Events of Default; Default; Rights Upon Default. The happening or occurrence of any of the following events or acts shall each constitute a Default hereunder, and any such Default shall also constitute a Default under the Note, the Pledge Agreement and any other loan document, without right to notice or time to cure in favor of the Borrower except as indicated below: (a) if the Borrower fails to make payment fifteen (15) days after notice by the Bank or where applicable upon demand, or fails to make any payments as provided for herein; (b) if there continues to exist any breach under any obligation of any other documents executed pursuant to this Agreement including, without limitation, the Note and the Pledge Agreement and such breach remains uncured beyond the applicable time period, if any, specifically provided therefor; (c) if any representation or warranty made in this Agreement shall continue to be false when made or at any time during the term of this Agreement or any extension thereof, or if the Borrower fails to perform or observe any covenant or agreement contained in this Agreement fifteen (15) days after notice by Bank; (d) if the Borrower fails to perform or observe any covenant or agreement contained in any other agreement between the Borrower or any Subsidiary and the Bank, or if any condition contained in any agreement between the Borrower or any Subsidiary and the Bank is not fulfilled and such failure remains uncured beyond the applicable time period, if any, specifically provided therefor; (e) if the Borrower shall continue to fail to perform and observe, or cause or permit any Subsidiary to fail to perform and observe any covenants under this Agreement, including, without limitation, all affirmative and negative covenants set forth in Sections 6 and 7 of this Agreement fifteen (15) days after notice by the Bank; (f) if the FRS, the FDIC, the Illinois Commissioner of Banks and Trust Companies or other governmental agency charged with the regulation of bank holding companies or depository institutions initiates any enforcement action, suit or regulatory proceeding of any kind or character whatsoever against the Borrower, any Subsidiary or any officer or director thereof, including, without limitation, any action to impose restrictions that prevent or as a practical matter impair the payment of dividends by any Subsidiary or the payments of any debt by the Borrower or restrictions that make the payment for the dividends by any Subsidiary or the payment of debt by the Borrower subject to prior regulatory approval; (g) if any Subsidiary is notified that it is considered an institution in "troubled condition" within the meaning of 12 U.S.
Appears in 1 contract
Samples: Revolving Loan Agreement (Midwest Banc Holdings Inc)
Events of Default; Default; Rights Upon Default. The happening or occurrence of any of the following events or acts shall each constitute a Default hereunder, and any such Default shall also constitute a Default under the Note, the Pledge Agreement and any other loan document, without right to notice or time to cure in favor of the Borrower except as indicated below:
(a) if the Borrower fails to make payment fifteen five (155) days after written notice thereof by the Bank or where applicable upon demand, or fails to make any payments as provided for herein;
(b) if there continues to exist any breach under any obligation of any other documents executed pursuant to this Agreement including, without limitation, the Note and the Pledge Agreement and such breach remains uncured beyond the applicable time period, if any, specifically provided therefor;
(c) if any representation or warranty made in this Agreement shall continue to be false when made or at any time during the term of this Agreement or any extension thereof, or if the Borrower fails to perform or observe any covenant or agreement contained in this Agreement fifteen (15) days after written notice thereof by Bank;
(d) if the Borrower fails to perform or observe any covenant or agreement contained in any agreement other agreement than this Agreement between the Borrower or any the Subsidiary and the Bank, or if any condition contained in any agreement between the Borrower or any the Subsidiary and the Bank is not fulfilled and such failure remains uncured beyond the applicable time period, if any, specifically provided therefor;
(e) if the Borrower shall continue to fail to perform and observe, or cause or permit any the Subsidiary to fail to perform and observe any covenants under this Agreement, including, without limitation, all affirmative and negative covenants set forth in Sections 6 and 7 of this Agreement fifteen (15) days after written notice thereof by the Bank;
(f) if the FRS, the FDIC, the Illinois Commissioner of Banks and Trust Companies FDIC or other governmental agency charged with the regulation of bank holding companies or depository institutions institutions: (i) issues to the Borrower or the Subsidiary, or initiates any enforcement action, suit or regulatory proceeding of any kind to obtain against, impose on or character whatsoever against the Borrower, any Subsidiary or any officer or director thereof, including, without limitation, any action to impose restrictions that prevent or as a practical matter impair the payment of dividends by any Subsidiary or the payments of any debt by require from the Borrower or restrictions that make the payment for Subsidiary, a cease and desist order or similar regulatory order, or (ii) a notice or finding under Section 8(a) of the dividends by Federal Deposit Insurance Act, or any Subsidiary similar enforcement action, measure or the payment of debt by the Borrower subject to prior regulatory approvalproceeding;
(g) if any the Subsidiary is notified that it is considered an institution in "troubled condition" within the meaning of 12 U.S.
