Events of Default by Borrower Sample Clauses

Events of Default by Borrower. The occurrence of any one or more of the following events shall constitute an “Event of Default by Borrower:” 9.1.1 Failure of Borrower to make any payment when due of interest on the Note, provided that Borrower shall have fifteen (15) days from the date on which it receives written notice from Lender of any such nonpayment of interest to make such interest payment; or 9.1.2 Any material representation by Borrower herein is untrue as of the date made or Borrower defaults in the due performance and observance of any covenants in this Agreement and such default continues for a period of thirty (30) days after written notice from Lender. 9.1.3 On or prior to the Maturity Date, Borrower applies for, consents to, or acquiesces in the appointment of trustee or receiver of Borrower, or its property; or, in the absence of such application, consent or acquiescence, a trustee or receiver is appointed for Borrower, or for a substantial part of its property; or any bankruptcy, reorganization, debt arrangement or other proceedings under any bankruptcy or insolvency law is instituted by or against Borrower; or 9.1.4 On or prior to the Maturity Date, any dissolution or liquidation proceeding is instituted by or against Borrower; or 9.1.5 Judgments against Borrower for the payment of money totaling in excess of $10,000,000.00 shall be outstanding for a period of ninety (90) days without a stay of execution.
Sample 1Sample 2
AutoNDA by SimpleDocs
Events of Default by Borrower. 22 11.1 Event of Default Defined 22
Sample 1
Events of Default by Borrower. The following events shall each constitute an “Event of Default” under this Agreement: (a) Borrower shall fail to make payment of any amounts due under any Note at the time and in the manner specified; (b) Any: (i) material representation made by Borrower herein or by Borrower or Pledgor in any other Transaction Document to which it is a party shall prove to be incorrect or misleading in any material respect when made or deemed made; or (ii) any warranty made by Borrower herein or by Borrower or Pledgor in any other Transaction Document to which it is a party shall prove to be incorrect or misleading in any material respect when made or deemed made; provided, however that if the breach with respect to such warranty is capable of being corrected to the reasonable satisfaction of Lender, it shall not be an Event of Default if such breach is corrected within fifteen (15) days after the date that such Person or any officer of such Person shall have actual knowledge of incorrect or misleading warranty; (c) Borrower breaches any covenant, representation or warranty set forth in Sections 7.02, 7.07(b), 7.08, 7.18, 8.01, 8.02, 8.03, or 8.05 through 8.09, inclusive; (d) Borrower or Pledgor defaults in the performance of, or commits any breach of, any covenant or agreement of Borrower herein or in any other Transaction Document to which such Person is a party (other than a default which is dealt with specifically elsewhere in this Section 9.01 or in such Transaction Document) and any such default shall continue for fifteen (15) days unremedied after written notice of such default by Lender to such Person, or if Borrower or Pledgor fails to give any notice required hereunder or under any other Transaction Document to which such Person is a party within fifteen (15) days after the date that such Person or any officer of such Person shall have actual knowledge of the event, condition or occurrence that requires such Person to provide such notice to Lender; (e) A default occurs under any bond, debenture, note or other evidence of Indebtedness of Borrower or under any indenture or other instrument under which any such evidence of Indebtedness has been issued or by which it is governed (without implying the consent of Lender to the existence or creation thereof); (f) EPC Contractor breaches or otherwise fails to perform any of its obligations to Lender or Borrower unless, within thirty (30) days of the date notice is provided to the Borrower, or the date of Knowledge of s...
Sample 1
Events of Default by Borrower. The occurrence of any one or more of the following with respect to Borrower will constitute an "Event of Default" as such term is used herein: 1.1 The non-payment when due, whether by acceleration or otherwise of any principal, interest, late charges on the Note or any other amount due Lender under the Loan Documents.
Sample 1
Events of Default by Borrower. Each of the following shall constitute an Event of Default under this Agreement: Default on Indebtedness. Failure of Borrower to make any payment when due on the Loans. Loan Fund Deficient. Failure of Borrower to have deposited into the Loan Fund the amount by which the completion budget exceeds the Loan Fund balance.
Sample 1
Events of Default by Borrower. The occurrence of any one or more of the following shall constitute an “Event of Default” as such term is used herein: (a) A default under the Note, or the Mortgage or any other Loan Document; (b) Any representation, warranty or statement made by (or on behalf of) Borrower or any Guarantor in this Agreement, in any other Loan Document or any other instrument now or hereafter evidencing, securing, guarantying or in any manner relating to the Loan proves untrue in any material respect; (c) Failure of Borrower to comply with any of the terms and conditions of this Agreement; (d) An unreasonable delay in the construction of any Project Element, other than a Big Box, as to which construction is commenced or a discontinuance for a period of 15 days (subject to matters beyond Borrower’s control, including bad weather), or in any event a delay in the construction of such a Project Element (subject to matters beyond Borrower’s control, including bad weather) so that the same may not, in Lender’s reasonable sole judgment, be completed on or before the Completion Date; (e) The reasonable disapproval by Lender at any time of any construction work and the failure of Borrower to cause the same to be corrected to the satisfaction of Lender within 15 days provided, however, if within such 15 day period Borrower has made a good faith effort to comply with the foregoing requirements but has not yet been able to complete same and such effects continue and it reasonably appears that they will be successful, then the time to cure such default shall be extended by such reasonable time as determined by Lender so long as Borrower continuously and diligently prosecutes such correction; (f) The use of any materials, fixtures or articles in the construction of the Improvements that are not in accordance with the Plans and Specifications as approved by Lender; (g) The bankruptcy or insolvency of any general contractor or subcontractor under contract to work on the Improvements and failure of Borrower to procure a contract or subcontract with a new substitute contractor or subcontractor satisfactory to Lender within 30 days from the occurrence of such bankruptcy or insolvency. (h) If Borrower or any Guarantor files a voluntary petition in bankruptcy or is adjudicated a bankrupt or insolvent, or files any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or any future federal bankruptcy ac...
Sample 1
Events of Default by Borrower 
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs

Related to Events of Default by Borrower

  • Default by Borrower Upon the occurrence of any event of default under the Loan, Administrative Agent may accelerate payment under the Loan and/or under any note or notes evidencing the Loan, and shall institute such legal proceedings and take such other actions (“Enforcement Actions”) as are in its opinion necessary and appropriate to collect the Debt then due under the Loan, to enforce the security therefor, and to protect and preserve the respective rights and interests of Lender and the Participants. If Lender and Participants are unable to recover from Borrower the entire amount of fees, costs and expenses of all Enforcement Actions, then each Participant shall contribute to such portion as is not recovered from Borrower, ratably in accordance with its Participant Share.

  • Events of Default; Waiver The Holders of a Majority in liquidation amount of Preferred Securities may, by vote, on behalf of the Holders of all of the Preferred Securities, 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 Preferred Securities Guarantee, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

  • Events of Default Remedies If any of the following events (each, an “Event of Default”) shall have occurred and be continuing for any reason whatsoever (whether voluntary or involuntary, arising or effected by operation of law or otherwise): (a) any payment of principal of the Loans or the Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the Note; (b) any payment of interest on the Loans or the Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the Note, and such default is not cured within two days; (c) the Borrower shall default in the performance or observance of any other term, covenant or agreement contained herein, and such default shall continue without cure for a period of 30 days after receipt of written notice thereof from the Lender, or any representation or warranty contained herein or therein shall at any time prove to have been incorrect or misleading in any material respect when made; or (d) a case or proceeding shall be commenced against the Borrower, or the Borrower shall commence a voluntary case, in either case seeking relief under any Bankruptcy Law, in each case as now or hereafter in effect, or the Borrower shall apply for, consent to, or fail to contest, the appointment of a receiver, liquidator, custodian, trustee or the like of the Borrower or for all or any part of its property, or the Borrower shall make a general assignment for the benefit of its creditors, or the Borrower shall fail, or admit in writing its inability, to pay, or generally not be paying, its debts as they become due; then during the continuance of any Event of Default (other than any Event of Default specified in clause (d) above), the Lender may by written notice to the Borrower declare, in whole or from time to time in part, the principal of, and accrued interest on, the Loans and the Note and all other amounts owing hereunder to be, and the Loans and the Note and such other amounts shall thereupon and to that extent become, due and payable to the Lender. During the continuance of any Event of Default specified in clause (d) above, automatically and without any notice to the Borrower, the principal of, and accrued interest on, the Loans and the Note and all other amounts payable hereunder shall be due and payable to the Lender and the Commitment shall terminate.

