Definition of Event of Default. Any one or more of the following events shall constitute an “Event of Default”:
Definition of Event of Default. The occurrence of any one or more of the following events shall constitute an Event of Default hereunder:
a. The failure of Mortgagor to make any payments required under the Notes or this Mortgage; or
b. Mortgagor shall fail to perform or observe any other term, covenant, warranty, obligation, provision, representation, or agreement contained in this Mortgage or any other Obligation;
c. Any representation, statement, or warranty made in this Mortgage shall prove to have been false or incorrect in any material respect when made;
d. Mortgagor shall transfer all or a part of the Mortgaged Property in violation of this Mortgage;
e. The holder of any lien shall commence foreclosure proceedings against the Mortgaged Property or any part thereof;
f. Mortgagor shall be insolvent, or shall file a voluntary petition in bankruptcy or a voluntary petition seeking to effect a plan or other arrangement with creditors;
g. Mortgagor shall be adjudicated bankrupt, or shall make an assignment for the benefit of creditors, or shall apply for or consent to the appointment of any receiver or trustee for itself, or for the Mortgaged Property or any part thereof, or for all or any substantial portion of its other property, or a suit shall be instituted against Mortgagor seeking to establish bankruptcy, insolvency, arrangement, debt adjustment, receivership, sequestration, liquidation or attachment of the Mortgagor, or of the Mortgaged Property or any part thereof, or of all or any substantial portion of its other property which is not dismissed within sixty (60) days thereafter;
h. The Mortgaged Property or any part thereof is taken or damaged by eminent domain, alteration on the grade of any street, or other injury to or decrease in the value of the Mortgaged Property, by reason of any public or quasi-public improvement or condemnation proceeding or any other similar manner ("Condemnation"), regarding such condemnation or proposed condemnation;
i. The Mortgaged Property is materially damaged by any fire or casualty not covered by insurance sufficient to provide for the material restoration thereof;
j. The occurrence of an "Event of Default" under any Loan Document.
Definition of Event of Default. The Loan, costs and any other money owing to the Lender under this Agreement will immediately become payable upon demand by the Lender or, unless otherwise waived in writing by the Lender, in any of the following events:
(a) if the Borrower defaults in any payment when due under this Agreement;
(b) if the Borrower commits any default under any of the Lender’s Security instruments;
(c) if the Borrower becomes insolvent or makes a general assignment for the benefit of its creditors, or if any order is made or an effective resolution is passed for the winding-up, merger or amalgamation of the Borrower or if the Borrower is declared bankrupt or if a custodian or receiver be appointed for the Borrower under the applicable bankruptcy or insolvency legislation, or if a compromise or arrangement is proposed by the Borrower to its creditors or any class of its creditors, or if a receiver or other officer with like powers is appointed for the Borrower;
(d) if the Borrower defaults in observing or performing any other covenant or agreement of this Agreement on its part to be observed or performed and such default has continued for a period of seven (7) days after notice in writing has been given by the Lender to the Borrower specifying the default.
Definition of Event of Default. The term "Event of Default" shall mean and refer to the occurrence of any one or more of the circumstances.
Definition of Event of Default. Notwithstanding any other term of this Agreement, the principal balance of the Loan, interest, costs and any other money owing to the Lender under this Agreement and the Lender's Security will immediately become payable unless otherwise waived in writing by the Lender in any of the following events (each an "Event of Default"):
(a) the Borrower defaults in any payment when due under this Agreement or the Original Loan Agreement or the Borrower or any Subsidiary defaults in any payment when due under the Lender's Security and any such default is not remedied within five business days after such default;
(b) the Borrower fails to observe or perform any of the covenants in this Agreement or the Original Loan Agreement or the Borrower or any Subsidiary fails to observe or perform any of the covenants in the Lender's Security and such failure is not remedied within 30 days of receipt of notice from the Lender or, if such failure is not capable of being remedied in such time, the Borrower or the Subsidiary, as the case may be, has not commenced and diligently continued to take all action necessary to correct such failure;
(c) an event of default (as defined in the Original Loan Agreement or in any general security agreement between the Original Lenders and the Borrower or any Subsidiary) otherwise occurs;
(d) the Borrower or any Subsidiary fails to observe or perform any of its payment obligations under any agreement or instrument evidencing or securing any Senior Indebtedness;
(e) the Borrower or any Subsidiary is otherwise in material breach of any of the terms, conditions or covenants in any agreement or instrument evidencing or securing any Senior Indebtedness and such breach is not cured within the applicable time periods for remedying breaches or is not waived by the Senior Lender; and
(f) if, during the term of this Agreement, there is a Change of Control, and the Lender gives written notice to the Borrower within 30 days of the Lender receiving notice of the Change of Control that the Change of Control constitutes an Event of Default.