Appears in 1 contract
Events of Default; Default; Rights Upon Default. The happening or occurrence of any of the following events or acts shall each constitute a Default hereunderdefault hereunder (each, a "Default"), and any such Default default shall also constitute a Default under the Note, the Pledge Agreement Revolving Note and any other loan document, without right to notice or time to cure in favor of the Borrower except as indicated belowBorrower:
(a) if the Borrower fails to make payment fifteen (15) days after notice by the Bank or where applicable upon demandany payment, or fails to make any payments as provided for herein, which failure continues for ten (10) days following written notice;
(b) if there continues to exist any breach under any obligation of any other documents executed pursuant to this Agreement including, without limitation, the Revolving Note and the Pledge Agreement and which such breach remains uncured continues for ten (10) days following written notice, or if longer, beyond the applicable time cure period, if any, specifically provided therefor;
(c) if any representation or warranty made in this Agreement shall continue to be false when made or be false at any time during the term of this Agreement or any extension thereofhereof, or if the Borrower fails to perform or observe any covenant or agreement contained in this Agreement fifteen Agreement, which such default or failure continues for ten (1510) days after notice by Bankfollowing written notice;
(d) if the Borrower fails to perform or observe any covenant or agreement contained in any other agreement between the Borrower or any the Subsidiary and the Bank, or if any condition contained in any agreement between the Borrower or any the Subsidiary and the Bank is not fulfilled and which such failure remains uncured breach continues for ten (10) days following written notice, or if longer, beyond the applicable time cure period, if any, specifically provided therefor;
(e) if the Borrower shall continue to fail to perform and observe, or cause or permit any the Subsidiary to fail to perform and observe any covenants under this Agreement, including, without limitation, all affirmative and negative covenants set forth in Sections 6 and 7 of this Agreement fifteen which such breach continues for ten (1510) days after notice by following written notice, or if longer, beyond the Bankapplicable cure period, if any, specifically provided therefor;
(f) if the FRS, the FDIC, the Illinois Commissioner of Banks and Trust Companies Michigan banking commission or other governmental agency charged with the regulation of bank holding companies or depository institutions institutions: (i) issues to the Borrower or the Subsidiary, or initiates any enforcement action, suit or proceeding to obtain against, impose on or require from the Borrower or the Subsidiary, a cease and desist order or similar regulatory proceeding order, the assessment of any kind or character whatsoever against the Borrowercivil monetary penalties, any Subsidiary or any officer or director thereofarticles of agreement, includinga memorandum of understanding, without limitationa capital directive, any action to impose a capital restoration plan, restrictions that prevent or as a practical matter impair the payment of dividends by any the Subsidiary or the payments of any debt by the Borrower or Borrower, restrictions that make the payment for the of dividends by any the Subsidiary or the payment of debt by the Borrower subject to prior regulatory approval, a notice or finding under Michigan banking laws, a notice or finding under Section 8(a) of the Federal Deposit Insurance Act, or any similar enforcement action, measure or proceeding; or (ii) issues to any officer or director of the Borrower or the Subsidiary, or initiates any action, suit or proceeding to obtain against, impose on or require from any such officer or director, a cease and desist order or similar regulatory order, a removal order, a suspension order, or the assessment of civil monetary penalties;
(g) if any the Subsidiary is notified that it is considered an institution in "troubled condition" within the meaning of 12 U.S.
