Common use of Default in Performance Clause in Contracts

Default in Performance. (i) The Parent or the Borrower shall fail to perform Section 7.1(i) or Section 8.4(j), or any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Article IX (other than Section 9.12); or (ii) The Parent shall fail to perform Section 9.12, and such failure shall continue beyond the period provided in Section 7.14(b)(ii) to cause the Parent to become a Guarantor; (iii) The Parent or the Borrower shall fail to perform any term, covenant , condition or agreement contained in Section 8.1, Section 8.2, Section 8.3 or Section 8.4 (other than Section 8.4(j)) and in the case of this subsection (b)(iii) only, such failure shall continue for a period of five (5) Business Days after the date required for performance under such Section; or (iv) Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(iv) only, such failure shall continue for a period of thirty (30) days after the earlier of (x) the date upon which a Responsible Officer of the Parent, the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent.

Appears in 4 contracts

Samples: Credit Agreement (American Homes 4 Rent, L.P.), Amendment No. 1 to Amended and Restated Credit Agreement (American Homes 4 Rent, L.P.), Credit Agreement (American Homes 4 Rent, L.P.)

AutoNDA by SimpleDocs

Default in Performance. (i) The Parent or the Borrower shall fail to perform Section 7.1(i) or Section 8.4(j), or any Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 8.1.(i) (with respect to any Loan Party or any Eligible Property Subsidiary), Section 8.8.(b), Section 8.12. (with respect to the Parent), Section 8.16. Section 9.4.(j) or Article IX (other than Section 9.12); orX.; (ii) The Any Parent Entity shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 9.128.17.(a), and such failure shall continue beyond continues for five (5) Business Days following the period provided occurrence thereof without satisfying the requirements in Section 7.14(b)(ii) to cause the Parent to become a Guarantor8.17.(b); (iii) The Parent or the Borrower Company shall fail to perform or observe any term, covenant covenant, condition or agreement contained in Section 8.19.1., Section 8.29.2., Section 8.3 9.3. or Section 8.4 (other than Section 8.4(j)9.4.(d) and in the case of this subsection (b)(iii) only, such failure shall continue for a period of five (5) Business Days after the earlier of (x) the date required for performance under upon which a Responsible Officer of the Company obtains knowledge of such Sectionfailure or (y) the date upon which the Company has received written notice of such failure from the Administrative Agent; or (iv) Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, Section and in the case of this subsection (b)(iv) only, such failure shall continue for a period of thirty (30) days after the earlier of (x) the date upon which a Responsible Officer of the Parent, the Borrower or such other Loan Party Company obtains knowledge of such failure or (y) the date upon which the Borrower Company has received written notice of such failure from the Administrative Agent.

Appears in 3 contracts

Samples: Credit Agreement (Park Hotels & Resorts Inc.), Delayed Draw Term Loan Agreement (Park Hotels & Resorts Inc.), Credit Agreement (Park Hotels & Resorts Inc.)

Default in Performance. (i) The Parent or the Borrower shall fail to perform Section 7.1(i) or Section 8.4(j), or any Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 8.1.(i) (with respect to any Loan Party or any Eligible Property Subsidiary), Section 8.8.(b), Section 8.12. (with respect to the Parent), Section 8.14.(b)(ii), Section 8.14.(c)(ii), Section 8.16., Section 9.4.(j) or Article IX (other than Section 9.12); orX.; (ii) The Any Parent Entity shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 9.128.17.(a), and such failure shall continue beyond continues for five (5) Business Days following the period provided occurrence thereof without satisfying the requirements in Section 7.14(b)(ii) to cause the Parent to become a Guarantor8.17.(b); (iii) The Parent or the Borrower Company shall fail to perform or observe any term, covenant covenant, condition or agreement contained in Section 8.19.1., Section 8.29.2., Section 8.3 9.3. or Section 8.4 (other than Section 8.4(j)9.4.(d) and in the case of this subsection (b)(iii) only, such failure shall continue for a period of five (5) Business Days after the earlier of (x) the date required for performance under upon which a Responsible Officer of the Company obtains knowledge of such Sectionfailure or (y) the date upon which the Company has received written notice of such failure from the Administrative Agent; or (iv) Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, Section and in the case of this subsection (b)(iv) only, such failure shall continue for a period of thirty (30) days after the earlier of (x) the date upon which a Responsible Officer of the Parent, the Borrower or such other Loan Party Company obtains knowledge of such failure or (y) the date upon which the Borrower Company has received written notice of such failure from the Administrative Agent.