Definition of Event of Default. Each one of the following events constitutes an “Event of Default”:
(i) Any failure by Tenant to pay rent or other monetary sums required to be paid hereunder on the date such sums are due and the continuance of such failure for a period of thirty (30) days after written notice of such failure from Landlord.
(ii) The filing of any petition or the commencement of any case or proceeding by Tenant under any provision or chapter of the federal Bankruptcy Act, the federal Bankruptcy Code, or any other federal or state law relating to insolvency, bankruptcy, or reorganization, or the adjudication that Tenant is insolvent or bankrupt, or the entry of an order for relief under the federal Bankruptcy Code with respect to Tenant.
(iii) The filing of any petition or the commencement of any case or proceeding described in Section 14.A.(ii) above against Tenant, unless such petition and all proceedings initiated thereby are dismissed within sixty (60) days from the date of such filing; the filing of an answer by Tenant admitting the allegations of any such petition; the appointment of or taking possession by a custodian, trustee or receive for all or any assets of Tenant, unless such appointment is vacated or dismissed within sixty (60) days from the date of such appointment.
(iv) Tenant fails to perform any of the other material agreements, terms, covenants or conditions of the Lease on Tenant’s part to be performed, and such non-performance continues for a period of thirty (30) days after written notice thereof by Landlord to Tenant or, if such performance cannot reasonably be attained within such thirty (30) day period, Tenant does not in good faith commence such performance within such thirty (30) day period and does not diligently proceed therewith to completion.
Definition of Event of Default. The principal balance of the Loan, interest, costs and any other money owing to the Lender under this Agreement will immediately become payable upon demand by the Lender or, unless otherwise waived in writing by the Lender, in any of the following events:
(a) if the Borrower defaults in any payment when due under this Agreement;
(b) if the Borrower becomes insolvent or makes a general assignment for the benefit of its creditors, or if any order is made or an effective resolution is passed for the winding-up, merger or amalgamation of the Borrower or if the Borrower is declared bankrupt or if a custodian or receiver be appointed for the Borrower under the applicable bankruptcy or insolvency legislation, or if a compromise or arrangement is proposed by the Borrower to its creditors or any class of its creditors, or if a receiver or other officer with like powers is appointed for the Borrower; or
(c) if the Borrower defaults in observing or performing any other covenant or agreement of this Agreement on its part to be observed or performed and such default has continued for a period of seven days after notice in writing has been given by the Lender to the Borrower specifying the default.
Definition of Event of Default. “Event of Default” means, wherever used herein, any of the following events (whatever the reason for such event and whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):
Definition of Event of Default. The occurrence of any one or more of the following events constitutes an Event of Default hereunder:
a) if the Borrower makes default in any payment of principal when the same becomes due under the Agreement and such default shall have continued for three Business Days after notice has been given by Royal to the Borrower;
b) if the Borrower makes default in any payment of interest, G/L Fees, L/C Fees, fees, Compensation Amount, Additional Amount or like payments when the same become due under the Agreement and such default shall have continued for a period of five days after notice has been given by Royal to the Borrower,
c) if the Borrower makes, suffers or permits a default in observing or performing any covenant or condition of the Agreement, any Treasury Contract or any other agreement with Royal and such default shall have continued for a period of ten days after notice in writing has been given by Royal to the Borrower specifying such default;
d) if there is a default by the Borrower or any of its Subsidiaries which results in the acceleration of payment by the Borrower or any of its Subsidiaries of Indebtedness in excess of US$5,000,000 or the Equivalent Amount in Canadian Funds or concerning its performance or the performance of any of its Subsidiaries of other covenants or conditions of Indebtedness in excess of US$5,OOO,OOO or the Equivalent Amount in Canadian Funds which results in demand or the acceleration of maturity of such Indebtedness;
e) if any representation, warranty or statement made by the Borrower herein or in any certificate furnished in connection with or pursuant to the Agreement shall prove to be or to have been incorrect on the date as of which it was made in any respect materially adverse to Royal, in Royal's discretion; f) if an order be made or an effective resolution be passed for the winding-up of the Borrower or any of its Subsidiaries (other than a Subsidiary of the Borrower which does not materially adversely affect the Primary Business) or if the Borrower or any of its Subsidiaries on its own behalf shall make an assignment for the benefit of its creditors or if the Borrower or any of its Subsidiaries shall be declared bankrupt or if a custodian or receiver be appointed under any bankruptcy act or code or if a compromise or arrangement is proposed by the Borrower or any of its Subsidiaries to creditors or any class of creditors, or if a receiver, receiver-manager or other officer with like powers shall be appointed, or ...
Definition of Event of Default. Each of the following shall be deemed an event of default: (i) Tenant's failure to make payment of rent or other charges as provided in this Lease; (ii) Tenant's failure to perform any of the covenants, terms, conditions, or provisions of this Lease;