Appears in 1 contract
Samples: Revolving Loan Agreement (Community Shores Bank Corp)
Events of Default; Default; Rights Upon Default. The happening or occurrence of any of the following events or acts shall each constitute a Default hereunder, and any such Default shall also constitute a Default under the Note, the Letters of Credit, the Pledge Agreement and any other loan document, without right to notice or time to cure in favor of the Borrower Borrowers except as indicated below:
(a) if the Borrower fails to make payment fifteen (15) days after notice by the Bank or where applicable upon demand, or fails Borrowers fail to make any payments as provided for herein;
(b) if there continues to exist any breach under any obligation of any other documents executed pursuant to this Agreement including, without limitation, the Note and the Pledge Agreement and such breach remains uncured beyond the applicable time period, if any, specifically provided therefor;
(c) if any representation or warranty made in this Agreement shall continue to be false when made or at any time during the term of this Agreement or any extension thereof, or if the Borrower fails Borrowers fail to perform or observe any covenant or agreement contained in this Agreement fifteen (15) days after notice thereof by Bank;
(d) if the Borrower fails Borrowers fail to perform or observe any covenant or agreement contained in any other agreement between the Borrower Borrowers or any the Subsidiary and the Bank, or if any condition contained in any agreement between the Borrower Borrowers or any the Subsidiary and the Bank is not fulfilled and such failure remains uncured beyond the applicable time period, if any, specifically provided therefor;
(e) if the Borrower Borrowers shall continue to fail to perform and observe, or cause or permit any the Subsidiary to fail to perform and observe any covenants under this Agreement, including, without limitation, all affirmative and negative covenants set forth in Sections 6 and 7 of this Agreement fifteen (15) days after notice by the Bank;
(f) if the FRS, the FDIC, the Illinois Iowa Commissioner of Banks and Trust Companies or other governmental agency charged with the regulation of bank holding companies or depository institutions institutions: (i) issues to any Borrower or the Subsidiary, or initiates any enforcement action, suit or proceeding to obtain against, impose on or require from any Borrower or the Subsidiary, a cease and desist order or similar regulatory proceeding order, the assessment of any kind civil monetary penalties, articles or character whatsoever against the Borroweragreement, any Subsidiary or any officer or director thereofa memorandum of understanding, includinga capital directive, without limitationa capital restoration plan, any action to impose restrictions that prevent or as a practical matter impair the payment of dividends by any the Subsidiary or the payments of any debt by the Borrower or a Borrower, restrictions that make the payment for the dividends by any the Subsidiary or the payment of debt by the a Borrower subject to prior regulatory approval;, a notice or finding under Section 8(a) of the Federal Deposit Insurance Act, or any similar enforcement action, measure or proceeding; or (ii) issues to any officer or director of a Borrower or the Subsidiary, or initiates any action, suit or proceeding to obtain against, impose on or require from any such officer or director, a cease and desist order or similar regulatory order, a removal order or suspension order, or the assessment of civil monetary penalties.
(g) if any the Subsidiary is notified that it is considered an institution in "troubled condition" within the meaning of 12 U.S.
Appears in 1 contract
Events of Default; Default; Rights Upon Default. The happening or occurrence of any of the following events or acts shall each constitute a Default hereunderdefault hereunder (each, a “Default”), and any such Default default shall also constitute a Default under the NoteNotes, the Pledge Agreement and any other loan document, without right to notice or time to cure in favor of the Borrower except as indicated below:
(a) if the Borrower fails to make payment fifteen (15) days after notice by the Bank or where applicable upon demandany payment, or fails to make any payments as provided for herein;
(b) if there continues to exist any breach under any obligation of any other documents executed pursuant to this Agreement including, without limitation, the Note Notes and the Pledge Agreement and such breach remains uncured beyond the applicable time period, if any, specifically provided therefor;
(c) if any representation or warranty made in this Agreement shall continue to be false when made or be false at any time during the term of this Agreement or any extension thereofhereof, or if the Borrower fails to perform or observe any covenant or agreement contained in this Agreement fifteen within thirty (1530) days after notice thereof by BankAdministrative Agent;
(d) if the Borrower fails to perform or observe any covenant or agreement contained in any other agreement between the Borrower or any Subsidiary and the BankAdministrative Agent, or if any condition contained in any agreement between the Borrower or any Subsidiary and the Bank Administrative Agent is not fulfilled and such failure remains uncured beyond the applicable time cure period, if any, specifically provided therefor;