Appears in 3 contracts

Samples: Credit Agreement (Park Hotels & Resorts Inc.), Loan Agreement (Park Hotels & Resorts Inc.), Credit Agreement (Park Hotels & Resorts Inc.)

Default in Performance. (i) The Parent or the Borrower shall fail to perform Section 7.1(i) or Section 8.4(j), or any Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 7.12. (but only with respect to the period of 2 consecutive Business Days commencing on the Agreement Date), Section 7.14.(a), Section 7.15., Section 8.1., Section 8.2., Section 8.3., Section 8.4.(e) or Article IX (other than Section 9.12); orIX.; (ii) The Parent Any Loan Party shall fail to perform Section 9.12, and such failure shall continue beyond the period provided in Section 7.14(b)(ii) to cause the Parent to become a Guarantor; (iii) The Parent or the Borrower shall fail to perform observe any term, covenant covenant, condition or agreement on its part to be performed or observed and contained in Section 8.1, Section 8.2, Section 8.3 or Section 8.4 8.4. (other than subsection (e) thereof), Section 8.4(j)) 8.6. or Section 8.7., and in the case of this subsection (b)(iiib)(ii) only, such failure shall continue for a period of five (5) Business Days 10 days after the date required for performance under upon which the Borrower has received written notice of such Sectionfailure from the Administrative Agent; or (iviii) Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ivb)(iii) only, such failure shall continue for a period of thirty (30) 30 days after the earlier of (x) the date upon which a Responsible Officer of the Parent, the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent; provided that if such default is not reasonably capable of being cured within such 30-day period, such failure shall not constitute an Event of Default so long as a Loan Party commences the cure of such default within such 30-day period, diligently prosecutes such cure to completion and such failure ceases to exist within 60 days after the earlier of (x) the date upon which a Responsible Officer of the Borrower or such other Loan Party obtained knowledge of such failure or (y) the date upon which the Borrower received written notice of such failure from the Administrative Agent.

Appears in 2 contracts

Samples: Credit Agreement (Rouse Properties, Inc.), Credit Agreement (Rouse Properties, Inc.)

Default in Performance. (i) The Parent or the Borrower shall fail to perform Section 7.1(i) or Section 8.4(j), or any Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Article IX IV, Section 8.1. (other than with respect to the existence of any Loan Party), Section 9.12)8.8., Section 8.12., Section 8.14., Section 8.15., Section 9.4.(h) or Article X.; or (ii) The Parent Any Loan Party shall fail to perform Section 9.12, and such failure shall continue beyond the period provided in Section 7.14(b)(ii) to cause the Parent to become a Guarantor; (iii) The Parent or the Borrower shall fail to perform observe any term, covenant covenant, condition or agreement on its part to be performed or observed and contained in Section 8.1Sections 9.1., Section 8.2, Section 8.3 9.2. or Section 8.4 (other than Section 8.4(j)) 9.3. and in the case of this subsection (b)(iiib)(ii) only, such failure shall continue for a period of five (5) Business Days days after the earlier of (x) the date required for performance under upon which a Responsible Officer of the Borrower or such Sectionother Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent or the Requisite Lenders; or (iviii) Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ivb)(iii) only, such failure shall continue for a period of thirty (30) days after the earlier of (x) the date upon which a Responsible Officer of the Parent, the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative AgentAgent or the Requisite Lenders.

Appears in 2 contracts

Samples: Credit Agreement (NETSTREIT Corp.), Credit Agreement (NETSTREIT Corp.)

