Draw Events Sample Clauses

Draw EventsWith respect to any Qualified Letter of Credit, the Beneficiary shall be permitted thereunder: (a) from time to time, if the Lessee fails to make any payment of Base Rent on an applicable Rent Payment Date, to draw upon such Qualified Letter of Credit an amount equal to or less than the amount of Base Rent that on such Rent Payment Date was due and payable but not paid and that remains unpaid on the date of such drawing; (b) if Lessee fails to make a Stipulated Loss Value Payment due and payable on a Stipulated Loss Value Date pursuant to Section 12.1, to draw upon such Qualified Letter of Credit an amount equal to or less than the Stipulated Loss Value Payment that on such Stipulated Loss Value Date was due and payable but not paid and that remains unpaid on the date of such drawing; (c) if any Lease Event of Default has occurred and is continuing, to draw upon such Qualified Letter of Credit an amount equal to the maximum remaining amount available to be drawn thereunder; (d) if (i) an Obligor makes any general arrangement or assignment for the benefit of creditors; (ii) an Obligor becomes a “debtor” as defined in 11 U.S.C. § 101 of the Bankruptcy Code or any successor statute thereto (unless, in the case of a petition filed against such Obligor, the same is dismissed within ninety (90) days or such Obligor ceases to be an “Obligor” within ninety (90) days); (iii) the appointment of a trustee or receiver to take possession of substantially all of the assets of an Obligor where possession is not restored to such Obligor within ninety (90) days and such Obligor does not cease to be an “Obligor” within ninety (90) days; (iv) the attachment, execution or other judicial seizure of substantially all of the assets of an Obligor where such attachment, execution or other judicial seizure is not discharged within ninety
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Draw EventsAt any time after a Draw Event (as defined below) occurs, Sublandlord may present its written demand for payment under the Letter of Credit. Sublandlord may retain such funds to the extent required to compensate Sublandlord for damages incurred, or to reimburse Sublandlord as provided herein, in connection with any such default or other Draw Event. A “Draw Event” shall mean any of the following: (A) a Default by Subtenant occurs; (B) an event has occurred which, with the passage of time or giving of notice or both, would constitute a Default by Subtenant, where Sublandlord is prevented from, or delayed in, giving such notice because of an Insolvency Proceeding; (C) Subtenant is the subject of an Insolvency Proceeding; (D) this Lease is terminated by Sublandlord due to a Default by Subtenant; (E) the Letter of Credit is not replaced with a Letter of Credit from a different financial institution if and when required by Section 32(b) of the Master Lease as incorporated herein; and (F) the Letter of Credit is not extended by the date which is sixty (60) days prior to its expiration. With respect to the Draw Events specified in clauses (A) and (B) above, Sublandlord may draw upon the Letter of Credit in the amount required to compensate Sublandlord for damages incurred or to reimburse Sublandlord as provided herein, and Sublandlord may retain the funds so drawn, with subsequent demands at Sublandlord’s sole election as Sublandlord incurs further damages; and with respect to the Draw Events specified in clauses (C), (D), (E), and (F) above, Sublandlord may draw upon the Letter of Credit in the full amount thereof, with the proceeds of such draw to be held by Sublandlord and applied as provided for in Section 32 of the Master Lease as incorporated herein.
Draw Events. PBGC may draw the full amount of the Letter of Credit, and any replacement Letter of Credit, in the event of the following: (1) PBGC receives a Notice of Intent to Terminate the Plan in a distress termination pursuant to section 4041(c) of ERISA; (2) Ten (10) days after PBGC issues a Notice of Determination that the Plan should be terminated in an involuntary termination pursuant to section 4042 of ERISA; (3) Tultex fails to provide a replacement Letter of Credit more than thirty (30) business days before the expiration of the Letter of Credit then in place; (4) Tultex fails to make an Additional Cash Contribution by the prescribed date; and (5) Tultex fails to maintain the Required Credit Balance as described in Section III above.
Draw Events. PBGC may draw the full amount of the Letter of Credit under the Agreement, in the event of any of the following, except subsection (c)(4) below, : (1) PBGC receives a Notice of Intent to Terminate the Plan pursuant to 29 U.S.C.ss.1341(c) ; (2) PBGC issues a Notice of Determination with respect to the Plan pursuant to 29 U.S.C.ss.1342; (3) RJR fails to provide a replacement Letter of Credit under Section VI(b) of this Agreement more than thirty (30) business days before the expiration of the Letter of Credit then in place. (4) RJR fails to make a Required Contribution by the prescribed date. If this event occurs, PBGC may draw down on the Letter of Credit in an amount equal to the amount of the missed Required Contribution. In the event the Letter of Credit is drawn upon to cover a missed Required Contribution, RJR shall provide, within five (5) business days of the prescribed date of the Required Contribution, a replacement Letter of Credit in the amount of $116 million, subject to the limitations of Section VI(a) of this Agreement.
Draw EventsAt any time after a Draw Event (as defined below) occurs, the Beneficiary may present its written demand for payment of the entire face amount of the Letter of Credit (or, at the Beneficiary’s sole election, for payment of a portion of the amount of the Letter of Credit as is required to compensate Landlord for damages incurred, with subsequent demands at the Beneficiary’s sole election as Landlord incurs further damages) and the funds so obtained shall become due and payable to the Beneficiary. The Beneficiary may retain such funds to the extent required to compensate Landlord for damages incurred, or to reimburse Landlord as provided herein, in connection with any such default or other Draw Event, and any remaining funds shall be held as cash Security Deposit for Tenant’s obligations hereunder. A “Draw Event” shall mean any of the following: (A) a Tenant Default occurs; (B) an event has occurred which, with the passage of time or giving of notice or both, would constitute a Tenant Default, where Landlord is prevented from, or delayed in, giving such notice because of an Insolvency Proceeding; (C) Tenant is the subject of an Insolvency Proceeding; (D) this Lease is terminated by Landlord due to a Tenant Default; (E) the Letter of Credit is not replaced with a Letter of Credit from a different financial institution if and when required by Section 32(c); and (F) the Letter of Credit is not extended by the date which is sixty (60) days prior to its expiration.
Draw EventsThe Letter of Credit shall permit a draw of its entire ----------- amount if: (1) During the life of the Agreement, BW fails to cause the Letter of Credit to be renewed no later than thirty (30) days prior to the Letter of Credit's expiration date, (2) PBGC receives a Notice of Intent to Terminate the WKI Pension Plan pursuant to 29 U.S.C. 1341(c), or (3) PBGC issues a Notice of Determination with respect to the WKI Pension Plan pursuant to 29 U.S.C. 1342; provided, however, that upon occurrence of either of the events listed in (2) and (3) above, the entire amount of the Letter of Credit ("LC Amount") shall be transferred into an escrow account (to be established as reasonably agreed by BW and PBGC) and shall remain in such escrow account until the earlier to occur of (x) such time as BW and PBGC agree in writing that the WKI Pension Plan has terminated pursuant to 29 U.S.C. 1341 or 1342, or has not so terminated, and therefore, that such amount should be released to PBGC or BW, as applicable, or (y) the issuance of a final order by a court of competent jurisdiction that the WKI Pension Plan has terminated or will terminate, as of a particular date, or that no such termination has or will occur as of a particular date, at which time the LC Amount shall be released to PBGC or BW, as applicable, plus interest thereon, as determined by, and subject to, the next succeeding paragraph. During the period between the date the LC Amount is drawn ("Transfer Date") and the date the LC Amount is finally released ("Release Date"), the LC Amount shall be invested in United States Treasury securities. In the event that the LC Amount is released to PBGC, all interest earned on the LC Amount between the Transfer Date and the termination date of the WKI Pension Plan, as finally determined, shall be transferred to BW and the balance of the escrow amount shall be transferred to PBGC. In the event that the LC Amount is released to BW, all interest earned on the LC Amount shall also be transferred to BW. If the Unfunded Benefit Liabilities in the WKI Pension Plan on the termination date of the WKI Pension Plan, or in the case of (1) above, the Transfer Date, is less than $15,000,000, PBGC shall also return any such excess to BW, as soon as practicable, plus interest earned, if any, on such excess from the Transfer Date to the date such excess is returned.

