Default Under Guaranties Sample Clauses

Default Under Guaranties. The occurrence of any default under the Guaranties.
AutoNDA by SimpleDocs
Default Under Guaranties. 32 10.4 Breach of Section 4.6.......................................32 10.5 Domestic Proceeding.........................................33 10.6
Default Under Guaranties. Notwithstanding any other provision of this Article X to the contrary, if any of the events outlined in Sections 10.1 or 10.2 or any other defaulting event outlined in the Guaranty (the "Defaulting Events") should occur with respect to a Member (the "Defaulting Member"), and the Managing Board determines (in its sole discretion) that such event may result in default and acceleration of an obligation secured by the Guaranty unless another guarantor acceptable to the Bank can be substituted in the place of the Defaulting Member, then the Managing Board shall have the right to immediately take the steps as outlined in this Section 10.3 to prevent such default. Upon the Managing Board receiving notice of a Defaulting Event as provided above, the Managing Board, in its sole discretion, shall immediately have the right to either (i) sell the entire Membership Interest of the Defaulting Member to an investor approved of by the Managing Board, (ii) purchase for the Company's account the entire Membership Interest of the Defaulting Member, or (iii) sell the entire Membership Interest of the Defaulting Member to one or more of the other Members. The Defaulting Member shall sell his or her Membership Interest to the purchaser at the purchase price determined in the manner as provided in Section 10.7 and on the terms and conditions as provided in Section 10.8. The transfer of the Membership Interest, the payment of the purchase price, and the assumption of the Defaulting Member's obligations under his or her Guaranty (as provided in Section 10.7), shall be made at such time as determined by the Managing Board in order to avoid the default and acceleration of the obligation secured by the Guaranty. Each Member hereby makes, constitutes and appoints the Chairman, with full power of substitution, his or her true and lawful attorney-in-fact, to take such actions and execute such documents on his or her behalf to effect the transfer of his or her Membership Interest as provided in this Section 10.3, in the event such Member becomes a Defaulting Member.
Default Under Guaranties. Notwithstanding any other provision in this Article 18 to the contrary, if any of the events outlined in Articles 18.1 or 18.2 or any other defaulting event outlined in the Guaranty (the "Defaulting Events") should occur with respect to a Limited Partner (the "Defaulting Limited Partner"), and the General Partner determines (in its sole discretion) that such event may result in default and acceleration of an obligation secured by the Guaranty unless another guarantor acceptable to the Lender can be substituted in the place of the Defaulting Limited Partner, -19- C#0124195.02
Default Under Guaranties. The occurrence of a default under the Recourse Guaranty Agreement and such default is not cured within any grace or cure periods provided therein.

Related to Default Under Guaranties

  • Default under Loan Documents Any failure to perform or default in the performance by any Credit Party that continues after applicable grace and cure periods under any covenant, condition or agreement contained in any of the other Loan Documents or any other agreement with Lender, all of which covenants, conditions and agreements are hereby incorporated in this Agreement by express reference.

  • Default Under Other Agreements (a) The Borrower or any of the Restricted Subsidiaries shall (i) default in any payment with respect to any Indebtedness (other than the Obligations) in excess of $100,000,000 in the aggregate (provided that such $100,000,000 minimum shall not apply in the case of any Permitted Debt Exchange Notes), for the Borrower and such Restricted Subsidiaries, beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created or (ii) default in the observance or performance of any agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist (other than, with respect to Indebtedness consisting of any Hedge Agreements, termination events or equivalent events pursuant to the terms of such Hedge Agreements), the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, any such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; or (b) without limiting the provisions of clause (a) above, any such Indebtedness shall be declared to be due and payable, or required to be prepaid other than by a regularly scheduled required prepayment or as a mandatory prepayment (and, with respect to Indebtedness consisting of any Hedge Agreements, other than due to a termination event or equivalent event pursuant to the terms of such Hedge Agreements), prior to the stated maturity thereof; provided that this clause (b) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness; or

  • Default Under Other Loan Documents Any Credit Party shall default in the performance or observance of any term, covenant, condition or agreement on its part to be performed or observed hereunder or under any Loan Document (and not constituting an Event of Default under any other clause of this Section 10.1) and such default shall continue unremedied for a period of thirty (30) days after written or telephonic (immediately confirmed in writing) notice thereof has been given to the Borrower by the Administrative Agent; or

  • Events of Default; Waiver The Holders of a Majority in liquidation amount of Preferred Securities may, by vote, on behalf of the Holders of all of the Preferred Securities, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Preferred Securities Guarantee, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

  • Event of Default; Waiver The Holders of a Majority in Liquidation Amount of the Preferred Securities may, on behalf of the Holders, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent therefrom.

  • Event of Default Remedies 8.1 Any one or more of the following acts or omissions of the Contractor shall constitute an event of default hereunder (“Event of Default”):

  • Events of Default Remedies If any of the following events (“Events of Default”) shall occur:

  • Default by Borrower Upon the occurrence of any event of default under the Loan, Administrative Agent may accelerate payment under the Loan and/or under any note or notes evidencing the Loan, and shall institute such legal proceedings and take such other actions (“Enforcement Actions”) as are in its opinion necessary and appropriate to collect the Debt then due under the Loan, to enforce the security therefor, and to protect and preserve the respective rights and interests of Lender and the Participants. If Lender and Participants are unable to recover from Borrower the entire amount of fees, costs and expenses of all Enforcement Actions, then each Participant shall contribute to such portion as is not recovered from Borrower, ratably in accordance with its Participant Share.

Time is Money Join Law Insider Premium to draft better contracts faster.