(e) if the Borrower shall continue to fail to perform and observe, or cause or at permit any Subsidiary to fail to perform and observe any covenants under this Agreement, including, without limitation, all affirmative and negative covenants set forth in Sections 6 and 7 of this Agreement for fifteen (15) days after notice thereof by the BankAdministrative Agent;
(f) if the FRS, the FDIC, the Illinois Commissioner of Banks and Trust Companies Real Estate or other governmental agency charged with the regulation of bank holding companies or depository institutions institutions: (i) issues to the Borrower or any Subsidiary, or initiates any enforcement action, suit or regulatory proceeding of any kind to obtain against, impose on or character whatsoever against require from the Borrower, any Subsidiary or any officer Subsidiary, a cease and desist order or director thereofsimilar regulatory order, includingthe assessment of civil monetary penalties, without limitationarticles of agreement, any action to impose a memorandum of understanding, a capital directive, a capital restoration plan, restrictions that prevent or as a practical matter impair the payment of dividends by any Subsidiary (except those de novo Subsidiaries in their first three years of existence) or the payments of any debt by the Borrower or Borrower, restrictions that make the payment for the of dividends by any Subsidiary or the payment of debt by the Borrower subject to prior regulatory approval, a notice or finding under section 51 or section 52 of the Illinois Banking Act or section 8(a) of the Federal Deposit Insurance Act, or any similar enforcement action, measure or proceeding; or (ii) issues to any officer or director of the Borrower, or any Subsidiary, or initiates any action, suit or proceeding to obtain against, impose on or require from any such officer or director, a cease and desist order or similar regulatory order, a removal order, a suspension order, or the assessment of civil monetary penalties;
(g) if any Subsidiary is notified that it is considered an institution in "“troubled condition" ” within the meaning of 12 U.S.U.S.C. Section 1831i and the regulations promulgated thereunder, or if a conservator or receiver is appointed for any Subsidiary;
(h) if the Borrower or any Subsidiary (i) becomes insolvent or is unable to pay its debts as they mature; (ii) makes an assignment for the benefit of creditors or admits in writing its inability to pay its debts as they mature; (iii) suspends transaction of its usual business; or (iv) if a trustee of any substantial part of the assets of the Borrower or any Subsidiary is applied for or appointed, and if appointed in a proceeding brought against the Borrower, the Borrower by any action or failure to act indicates its approval of, consent to, or acquiescence in such appointment, or within thirty (30) days such appointment is not vacated or stayed on appeal or otherwise, or shall not otherwise have ceased to continue in effect;
(i) if any proceedings involving the Borrower or any Subsidiary are commenced by or against the Borrower or any Subsidiary under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law or statute of the federal government or any state government and if such proceedings are instituted against the Borrower, the Borrower by any action or failure to act indicates its approval of, consent to or acquiescence therein, or an order shall be entered approving the petition in such proceedings and within thirty (30) days after the entry thereof such order is not vacated or stayed on appeal or otherwise, or shall not otherwise have ceased to continue in effect, or
(j) if the Borrower or any Subsidiary continues to be in default in any payment of principal or interest for any other obligation or in the performance of any other term, condition or covenant contained in any agreement (including, but not limited to, an agreement in connection with the acquisition of capital equipment on a title retention or net lease basis), under which any such obligation is created, the effect of which default is to cause or permit the holder of such obligation to cause such obligation to become due prior to its stated maturity. Upon the occurrence of a Default, Administrative Agent shall have all rights and remedies provided by applicable law and, without limiting the generality of the foregoing, may (and, upon the written request of the Required Lenders shall), at its option, declare its commitments to be terminated and the Notes shall thereupon be and become forthwith, due and payable, without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein, in the Notes or the Pledge Agreement to the contrary notwithstanding, and may, also without limitation, appropriate and apply toward the payment of the Notes any indebtedness of the Lenders to the Borrower however created or arising, and may, also without limitation exercise any and all rights in and to the Pledged Security referred to in Section 6 above and in the Pledge Agreement. There shall be no obligation to liquidate the Pledged Security nor any other collateral pledged hereunder in any order or with any priority or to exercise any remedy available to Administrative Agent in any order.