Related to Draw Events

  • Default Events In the event of a default as defined in the applicable SLA by a borrower with respect to any loan entered into pursuant to an SLA, GSAL will, and is hereby authorized by each Lender to, exercise on Lender's behalf, in its discretion and without prior notification to Lender, any and all remedies provided thereunder or available under applicable law. In addition, the following applies: (a) If a borrower fails in respect of any loan of securities effected pursuant hereto and pursuant to the applicable SLA to return any securities on loan when due thereunder (the “Return Date”), then GSAL shall, at its expense, but subject to Section 12(e) and (g) hereof, deposit replacement securities of the same issue, type, class and series as that of the loaned securities to the Lender’s account with Custodian, as soon as practicable. If GSAL is unable to obtain replacement securities, GSAL shall at its expense, but subject to Sections 12(e) and (g) hereof, pay Lender in U.S. dollars with the Market Value of such securities on loan on the Credit Date (as defined below). To the extent that GSAL deposits replacement securities or make payments pursuant to this Section 12(a), GSAL shall be subrogated to Lender’s rights against borrower as provided in Section 12(g). (b) If a borrower fails to pay the amount of cash Distributions with respect to securities on loan that Lender would have received had such securities not been on loan, GSAL shall pay Lender the amount of such cash Distributions plus the amount of any overdraft charges charged by the Custodian. For purposes of this section 12, “Distributions” shall mean interest, dividends and other distributions (including, but not limited to, payments made by the depositary in connection with American Depositary Receipts). To the extent that GSAL has made any payments pursuant to this Section 12(b), GSAL shall be subrogated to Lender’s rights against Borrower as provided in Section 12(g). The foregoing shall, subject to Section 12(g), be at GSAL’s expense.