Default in Performance. (i) The Parent or the Borrower shall fail to perform Section 7.1(i) or Section 8.4(j), or any Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 8.14, Article IX IX. (other than clauses (a), (c), (d), (g), (h) or (j) of Section 9.4.) or Article X. (other than Section 9.1210.6.); oror ​ (ii) The Parent Any Loan Party shall fail to perform or observe the covenants contained in clauses (a), (c), (d), (g), (h) or (j) of Section 9.129.4. of this Agreement, and such failure shall continue beyond the period provided in Section 7.14(b)(ii) to cause the Parent to become a Guarantor; (iii) The Parent or the Borrower shall fail to perform any term, covenant , condition or agreement contained in Section 8.1, Section 8.2, Section 8.3 or Section 8.4 (other than Section 8.4(j)) and solely in the case of this subsection (b)(iii) onlyb)(ii), such failure shall continue for a period of five (5) Business Days 5 days after the earlier of (x) the date required for performance under upon which a Responsible Officer of the Borrower or such Section; orother Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent ​ (iviii) Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and solely in the case of this subsection (b)(iv) onlyb)(iii), such failure shall continue for a period of thirty (30) 30 days after the earlier of (x) the date upon which a Responsible Officer of the Parent, the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent.. ​

Appears in 1 contract

Samples: Term Loan Agreement (Sunstone Hotel Investors, Inc.)

Default in Performance. (i) The Parent or the Borrower shall fail to perform Section 7.1(i) or Section 8.4(j), or any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Article IX V., Sections 8.13., 8.14., 8.17., 9.4.(g), 9.4.(h), 9.4.(m) or in Article X.; provided, however, if (other than Section 9.12); or (iix) The Parent shall fail to perform Section 9.12, and such failure shall continue beyond the period provided in Section 7.14(b)(ii) to cause the Parent to become a Guarantor; (iii) The Parent or the Borrower shall fail to perform or observe any term, covenant , condition or agreement contained in Section 8.110.1. and (y) no other failure to perform or observe such covenant has occurred within the 12 months immediately preceding such failure, Section 8.2, Section 8.3 or Section 8.4 (other than Section 8.4(j)) and in the case of this subsection (b)(iii) only, then such failure shall continue for a period only constitute an Event of five (5) Business Days after Default if, within 90 days of the such failure, the Borrower fail to deliver evidence to the Lender, in form and substance reasonably satisfactory to the Lender, that the Borrower, as of the date required for performance under of such Section; or delivery, is and remains in compliance with such covenant or (ivii) Any the Borrower, any Subsidiary or any other Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, Section and in the case of this subsection clause (b)(ivii) only, only such failure shall continue for a period of thirty (30) 30 days after the earlier of (x) the date upon which a Responsible Officer of the Parent, the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative AgentLender.

Appears in 1 contract

Samples: Credit and Security Agreement (Five Star Quality Care Inc)

AutoNDA by SimpleDocs

Default in Performance. (i) The Parent or the Borrower shall fail to perform Section 7.1(i) or Section 8.4(j), or any Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Article IX IX. (other than clauses (a), (c), (d), (g), (h) or (j) of Section 9.4.) or Article X. (other than Section 9.1210.6.); oror ​ (ii) The Parent Any Loan Party shall fail to perform or observe the covenants contained in clauses (a), (c), (d), (g), (h) or (j) of Section 9.129.4. of this Agreement, and such failure shall continue beyond the period provided in Section 7.14(b)(ii) to cause the Parent to become a Guarantor; (iii) The Parent or the Borrower shall fail to perform any term, covenant , condition or agreement contained in Section 8.1, Section 8.2, Section 8.3 or Section 8.4 (other than Section 8.4(j)) and solely in the case of this subsection (b)(iii) onlyb)(ii), such failure shall continue for a period of five (5) Business Days 5 days after the earlier of (x) the date required for performance under upon which a Responsible Officer of the Borrower or such Section; orother Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent ​ (iviii) Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and solely in the case of this subsection (b)(iv) onlyb)(iii), such failure shall continue for a period of thirty (30) 30 days after the earlier of (x) the date upon which a Responsible Officer of the Parent, the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent.. ​

Appears in 1 contract

Samples: Credit Agreement (Sunstone Hotel Investors, Inc.)

