness to which it applies or may apply.