  • Trigger Events The Employee shall be entitled to collect the severance benefits set forth in Subsection (b) hereof in the event that either (i) the Employee voluntarily terminates employment for any reason within the 30-day period beginning on the date of a Change in Control, (ii) the Employee voluntarily terminates employment within 90 days of an event that both occurs during the Protected Period and constitutes Good Reason, or (iii) the Bank or the Company or their successor(s) in interest terminate the Employee's employment without his written consent and for any reason other than Just Cause during the Protected Period.

  • Termination Events If the Early Termination Date results from a Termination Event:—

  • Amortization Events If any one of the following events shall occur: (a) failure on the part of the Sellers (i) to make any payment or deposit required by the terms of this Agreement or any Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made, or (ii) duly to observe or perform any other covenants or agreements of the Sellers set forth in this Agreement or any Supplement, which failure has a material adverse effect on the Investor Certificateholders of any Series and which continues unremedied for a period of 60 days after the date on which notice of such failure, requiring the same to be remedied, shall have been given to the Sellers by the Trustee, or to the Sellers and the Trustee by an Investor Certificateholder; (b) any representation or warranty made by the Sellers in this Agreement or any Supplement or any information to identify the Accounts required to be delivered by the Sellers pursuant to Section 2.01 or 2.09 (i) shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which notice of such failure, requiring the same to be remedied, shall have been given to the Sellers by the Trustee, or to the Sellers and the Trustee by an Investor Certificateholder, and (ii) as a result of such incorrectness the interests of the Investor Certificateholders of any Series are materially and adversely affected; provided, however, that an Amortization Event shall not be deemed to have occurred under this paragraph if the Sellers have repurchased the related Receivables or all such Receivables, if applicable, during such period in accordance with the provisions of this Agreement; (c) any of the Sellers shall consent to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to such Seller or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against such Seller; or any of the Sellers shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (any such act or occurrence being an “Insolvency Event”); (d) the Trust shall become an “investment company” within the meaning of the Investment Company Act; (e) a failure by the Sellers to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which they are required to convey such Receivables or Participation Interests pursuant to Section 2.09(a); (f) a Servicer Default shall occur; or (g) a Transfer Restriction Event shall occur; then, in the case of any event described in paragraph (a), (b) or (f), either the Trustee or the Holders of Investor Certificates evidencing more than 50% of the aggregate unpaid principal amount of any Series of Investor Certificates to which such event relates by notice then given to the Sellers and the Servicer (and to the Trustee if given by the Investor Certificateholders) may declare that an amortization event (an “Amortization Event”) has occurred with respect to such Series as of the date of such notice, and, in the case of any event described in paragraph (c), (d), (e) or (g), subject to applicable law, an Amortization Event shall occur with respect to all outstanding Series without any notice or other action on the part of the Trustee or the Certificateholders immediately upon the occurrence of such event.

  • Additional Disruption Events Change in Law: Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by adding the words “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” after the word “regulation” in the second line thereof.

  • Acceleration Events Each of the following events shall constitute an “Acceleration Event”:

  • Liquidation Events (a) Upon the occurrence of (i) any Casualty to all or any portion of an Individual Property, (ii) any Condemnation of all or any portion of an Individual Property, (iii) a Transfer of an Individual Property in connection with realization thereon following a Mortgage Loan Default, including a foreclosure sale, (iv) any refinancing of the Property or the Mortgage Loan, or (v) a release of any Individual Property in accordance with the provisions of the Mortgage Loan Agreement (each, a “Liquidation Event”), Borrower shall cause the related Net Liquidation Proceeds After Debt Service to be deposited directly into the Mezzanine Collection Account. On each date on which Lender actually receives a distribution of Net Liquidation Proceeds After Debt Service, Borrower shall prepay the outstanding principal balance of the Note in an amount equal to one hundred percent (100%) of such Net Liquidation Proceeds After Debt Service, together with interest that would have accrued on such amount through the next Payment Date. Any amounts of Net Liquidation Proceeds After Debt Service in excess of the Debt shall be paid to Borrower. Any prepayment received by Lender pursuant to this Section 2.5(a) on a date other than a Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing account, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Payment Date. (b) Borrower shall immediately notify Lender of any Liquidation Event once Borrower has knowledge of such event. Borrower shall be deemed to have knowledge of (i) a sale (other than a foreclosure sale) of an Individual Property on the date on which a contract of sale for such sale is entered into, and a foreclosure sale, on the date notice of such foreclosure sale is given, and (ii) a refinancing of the Property, on the date on which a commitment for such refinancing has been entered into. The provisions of this Section 2.5(b) shall not be construed to contravene in any manner the restrictions and other provisions regarding refinancing of the Mortgage Loan or Transfer of the Property set forth in this Agreement, the other Loan Documents and the Mortgage Loan Documents.