Appears in 1 contract
Events of Default; Default; Rights Upon Default. The happening or occurrence of any of the following events or acts shall each constitute a Default hereunderdefault hereunder (each, a "Default"), and any such Default default shall also constitute a Default under the Note, the Pledge Agreement Agreements and any other loan document, without right to notice or time to cure in favor of the Borrower except as indicated below:
(a) if the Borrower fails to make payment fifteen (15) days after notice by the Bank or where applicable upon demandany payment, or fails to make any payments as provided for hereinherein or in the Pledge Agreements;
(b) if there continues to exist any breach under any obligation of any other documents executed pursuant to this Agreement including, without limitation, the Note and the Pledge Agreement Agreements and such breach remains uncured beyond the applicable time period, if any, specifically provided therefor;
(c) if any representation or warranty made in this Agreement shall continue to be false when made or be false at any time during the term of this Agreement or any extension thereofhereof, or if the Borrower fails to perform or observe any covenant or agreement contained in this Agreement within fifteen (15) days after notice thereof by Bank;
(d) if the Borrower or any Subsidiary fails to perform or observe any covenant or agreement contained in any other agreement between the Borrower or any Subsidiary and the Bank, or if any condition contained in any agreement between the Borrower or any such Subsidiary and the Bank is not fulfilled and such failure remains uncured beyond the applicable time cure period, if any, specifically provided therefor;
(e) if the Borrower shall continue to fail to perform and observe, or cause or permit any Subsidiary to fail to perform and observe any covenants under this Agreement, including, without limitation, all affirmative and negative covenants set forth in Sections 6 7 and 7 8 of this Agreement for fifteen (15) days after notice thereof by the Bank;
(f) if the FRS, the FDIC, the Illinois Office of the Commissioner of Banks and Trust Companies Real Estate or other governmental agency charged with the regulation of bank holding companies or depository institutions institutions: (i) issues to the Borrower or any Subsidiary, or initiates any enforcement action, suit or regulatory proceeding of any kind to obtain against, impose on or character whatsoever against require from the Borrower, any Subsidiary Borrower or any officer Subsidiary, a cease and desist order or director thereofsimilar regulatory order, includingthe assessment of civil monetary penalties, without limitationarticles of agreement, any action to impose a memorandum of understanding, a capital directive, a capital restoration plan, restrictions that prevent or as a practical matter impair the payment of dividends by any Subsidiary or the payments of any debt by the Borrower or Borrower, restrictions that make the payment for the of dividends by any Subsidiary or the payment of debt by the Borrower subject to prior regulatory approval, a notice or finding under Section 51 or Section 52 of the Illinois Banking Act or Section 8(a) of the Federal Deposit Insurance Act, or any similar enforcement action, measure or proceeding; or (ii) issues to any officer or director of the Borrower or any Subsidiary, or initiates any action, suit or proceeding to obtain against, impose on or require from any such officer or director, a cease and desist order or similar regulatory order, a removal order, a suspension order, or the assessment of civil monetary penalties;
(g) if any Subsidiary is notified that it is considered an institution in "troubled condition" within the meaning of 12 U.S.