  • Events of Default Any of the following shall constitute an Event of Default:

  • Events of Default, Etc During any period during which an Event of Default shall have occurred and be continuing: (a) each Loan Party shall, at the request of the Collateral Agent, assemble the Collateral owned by it at such place or places, as the Collateral Agent shall reasonably request; (b) the Collateral Agent may make any compromise or settlement deemed desirable with respect to any of the Collateral and may extend the time of payment, arrange for payment in installments, or otherwise modify in any manner the terms of, any of the Collateral; (c) the Collateral Agent shall have all of the rights and remedies with respect to the Collateral of a secured party under the Uniform Commercial Code (whether or not the Uniform Commercial Code is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies to which a secured party is entitled under all Requirements of Law in effect in any jurisdiction where any rights and remedies hereunder may be asserted, including the right, to the fullest extent permitted by applicable law, to exercise all voting, consensual and other powers of ownership pertaining to the Collateral as if the Collateral Agent were the sole and absolute owner thereof (and each Loan Party agrees to take all such action as may be appropriate to give effect to such right); (d) the Collateral Agent in its discretion may, in its name or in the name of any Loan Party or otherwise, demand, xxx for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under no obligation to do so; and (e) the Collateral Agent may, upon five (5) Business Days’ prior written notice to the Loan Parties of the time and place (or, if such sale is to take place on an established exchange or other recognized market, prior to the time of such sale or other Disposition), with respect to the Collateral or any part thereof which shall then be or shall thereafter come into the possession, custody or control of the Collateral Agent, the other Secured Parties or any of their respective agents, sell, assign or otherwise Dispose of all or any part of such Collateral, at such place or places as the Collateral Agent deems best, and for Cash or for credit or for future delivery (without thereby assuming any credit risk), at public or private sale, without demand of performance or notice of intention to effect any such Disposition or of the time or place thereof (except such notice as is required above or by applicable statute and cannot be waived), and the Collateral Agent or any other Secured Party or anyone else may be the purchaser, assignee or recipient of any or all of the Collateral so Disposed of at any public sale (or, to the extent permitted by law, at any private sale) and thereafter, to the fullest extent permitted by Requirements of Law, hold the same absolutely, free from any claim or right of whatsoever kind, including any right or equity of redemption (statutory or otherwise), of the Loan Parties, any such demand, notice and right or equity being hereby expressly waived and released, to the fullest extent permitted by law. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may be so adjourned. The proceeds of each collection, sale or other Disposition under this Section 8.01 shall be deposited into the Custodial Account and applied in accordance with the Default Priority of Payments and any amounts obtained by the Collateral Agent on account of, or as a result of the exercise by, the Collateral Agent of any right of offset or banker’s lien or right of attachment or garnishment with respect to any funds at any time and from time to time on deposit in, or otherwise to the credit of, the Custodial Account shall be held by the Collateral Agent as additional collateral security for the repayment of the Secured Obligations and shall be applied as provided in accordance with the Default Priority of Payments. The Loan Parties recognize that, by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Collateral, to limit purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the distribution or resale thereof. Each Loan Party acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Collateral Agent shall be under no obligation to delay a sale of any item of Collateral for the period of time necessary to permit the issuer thereof to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if such issuer would agree to do so.