  • Relief Events The terms “Force Majeure Events” and “

  • Pay Out Events If any one of the following events shall occur with respect to the Series 2022-2 Certificates: (a) the occurrence of an Insolvency Event relating to the Transferor or other holder of the Original Transferor Certificate; (b) the Trust becomes an investment company within the meaning of the Investment Company Act; (c) failure on the part of the Transferor (i) to make any payment or deposit required by the terms of the Agreement or this Supplement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or herein or (ii) duly to observe or perform any other covenants or agreements of the Transferor set forth in the Agreement or this Supplement, which failure has a material adverse effect on the Series 2022-2 Certificateholders and which continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Transferor by the Trustee, or to the Transferor and the Trustee by any Holder of the Series 2022-2 Certificates; (d) any representation or warranty made by the Transferor in the Agreement or this Supplement, or any information contained in a computer file or microfiche list required to be delivered by the Transferor pursuant to Section 2.01 or subsection 2.08(f) of the Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to such Transferor by the Trustee, or to such Transferor and the Trustee by any Holder of the Series 2022-2 Certificates and as a result of which the interests of the Series 2022-2 Certificateholders are materially and adversely affected for such period; provided, however, that a Pay-Out Event pursuant to this subsection 6.01(d) shall not be deemed to have occurred hereunder if the Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during such period (or such longer period not to exceed an additional 60 days as the Trustee may specify) in accordance with the provisions of the Agreement; (e) a failure by the Transferor to convey Receivables in Additional Accounts or Participation Interests to the Trust within five Business Days after the day on which it is required to convey such Receivables or Participation Interests pursuant to subsection 2.09(a) of the Agreement; (f) any Servicer Default which would have an Adverse Effect shall occur; (g) the average Series Adjusted Portfolio Yield for any three consecutive Monthly Periods is reduced to a rate which is less than the average of the Base Rates for such period; (h) the Class A Invested Amount, the Class B Invested Amount or the Collateral Invested Amount shall not be paid in full on the Expected Final Payment Date; (i) a Transfer Restriction Event shall occur; (j) the occurrence of an Insolvency Event as defined in the Receivables Purchase Agreement relating to the Account Owner; or (k) a Transfer Restriction Event as defined in the Receivables Purchase Agreement shall occur between the Account Owner and the related Transferor; then, (A) in the case of any event described in subparagraph (c), (d) or (f), after the applicable grace period, if any, set forth in such subparagraphs, either the Trustee or the Investor Certificateholders of this Series evidencing more than 50% of the aggregate unpaid principal amount of the Investor Certificates of this Series by notice then given in writing to the Transferor and the Servicer (and to the Trustee if given by the Investor Certificateholders of this Series) may declare that a Pay-Out Event has occurred with respect to this Series as of the date of such notice; (B) in the case of any event described in subparagraph (b), (e), (g) or (h), a Pay-Out Event shall occur with respect to this Series without any notice or other action on the part of the Trustee or the Investor Certificateholders of this Series immediately upon the occurrence of such event; and (C) in the case of any event described in subparagraph (a), (i), (j) or (k), a Pay-Out Event shall occur with respect to this Series without any notice or other action on the part of the Trustee or the Investor Certificateholders of this Series immediately upon the occurrence of such event (or, in the case of clause (y) below, immediately following the expiration of the 60-day grace period), but only to the extent that (x) as of the date of such event, the average of the Monthly Receivables Percentage for the immediately preceding three Monthly Periods is equal to or greater than 10% or (y) as of the date of such event, the average of the Monthly Receivables Percentage for the immediately preceding three Monthly Periods is less than 10%, and within 60 days following the occurrence of the related Insolvency Event or Transfer Restriction Event, the aggregate amount of Principal Receivables outstanding in the Trust does not at least equal the Required Minimum Principal Balance (without giving effect to Principal Receivables attributable to the Transferor or the Account Owner with respect to which the Insolvency Event or the Transfer Restriction Event has occurred).

  • Triggering Events The events referred to in Sections 3(f) and 5(a) hereof are as follows:

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