Appears in 1 contract
Samples: Loan Agreement (Gold Banc Corp Inc)
Events of Default; Default; Rights Upon Default. The happening or occurrence of any of the following events or acts shall each constitute a Default hereunderdefault hereunder (each, a “Default”), and any such Default default shall also constitute a Default under the NoteNotes, the Pledge Agreement and any other loan document, without right to notice or time to cure in favor of the Borrower except as indicated below:
(a) if the Borrower fails to make payment fifteen (15) days after notice by the Bank or where applicable upon demandany payment, or fails to make any payments as provided for herein;
(b) if there continues to exist any breach under any obligation of any other documents executed pursuant to this Agreement including, without limitation, the Note Notes and the Pledge Agreement and such breach remains uncured beyond the applicable time period, if any, specifically provided therefor;
(c) if any representation or warranty made in this Agreement shall continue to be false when made or be false at any time during the term of this Agreement or any extension thereofhereof, or if the Borrower fails to perform or observe any covenant or agreement contained in this Agreement fifteen within thirty (1530) days after notice thereof by BankLaSalle;
(d) if the Borrower fails to perform or observe any covenant or agreement contained in any other agreement between the Borrower or any Subsidiary and the BankLaSalle, or if any condition contained in any agreement between the Borrower or any Subsidiary and the Bank LaSalle is not fulfilled and such failure remains uncured beyond the applicable time cure period, if any, specifically provided therefor;
(e) if the Borrower shall continue to fail to perform and observe, or cause or at permit any Subsidiary to fail to perform and observe any covenants under this Agreement, including, without limitation, all affirmative and negative covenants set forth in Sections 6 and 7 of this Agreement for fifteen (15) days after notice thereof by the BankLaSalle;
(f) if the FRS, the FDIC, the Illinois Commissioner of Banks and Trust Companies Real Estate or other governmental agency charged with the regulation of bank holding companies or depository institutions institutions: (i) issues to the Borrower or any Subsidiary, or initiates any enforcement action, suit or regulatory proceeding of any kind to obtain against, impose on or character whatsoever against require from the Borrower, any Subsidiary or any officer Subsidiary, a cease and desist order or director thereofsimilar regulatory order, includingthe assessment of civil monetary penalties, without limitationarticles of agreement, any action to impose a memorandum of understanding, a capital directive, a capital restoration plan, restrictions that prevent or as a practical matter impair the payment of dividends by any Subsidiary (except those de novo Subsidiaries in their first three years of existence) or the payments of any debt by the Borrower or Borrower, restrictions that make the payment for the of dividends by any Subsidiary or the payment of debt by the Borrower subject to prior regulatory approval, a notice or finding under section 51 or section 52 of the Illinois Banking Act or section 8(a) of the Federal Deposit Insurance Act, or any similar enforcement action, measure or proceeding; or (ii) issues to any officer or director of the Borrower, or any Subsidiary, or initiates any action, suit or proceeding to obtain against, impose on or require from any such officer or director, a cease and desist order or similar regulatory order, a removal order, a suspension order, or the assessment of civil monetary penalties;
(g) if any Subsidiary is notified that it is considered an institution in "“troubled condition" ” within the meaning of 12 U.S.U.S.C. Section 1831i and the regulations promulgated thereunder, or if a conservator or receiver is appointed for any Subsidiary;
(h) if the Borrower or any Subsidiary (i) becomes insolvent or is unable to pay its debts as they mature; (ii) makes an assignment for the benefit of creditors or admits in writing its inability to pay its debts as they mature; (iii) suspends transaction of its usual business; or (iv) if a trustee of any substantial part of the assets of the Borrower or any Subsidiary is applied for or appointed, and if appointed in a proceeding brought against the Borrower, the Borrower by any action or failure to act indicates its approval of, consent to, or acquiescence in such appointment, or within thirty (30) days such appointment is not vacated or stayed on appeal or otherwise, or shall not otherwise have ceased to continue in effect;
(i) if any proceedings involving the Borrower or any Subsidiary are commenced by or against the Borrower or any Subsidiary under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law or statute of the federal government or any state government and if such proceedings are instituted against the Borrower, the Borrower by any action or failure to act indicates its approval of, consent to or acquiescence therein, or an order shall be entered approving the petition in such proceedings and within thirty (30) days after the entry thereof such order is not vacated or stayed on appeal or otherwise, or shall not otherwise have ceased to continue in effect, or
