Events of Default and Their Effect. 23.1 Each of the following will constitute an "Event of Default":
(a) you fail to satisfy any material provision of this Agreement and such failure continues for more than 3 Business Days after we have given you the relevant notice of non- performance;
(b) you fail to perform a material obligation under this Agreement and such failure is reasonably likely to expose us to the risk of a loss such that it is not possible for us, acting reasonably, to give you notice of non-performance;
(c) you fail to provide us with any information or notice required pursuant to this Agreement or provide false, incomplete or misleading information;
(d) you die or become of unsound mind;
(e) we consider it reasonably necessary to prevent what we reasonably consider to be or might be a violation of any Applicable Law (including but not limited to, Market Abuse, gaming the system, or Scalping);
(f) you withdraw your consent to conduct business electronically at any time by providing notice in accordance with this Agreement;
(g) you enter into liquidation or bankruptcy, whether compulsorily or voluntarily, or a procedure is commenced against you seeking or proposing liquidation or bankruptcy, or you are generally unable to pay your debts as they become due (or you admit so in writing);
(h) you become subject to an administration order or have a receiver or similar appointment or order are made or proceedings commenced in respect of any of your assets in consequence of debt;
(i) we reasonably believe you have acted in an unfair or abusive manner, for example, but not limited to, using any ultra-high speed trading; automated or mass data entry system; or Scalping with or on the Trading Platform;
(j) you make any misrepresentation or breach of warranty under this Agreement including but not limited to any misrepresentation or breach of warranty under paragraph 27.1; or
(k) we have reason to believe that any of the foregoing is likely to occur imminently or any other circumstances where we reasonably believe that it is necessary or desirable to take any action set out in paragraph 23.2.
23.2 If an Event of Default occurs, unless otherwise prescribed by Applicable Law, we may, in our absolute discretion, at any time and without prior notice, take one or more of the following steps:
(a) close out all or any of your Open Positions at current quotes;
(b) debit (or credit) your Account for amounts which are due to us (or you);
(c) close your Account, including any or all landing or tradi...
Events of Default and Their Effect. If any of the following events (each an “Event of Default”) shall occur and be continuing:
(a) ACE shall fail to pay any reimbursement obligation in respect of any LOC Disbursement when and as the same shall become due and payable; or ACE shall fail to pay any other amount payable by ACE under any Loan Document within five Business Days after the same becomes due and payable;
(b) Any representation or warranty made by any Loan Party (or any of its officers) under or in connection with any Loan Document shall prove to have been incorrect in any material respect when made;
(c) (i) ACE shall fail to perform or observe any term, covenant or agreement contained in Section 5.01(d) (solely with respect to ACE and any Subsidiary Guarantor), 5.02, 5.03(a) or 5.04 of the Reimbursement Agreement as incorporated herein by reference; (ii) ACE shall fail to perform or observe any term, covenant or agreement contained in Section 5.01(e) of the Reimbursement Agreement if such failure shall remain unremedied for five Business Days after written notice thereof shall have been given to ACE by the Bank; or (iii) any Loan Party shall fail to perform or observe any other term, covenant or agreement contained or incorporated by reference herein or contained in any Loan Document on its part to be performed or observed if such failure shall remain unremedied for 30 days after the earlier of the date on which (A) a Responsible Officer of ACE becomes aware of such failure or (B) written notice thereof shall have been given to ACE by the Bank;
(d) This Agreement or any other Loan Document shall cease to be in full force and effect with respect to any Loan Party thereto; or any Loan Party shall contest in any manner the validity or binding effect of this Agreement or any other Loan Document;
(e) Any Collateral Document shall cease to be in full force and effect with respect to any Loan Party which is a party to it except where the aggregate Collateral Value required to be maintained is zero; or any Loan Party shall contest in any manner the validity or binding effect of any Collateral Document;
(f) Any Supported Member, the Managing Agent, or any Subsidiary Guarantor shall cease to be a Wholly-owned Subsidiary of ACE;
(g) The Managing Agent, the Syndicate or any Supported Member is in breach of any rule, regulation, requirement or guideline imposed upon it by Lloyd’s and such breach would reasonably be expected to have a material adverse effect on the business, condition, operations o...
Events of Default and Their Effect. 12.1 of Each of the following shall constitute an Event of Default under this Agreement:
12.1.1 of the Default in the payment when due of the principal of any Loan; or default, and continuance thereof for three Business Days, in the payment when due of any interest, fee, reimbursement obligation or other amount payable by the Company hereunder or under any other Loan Document.
Events of Default and Their Effect. 44 Section 7.1 Events of Default .....................................................44 Section 7.2 Effect of Event of Default ............................................47 Section 7.3 LC Collateral Account. ................................................48 ARTICLE VIII CONDITIONS..............................................................48 Section 8.1 Conditions to Occurrence of the Effective Date ........................48 Section 8.2 Conditions to All Credit Extensions ...................................50
Events of Default and Their Effect. 47 SECTION 7.1
Events of Default and Their Effect. 57 SECTION 11.1 Events of Default . . . . . . . . . . . . 57 SECTION 11.1.1 Non-Payment of Loan . . . . . . . . . . . 57 SECTION 11.1.2 Non-Payment of Fees, etc. . . . . . . . . 57 SECTION 11.1.3 Non-Payment of Other Indebtedness . . . . 57 SECTION 11.1.4
Events of Default and Their Effect. 69 13.1 Events of Default 69 13.2 Effect of Event of Default 70 Section 14. THE AGENT 71 14.1 Appointment and Duties 71 14.2 Binding Effect 72 14.3 Use of Discretion. 72 14.4 Delegation of Rights and Duties 72 14.5 Reliance and Liability. 72 14.6 Agent Individually. . 73 14.7 Lender Credit Decision. 73 14.8 Expenses; Indemnities. 74 14.9 Resignation of the Agent. 74 14.10 Release of Collateral or Guarantors. 75 14.11 Additional Secured Parties. 75
Events of Default and Their Effect. If any of the following events (each an “Event of Default”) shall occur and be continuing:
(a) Pulte shall fail to pay any reimbursement obligation in respect of any Advance made by the Issuing Bank pursuant to an LOC when and as the same shall become due and payable; or Pulte shall fail to pay any other amount payable by Pulte under any Loan Document within five Business Days after the same becomes due and payable;
(b) Any representation or warranty made by Pulte (or any of its officers) under or in connection with any Loan Document shall prove to have been incorrect in any material respect when made;
(c) Pulte shall fail to perform or observe any term, covenant or agreement contained herein or contained in any Loan Document on its part to be performed or observed if such failure shall remain unremedied for 60 days after written notice thereof shall have been given to Pulte by the Administrative Agent or any Bank;
(d) Pulte or any of its Subsidiaries shall fail to pay any Material Financial Obligation of Pulte or such Subsidiary (as the case may be), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Material Financial Obligation; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Material Financial Obligation and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Material Financial Obligation or otherwise to cause, or to permit the holder thereof to cause, such Material Financial Obligation to mature; or any such Material Financial Obligation shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Material Financial Obligation shall be required to be made, in each case prior to the stated maturity thereof; or
(e) the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of Pulte or any Significant Subsidiary in an involuntary case or proceeding under any applicable Federal or Sate bankruptcy, insolvency, reorganiz...
Events of Default and Their Effect. SECTION 7.1. Events of Default...............................................46 SECTION 7.2. Effect of Event of Default......................................49