Default in Performance. (i) The Parent or the Borrower shall fail to perform Section 7.1(i7.1.(i) or Section 8.4(j8.4.(l)(i), or any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Article IX IX. (other than Section 9.12.); or (ii) The Parent shall fail to perform Section 9.12., and such failure shall continue beyond the period provided in Section 7.14(b)(ii7.14.(b)(ii) to cause the Parent to become a Guarantor; (iii) The Parent or the Borrower shall fail to perform any term, covenant , condition or agreement contained in Section 8.1., Section 8.2., Section 8.3 8.3. or Section 8.4 8.4. (other than Section 8.4(j8.4.(l)) and in the case of this subsection (b)(iii) only, such failure shall continue for a period of five (5) 5 Business Days after the date required for performance under such Section; or (iv) Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(iv) only, such failure shall continue for a period of thirty (30) 30 days after the earlier of (x) the date upon which a Responsible Officer of the Parent, the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (American Homes 4 Rent)

Default in Performance. (i) The Parent or the Borrower shall fail to perform Section 7.1(i) or Section 8.4(j), or any Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 8.1.(i) (with respect to any Loan Party or any Eligible Property Subsidiary), Section 8.8.(b), Section 8.12. (with respect to the Parent), Section 8.14.(b)(ii), Section 8.14.(c)(ii), Section 8.16.8.16., Section 9.4.(j) or Article IX (other than Section 9.12); orX.; (ii) The Any Parent Entity shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 9.128.17.(a), and such failure shall continue beyond continues for five (5) Business Days following the period provided occurrence thereof without satisfying the requirements in Section 7.14(b)(ii) to cause the Parent to become a Guarantor8.17.(b); (iii) The Parent or the Borrower Company shall fail to perform or observe any term, covenant covenant, condition or agreement contained in Section 8.19.1., Section 8.29.2., Section 8.3 9.3. or Section 8.4 (other than Section 8.4(j)9.4.(d) and in the case of this subsection (b)(iii) only, such failure shall continue for a period of five (5) Business Days after the earlier of (x) the date required for performance under upon which a Responsible Officer of the Company obtains knowledge of such Sectionfailure or (y) the date upon which the Company has received written notice of such failure from the Administrative Agent; or (iv) Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, Section and in the case of this subsection (b)(iv) only, such failure shall continue for a period of thirty (30) days after the earlier of (x) the date upon which a Responsible Officer of the Parent, the Borrower or such other Loan Party Company obtains knowledge of such failure or (y) the date upon which the Borrower Company has received written notice of such failure from the Administrative Agent.

Appears in 1 contract

Samples: Loan Agreement (Park Hotels & Resorts Inc.)

Default in Performance. (i) The Parent or the Borrower shall fail to perform Section 7.1(i) or Section 8.4(j), or any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Sections 8.4. through 8.9., 8.11. through 8.14., Article IX or Article X (other than Section 9.1210.1); or , or (ii) The Parent shall fail to perform Section 9.12the Borrower, and such failure shall continue beyond the period provided in Section 7.14(b)(ii) to cause the Parent to become a Guarantor; (iii) The Parent any Subsidiary or the Borrower shall fail to perform any term, covenant , condition or agreement contained in Section 8.1, Section 8.2, Section 8.3 or Section 8.4 (other than Section 8.4(j)) and in the case of this subsection (b)(iii) only, such failure shall continue for a period of five (5) Business Days after the date required for performance under such Section; or (iv) Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, Section and in the case of this subsection clause (b)(ivii) only, such failure shall continue for a period of thirty (30) days after the earlier of (x) the date upon which a Responsible Officer of the ParentBorrower, the Borrower such Subsidiary or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent, or (iii) the Borrower, any Subsidiary or any other Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed contained in Section 10.1. and in the case of this clause (iii) such failure shall continue for a period of thirty (30) days after the earlier of (x) the date upon which the Borrower, such Subsidiary or such Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent. No additional advances of the Loan proceeds shall be made hereunder or under any of the other Loan Documents so long as any failure to comply with the provisions of Section 10.1. hereof shall continue.

Appears in 1 contract

Samples: Credit Agreement (Mgi Properties)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!