(j) if the Borrower or any Subsidiary continues to be in default in any payment of principal or interest for any other obligation or in the performance of any other term, condition or covenant contained in any agreement (including, but not limited to, an agreement in connection with the acquisition of capital equipment on a title retention or net lease basis), under which any such obligation is created, the effect of which default is to cause or permit the holder of such obligation to cause such obligation to become due prior to its stated maturity. Upon the occurrence of a Default, LaSalle shall have all rights and remedies provided by applicable law and, without limiting the generality of the foregoing, may, at its option, declare its commitments to be terminated and the Notes shall thereupon be and become forthwith, due and payable, without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein, in the Notes or the Pledge Agreement to the contrary notwithstanding, and may, also without limitation, appropriate and apply toward the payment of the Notes any indebtedness of LaSalle to the Borrower however created or arising, and may, also without limitation exercise any and all rights in and to the Pledged Security referred to in Section 6 above and in the Pledge Agreement. There shall be no obligation to liquidate the Pledged Security nor any other collateral pledged hereunder in any order or with any priority or to exercise any remedy available to LaSalle in any order,
Appears in 1 contract
Events of Default; Default; Rights Upon Default. The happening or occurrence of any of the following events or acts shall each constitute a Default hereunderdefault hereunder (each, a "Default"), and any such Default ------- default shall also constitute a Default under the NoteNotes, the Pledge Agreement and any other loan document, without right to notice or time to cure in favor of the Borrower except as indicated below:
(a) if the Borrower fails to make payment fifteen (15) days after notice by the Bank or where applicable upon demandany payment, or fails to make any payments as provided for herein;
(b) if there continues to exist any breach under any obligation of any other documents executed pursuant to this Agreement including, without limitation, the Note Notes and the Pledge Agreement and such breach remains uncured beyond the applicable time period, if any, specifically provided therefor;
(c) if any representation or warranty made in this Agreement shall continue to be false when made or be false at any time during the term of this Agreement or any extension thereofhereof, or if the Borrower fails to perform or observe any covenant or agreement contained in this Agreement fifteen within thirty (1530) days after notice thereof by BankLaSalle;
(d) if the Borrower fails to perform or observe any covenant or agreement contained in any other agreement between the Borrower or any Subsidiary and the BankLaSalle, or if any condition contained in any agreement between the Borrower or any Subsidiary and the Bank LaSalle is not fulfilled and such failure remains uncured beyond the applicable time cure period, if any, specifically provided therefor;
(e) if the Borrower shall continue to fail to perform and observe, or cause or at permit any Subsidiary to fail to perform and observe any covenants under this Agreement, including, without limitation, all affirmative and negative covenants set forth in Sections 6 and 7 of this Agreement for fifteen (15) days after notice thereof by the BankLaSalle;
(f) if the FRS, the FDIC, the Illinois Commissioner of Banks and Trust Companies Real Estate or other governmental agency charged with the regulation of bank holding companies or depository institutions institutions: (i) issues to the Borrower or any Subsidiary, or initiates any enforcement action, suit or regulatory proceeding of any kind to obtain against, impose on or character whatsoever against require from the Borrower, any Subsidiary or any officer Subsidiary, a cease and desist order or director thereofsimilar regulatory order, includingthe assessment of civil monetary penalties, without limitationarticles of agreement, any action to impose a memorandum of understanding, a capital directive, a capital restoration plan, restrictions that prevent or as a practical matter impair the payment of dividends by any Subsidiary (except those de novo Subsidiaries in their first three years of existence) or the payments of any debt by the Borrower or Borrower, restrictions that make the payment for the of dividends by any Subsidiary or the payment of debt by the Borrower subject to prior regulatory approval, a notice or finding under section 51 or section 52 of the Illinois Banking Act or section 8(a) of the Federal Deposit Insurance Act, or any similar enforcement action, measure or proceeding; or (ii) issues to any officer or director of the Borrower, or any Subsidiary, or initiates any action, suit or proceeding to obtain against, impose on or require from any such officer or director, a cease and desist order or similar regulatory order, a removal order, a suspension order, or the assessment of civil monetary penalties;
(g) if any Subsidiary is notified that it is considered an institution in "troubled condition" within the meaning of 12 U.S.
