Default Under Senior Loan Documents Sample Clauses

Default Under Senior Loan Documents. If, from time to time, an Event of Default (as defined in the Senior Loan Documents) has occurred and is continuing, or an event which but for the passage of time, the giving of notice, or both would constitute an Event of Default pursuant to the Loan Agreement or Note has occurred (collectively a “Default”), and after written notice of such Default from Lender to Junior Lender (which notice shall be given contemporaneously with any such notice given to Borrowers), Borrowers shall not make any payment to Junior Lender related to the Subordinated Debt or the Subordinated Documents for a period commencing on the day on which such payment to Junior Lender would have been due and payable until the earliest to occur of (i) the cure of the aforementioned Default to the reasonable satisfaction of Lender or such Default is otherwise waived in writing by Lender; (ii) acceleration by Lender of the Bank Debt under the Senior Loan Documents; (iii) one hundred eighty (180) days from the Junior Lender’s receipt from Lender of notice of a Default; or (iv) the payment in full of the Bank Debt (collectively “Blockage Period”). There shall be no restrictions on the number or frequency of Blockage Periods which may be in effect from time to time during the term of this Agreement; provided further, however, that if the Blockage Period has expired as a result of (i) above and there is no subsequent Default for which Junior Lender has received notice, Junior Lender may then once again accept, keep and retain payments due to it pursuant to the Subordinated Debt unless and until the Lender provides to Junior Lender, a written notice of a subsequent and unrelated payment Default and the institution by Lender upon Junior Lender of a Blockage Period. Lender hereby agrees that it shall provide to Junior Lender prompt written notice of the Lender’s determination that Borrowers have cured an Default which caused the institution by Lender of a Blockage Period, and such written notice shall terminate such Blockage Period.
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Default Under Senior Loan Documents. (a) Notwithstanding anything herein to the contrary (including without limitation Section 10.1(e) and Section 10.1(o)), the Borrower hereby expressly agrees that any “Event of Default” (as defined in the Senior Loan Documents) (which shall be deemed to include maturity of the debt evidenced and secured by the Senior Loan Document or any other occurrence which would give the Senior Lenders the right to exercise remedies under the Senior Loan Documents) shall constitute and be deemed to be an Event of Default under this Agreement for which no right to cure shall be available. Without limiting the foregoing, an “Event of Default” under the Senior Loan Documents shall conclusively be deemed to have occurred upon the declaration, statement or notice from the Senior Lender’s as to the existence or occurrence of an “Event of Default” under any of the Senior Loan Documents. The Borrower hereby transfers and assigns any excess proceeds arising from any foreclosure or sale under power pursuant to the Senior Loan Documents, and the Borrower hereby authorizes and directs the holder or holders of the Senior Loan Documents to pay such excess proceeds directly to the Agent up to the amount of the Obligations.
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Default Under Senior Loan Documents 
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Related to Default Under Senior Loan Documents

  • 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 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

  • Default under Related Documents Any default occurs under any guaranty, subordination agreement, security agreement, deed of trust, mortgage, or other document required by or delivered in connection with this Agreement or any such document is no longer in effect, or any guarantor purports to revoke or disavow the guaranty.

  • Senior Loan Documents The executed Senior Loan Documents are the same forms as approved by HUD prior to the date of this Agreement. Upon execution and delivery of the Senior Loan Documents, Borrower shall deliver to Subordinate Lender an executed copy of each of the Senior Loan Documents, certified to be true, correct and complete.

  • Other Defaults Under Loan Documents Any Loan Party shall default in the performance of or compliance with any term contained in this Agreement or any of the other Loan Documents, other than any such term referred to in any other subsection of this Section 8, and such default shall not have been remedied or waived within 30 days after the earlier of (i) an Officer of Company or such Loan Party becoming aware of such default or (ii) receipt by Company and such Loan Party of notice from Administrative Agent or any Lender of such default; or

  • 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.

  • Borrower Default Unless the Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that Borrower will not make such payment, the Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

  • Lender Default If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.02(c), 2.14(e), 2.17(d), 2.18(d), 2.18(e) or 10.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

  • Default Under Other Indebtedness Borrower or any Guarantor fails to pay any indebtedness (other than the Loan) owed by Borrower or such Guarantor to Lender when and as due and payable (whether by acceleration or otherwise).

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