Defaults under Assigned Agreements Sample Clauses

Defaults under Assigned Agreements. If a default by Borrower under any of the Assigned Agreements shall occur and be continuing, and if such default could reasonably be expected to result in a Material Adverse Effect as determined by Administrative Agent (with consent of Required Applicable Lenders), then, upon ten (10) Business Days’ notice to Borrower (or, if the applicable Assigned Agreement has a cure period of less than twenty (20) days with respect to defaults, then such ten (10) Business Days notice period shall be reduced to the number of days which is half of the number of days provided to cure any such default under such Assigned Agreement), Security Agent shall, at its option, be permitted (but not obligated) to remedy any such default either pursuant to the terms of any Consent in respect of such Assigned Agreement or otherwise by giving written notice of such intent to Borrower and to the parties to the Assigned Agreement or Assigned Agreements for which Security Agent intends to remedy the default. After giving such notice of its intent to cure such default and upon the commencement thereof, Security Agent will proceed to cure such default. Any cure by Security Agent of Borrower’s default under any of the Assigned Agreements shall not be construed as an assumption by Security Agent or any other Secured Party of any obligations, covenants or agreements of Borrower under such Assigned Agreement or any other Assigned Agreement, and neither Security Agent nor any other Secured Party shall be liable to Borrower or any other Person as a result of any actions undertaken by Security Agent in curing or attempting to cure any such default, except as otherwise set forth in the Financing Agreement or any applicable Consent. This Agreement shall not be deemed to release or to affect in any way the obligations of Borrower under the Assigned Agreements.
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs
Defaults under Assigned Agreements. If any default by Grantor under any of the Assigned Agreements shall occur and be continuing and the cure periods for curing such default have lapsed pursuant to Section 8.1.14 of the Credit Agreement, Lender may (but shall not be obligated to), at its option and without limiting any of Lender’s rights under any Consent, remedy any such default by giving at least 10 days’ prior written notice of such intent to Grantor and to the parties to such Assigned Agreement in default; provided, that neither the giving of such notice nor any efforts by Lender to remedy any such default shall act to prevent or otherwise impair Grantor’s right to remedy such default. Any curing by Lender of Grantor’s default under any of the Assigned Agreements shall not be construed as an assumption by Lender of any obligations, covenants or agreements of Grantor under such Assigned Agreements, and Lender shall not incur any liability to Grantor or any other Person as a result of any actions undertaken by Lender in curing or attempting to cure any such default, other than liability resulting from the gross negligence or willful misconduct of Lender.
Sample 1Sample 2
Defaults under Assigned Agreements. If any default by Grantor under any of the Assigned Agreements shall occur and be continuing, Administrative Agent may, at its option (but shall not be obligated to), remedy any such default by giving written notice of such intent to Grantor and to the parties to each Assigned Agreement in default. Any curing by Administrative Agent of Grantor's default under any of the Assigned Agreements shall not be construed as an assumption by Administrative Agent or any other Secured Party of any obligations, covenants or agreements of Grantor under such Assigned Agreements, and Administrative Agent shall not incur any liability to Grantor or any other Person as a result of any actions undertaken by Administrative Agent in curing or attempting to cure any such default. This Agreement shall not be deemed to release or to affect in any way the obligations of Grantor under the Assigned Agreements.
Sample 1
Defaults under Assigned Agreements. If any default by any Grantor under any of the Assigned Agreements to which it is a party shall occur and be continuing, Collateral Agent may (but shall not be obligated to), at its option and without limiting any of Collateral Agent's rights under any Consent, remedy any such default by giving three days' prior written notice of such intent to such Grantor and to the parties to each Assigned Agreement in default; provided, however, that neither the giving of such notice nor any efforts by Collateral Agent to remedy any such default shall act to prevent or otherwise impair such Grantor's right to remedy such default. Any curing by Collateral Agent of any Grantor's default under any of the Assigned Agreements shall not be construed as an assumption by Collateral Agent or any other Secured Party of any obligations, covenants or agreements of any Grantor under such Assigned Agreements, and Collateral Agent shall not incur any liability to such Grantor or any other Person as a result of any actions undertaken by Collateral Agent in curing or attempting to cure any such default. This Agreement shall not be deemed to release or to affect in any way the obligations of Grantors under the Assigned Agreements to which it is a party.
Sample 1
Defaults under Assigned Agreements. If any “event of default” by Obligor under any of the Assigned Agreements to which it is a party shall occur and be continuing (and for the purposes of clarity, after the passage of any grace or cure period specified therein), Secured Party may, at its option (but shall not be obligated to) and without limiting any of Secured Party’s rights under any other Loan Document, remedy any such “event of default” by giving prior written notice of such intent to Obligor and to the parties to each Assigned Agreement under which an “event of default” exists. Any curing by Secured Party of an Obligor’s default under any of the Assigned Agreements shall not be construed as an assumption by Secured Party of any obligations, covenants or agreements of Obligor under such Assigned Agreements, and Secured Party shall not incur any liability to Obligor or any other Person as a result of any actions undertaken by Secured Party in curing or attempting to cure any such default. This Agreement shall not be deemed to release or to affect in any way the obligations of Obligor under the Assigned Agreements.
Sample 1

Related to Defaults under Assigned Agreements

  • 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

  • Defaults Under Other Agreements The occurrence of a default or an event of default under any other financing arrangement pursuant to which such Seller Party is a debtor or an obligor.

  • Continuing Security Interest; Assignments under the Credit Agreement This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the latest of (i) the payment in full in cash of the Secured Obligations, (ii) the Termination Date and (iii) the termination or expiration of all Letters of Credit and all Secured Hedge Agreements, (b) be binding upon each Grantor, its successors and assigns and (c) inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of the Secured Parties and their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), any Lender Party may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitments, the Advances owing to it and the Note or Notes, if any, held by it) to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender Party herein or otherwise, in each case as provided in Section 8.07 of the Credit Agreement.

  • Continuing Guaranty; Assignments under the Credit Agreement This Guaranty is a continuing guaranty and shall (a) remain in full force and effect until the latest of (i) the payment in full in cash of the Guaranteed Obligations and all other amounts payable under this Guaranty, (ii) the Maturity Date and (iii) the latest date of expiration, termination or Cash Collateralization or provision of Credit Support therefor of all Letters of Credit and the expiration or termination of all Secured Hedge Agreements, (b) be binding upon each Guarantor, its successors and assigns and (c) inure to the benefit of and be enforceable by the Secured Parties and their successors, transferees and assigns. Without limiting the generality of clause (c) of the immediately preceding sentence, any Secured Party may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitments, the Loans owing to it and the Note or Notes held by it) to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Secured Party herein or otherwise, in each case as and to the extent provided in Section 10.07 of the Credit Agreement. Subject to Section 7.04 of the Credit Agreement, no Guarantor shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Secured Parties.

  • Complete Agreement/Severability This Waiver and Release of Claims constitutes the complete and final agreement between the parties and supersedes and replaces all prior or contemporaneous agreements, negotiations, or discussions relating to the subject matter of this Waiver and Release of Claims. All provisions and portions of this Waiver and Release of Claims are severable. If any provision or portion of this Waiver and Release of Claims or the application of any provision or portion of the Waiver and Release of Claims shall be determined to be invalid or unenforceable to any extent or for any reason, all other provisions and portions of this Waiver and Release of Claims shall remain in full force and shall continue to be enforceable to the fullest and greatest extent permitted by law.

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