Appears in 1 contract
Events of Default; Default; Rights Upon Default. The happening or occurrence of any of the following events or acts shall each constitute a Default hereunder, and any such Default shall also constitute a Default under the Note, the Pledge Agreement and any other loan document, without right to notice or time to cure in favor of the Borrower except as indicated below:
(a) if the Borrower fails to make payment fifteen five (155) days after written notice thereof by the Bank or where applicable upon demand, or fails to make any payments as provided for herein;
(b) if there continues to exist any breach under any obligation of any other documents executed pursuant to this Agreement including, without limitation, the Note and the Pledge Agreement and such breach remains uncured beyond the applicable time period, if any, specifically provided therefor;
(c) if any representation or warranty made in this Agreement shall continue to be false when made or at any time during the term of this Agreement or any extension thereof, or if the Borrower fails to perform or observe any covenant or agreement contained in this Agreement fifteen thirty (1530) days after written notice thereof by Bank;
(d) if the Borrower fails to perform or observe any covenant or agreement contained in any agreement other agreement than this Agreement between the Borrower or any the Subsidiary and the Bank, or if any condition contained in any agreement between the Borrower or any the Subsidiary and the Bank is not fulfilled and such failure remains uncured beyond the applicable time period, if any, specifically provided therefor;
(e) if there is a change in control in the Borrower or Subsidiary (as defined under applicable laws or regulations) or if Xxxxxx Xxxxxxxx ceases to be a member of senior management of the Borrower and Subsidiary;
(f) if the Borrower shall continue to fail to perform and observe, or cause or permit any the Subsidiary to fail to perform and observe any covenants under this Agreement, including, without limitation, all affirmative and negative covenants set forth in Sections 6 and 7 of this Agreement fifteen thirty (1530) days after written notice thereof by the Bank;
(fg) if the FRS, the FDIC, the Illinois Commissioner of Banks and Trust Companies FDIC or other governmental agency charged with the regulation of bank holding companies or depository institutions institutions: (i) issues to the Borrower or the Subsidiary, or initiates any enforcement action, suit or regulatory proceeding of any kind to obtain against, impose on or character whatsoever against the Borrower, any Subsidiary or any officer or director thereof, including, without limitation, any action to impose restrictions that prevent or as a practical matter impair the payment of dividends by any Subsidiary or the payments of any debt by require from the Borrower or restrictions that make the payment for Subsidiary, a cease and desist order or similar regulatory order, or (ii) a notice or finding under Section 8(a) of the dividends by Federal Deposit Insurance Act, or any Subsidiary similar enforcement action, measure or the payment of debt by the Borrower subject to prior regulatory approvalproceeding;
(gh) if any the Subsidiary is notified that it is considered an institution in "“troubled condition" ” within the meaning of 12 U.S.U.S.C. Section 1831i and the regulations promulgated thereunder, or if a conservator or receiver is appointed for any Subsidiary;
(i) if the Borrower or the Subsidiary becomes insolvent or is unable to pay its debts as they mature; or makes an assignment for the benefit of creditors or admits in writing its inability to pay its debts as they mature; or suspends transaction of its usual business, or if a trustee of any substantial part of the assets of the Borrower or the Subsidiary is applied for or appointed, and if appointed in a proceeding brought against the Borrower, the Borrower by any action or failure to act indicates its approval of, consent to, or acquiescence in such appointment, or within thirty (30) days such appointment is not vacated or stayed on appeal or otherwise, or shall not otherwise have ceased to continue in effect;
(j) if any proceedings involving the Borrower or the Subsidiary are commenced by or against the Borrower or the Subsidiary under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law or statute of the federal government or any state government and if such proceedings are instituted against the Borrower, the Borrower by any action or failure to act indicates its approval of, consent to our acquiescence therein, or an order shall be entered approving the petition in such proceedings and within thirty (30) days after the entry thereof such order is not vacated or stayed on appeal or otherwise, or shall not otherwise have ceased to continue in effect; or
(k) if the Borrower or the Subsidiary continue to be in default in any payment of principal or interest for any other obligation or in the performance of any other term, condition or covenant contained in any agreement (including but not limited to an agreement in connection with the acquisition of capital equipment on a title retention or net lease basis), under which any such obligation is created the effect of which default is to cause or permit the holder of such obligation to cause such obligation to become due prior to its stated maturity. Upon the occurrence of a Default, the Bank shall have all rights and remedies provided by applicable law and, without limiting the generality of the foregoing, may, at its option, declare its commitments to be terminated and the Note shall thereupon be and become forthwith, due and payable, without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in the Note or the Pledge Agreement to the contrary notwithstanding, and may, also without limitation, appropriate and apply toward the payment of the Note any indebtedness of the Bank to the Borrower however created or arising, and may, also without limitation exercise any and all rights in and to the collateral security referred to in Section 8 above and under the Pledge Agreement. There shall be no obligation to liquidate any collateral pledge hereunder in any order or with any priority or to exercise any remedy available to the Bank in any order.
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