  • Events of Defaults If one or more of the following events ("Events of Default") shall have occurred and be continuing:

  • Events of Default by Tenant If (1) Tenant abandons or surrenders all or any part of the Premises prior to the expiration of the Term of the Lease or (2) Tenant fails to pay Rent or Additional Rent within five (5) days after notice from Landlord of delinquency, (3) Tenant fails to fulfill any of the terms or conditions of this Lease or any other lease heretofore made by Tenant for space in the Premises and the same is not cured within thirty (30) days after written notice thereof from Landlord, unless the same cannot be cured within said thirty (30) day period, in which case Tenant shall have such additional time as is reasonably necessary to cure such default, not to exceed ninety (90) days in any and all events, provided that Tenant commences such cure within said thirty (30) day period and thereafter diligently prosecutes the same to completion, or (4) the appointment of a trustee or a receiver to take possession of all or substantially all of Tenant’s assets occurs, or if the attachment, execution or other judicial seizure of all or substantially all of Tenant’s assets located at the Premises, or of Tenant’s interest in this Lease, occurs, and in the case of an involuntary appointment only, the same is not dismissed within ninety (90) days from said appointment, or (5) Tenant or any of its successors or assigns or any guarantor of this Lease (“Guarantor”) should file any voluntary petition in bankruptcy, reorganization or arrangement, or an assignment for the benefit of creditors or for similar relief under any present or future statute, law or regulation relating to relief of debtors, or (6) Tenant or any of its successors or assigns or any Guarantor should be adjudicated bankrupt or have an involuntary petition in bankruptcy, reorganization or arrangement filed against it and the same not be dismissed within ninety (90) days of the date of the filing thereof, or (7) Tenant shall permit, allow or suffer to exist any lien, judgment, writ, assessment, charge, attachment or execution upon Landlord’s or to the Premises, and/or the fixtures, improvements and furnishings located thereon, except as otherwise permitted herein; then, Tenant shall be in default hereunder.

  • Events of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders of the Capital Securities and the Guarantor, notices of all Events of Default actually known to a Responsible Officer of the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, however, that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Capital Securities. (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless the Guarantee Trustee shall have received written notice from the Guarantor or a Holder of the Capital Securities (except in the case of a payment default), or a Responsible Officer of the Guarantee Trustee charged with the administration of this Guarantee shall have obtained actual knowledge thereof.

  • Events of Default and Remedies (a) Any one or more of the following events which shall have occurred and be continuing shall constitute an event of default (“Event of Default”): (i) The Company or any subsidiary (A) shall institute any proceeding or voluntary case seeking to adjudicate it bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of any order for relief or the appointment of a receiver, trustee, custodian or other similar official for such the Company or any subsidiary or for any substantial part of its property, or shall consent to the commencement against it of such a proceeding or case, or shall file an answer in any such case or proceeding commenced against it consenting to or acquiescing in the commencement of such case or proceeding, or shall consent to or acquiesce in the appointment of such a receiver, trustee, custodian or similar official; (B) shall be unable to pay its debts as such debts become due, or shall admit in writing its inability to apply its debts generally; (C) shall make a general assignment for the benefit of creditors; or (D) shall take any action to authorize or effect any of the actions set forth above in this subsection 4(a)(i); (ii) Any proceeding shall be instituted against the Company seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for the Company or for any substantial part of its property, and either such proceeding shall not have been dismissed or shall not have been stayed for a period of sixty (60) days or any of the actions sought in such proceeding (including, without limitation, the entry of any order for relief against it or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property) shall occur; or (iii) The Company shall fail to pay the any part of the Principal when due hereunder; (b) If an Event of Default described above has occurred, then the Holder may, without further notice to the Company, declare the principal amount of this Note at the time outstanding, and all other amounts payable under this Note to be forthwith due and payable, whereupon such principal and all such amounts shall become and be forthwith due and payable. (c) The Company covenants that in case the Principal of the Note becomes due and payable by declaration or otherwise, then the Company will pay in cash to the Holder of this Note, the whole amount that then shall have become due and payable on this Note for Principal. In case the Company shall fail forthwith to pay such amount, the Holder may commence an action or proceeding at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree against Company or other obligor upon this Note, wherever situated, the monies adjudicated or decreed to be payable.

  • Waiver of Defaults and Events of Default (a) The Noteholders of a majority of the Note Balance of the Controlling Class may waive any Default or Event of Default, except an Event of Default (i) in the payment of principal of or interest on any of the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) in respect of a covenant or provision of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders. (b) Upon any such waiver, such Default or Event of Default will be deemed not to have occurred for every purpose of this Indenture. No such waiver will extend to any other Default or Event of Default or impair any right relating to any other Default or Event of Default.

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