Events of Default; Effect Sample Clauses

Events of Default; Effect. If default in the payment when due of any principal of, or default (and continuance thereof for 5 days) in the payment when due of interest on, the Trust Note (an "Event of Default") occurs, unless the effect thereof as an Event of Default has been waived in writing by the Company, then the Company may declare the Trust Note to be due and payable, whereupon the Trust Note shall become immediately due and payable, without presentment, demand, protest or notice to the Trust or other action by the Company of any kind whatsoever, all of which actions the Trust hereby waives to the maximum extent permitted by law. The Company shall promptly advise the Trust of any declaration of default, but failure to do so or delay in doing so shall not impair the effect of such declaration. Notwithstanding anything to the contrary herein or in the Trust Note or the Share Pledge Agreement contained or implied, if a Default or Event of Default occurs with respect to the Trust Loan by the Trust, the value of Trust assets transferred in satisfaction thereof shall not exceed the amount of such default. In addition, such a transfer of such Trust assets shall only occur upon and to the extent of the failure of the Trust to meet the payment schedule of the Trust Loan provided in Article II.
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Events of Default; Effect. (a) The occurrence at any time of any one or more of the following events shall constitute an "Event of Default" under this Note: (i) the Maker's failure to pay principal of, interest on or other amount when due under this Note, which failure remains unremedied for a period of ten (10) days thereafter, (ii) failure of the Maker to perform or default in the observance by the Maker of any of the Maker's agreements, covenants and/or obligations set forth herein or a material breach of any of Maker's representations and warranties set forth herein; (iii) the dissolution, liquidation or termination of legal existence of the Maker; (iv) the appointment of a receiver, trustee or similar official or agent to take charge of or liquidate any property of assets of the Maker, or action by any court to take jurisdiction of all or a substantial portion of the property or assets of the Maker; (v) the sale of all or substantially all of the Maker's property or assets other than pursuant to an Interim Business Transaction; or (vi) the commencement of any proceeding by the Maker or any other party under any provision of the Bankruptcy Code of the United States, as now in existence or hereafter amended, or of any other proceeding under any applicable federal or state law, now existing or hereafter in effect, relating to bankruptcy, reorganization, insolvency, liquidation or otherwise, for the relief of debtors or readjustment of indebtedness, by or against Maker; provided, that with respect to any proceeding commenced against the Maker such proceeding remains undismissed or unstayed for a period of 60 days, or any of the actions sought in such proceedings occur.
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Events of Default; Effect. (a) For purposes of this Note, an Event of Default shall be deemed to have occurred if:
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Events of Default; Effect. If default (and continuance thereof for ten business days) in the payment when due of any principal of, or interest on, the ESOP Note occurs (an “Event of Default”), unless the effect thereof as an Event of Default has been waived in writing by the Company or the Company has failed to comply with Section 4.2(f), then the Company may declare the ESOP Note to be due and payable, whereupon the ESOP Note shall become immediately due and payable, without presentment, demand, protest or further notice of any kind to the Trust or other action by the Company of any kind whatsoever, all of which actions the Trust hereby expressly waives to the maximum extent permitted by law. The Company shall promptly advise the Trust of any such declaration, but failure to do so or delay in doing so shall not impair the effect of such declaration. Notwithstanding anything to the contrary herein, in the ESOP Note or the Stock Pledge Agreement contained or implied, in the Event of Default with respect to the ESOP Loan by the Trust, the value of Trust assets transferred to a “disqualified person” (as defined in section 4975(e)(2) of the Code) or a “party in interest” (as defined in section 3(14) of ERISA) in satisfaction thereof shall not exceed the amount of such default (without regard to amounts owing solely as the result of an acceleration under this Section 6.1). In addition, such a transfer of such Trust assets shall only occur upon, and to the extent of the failure of the Trust to meet the principal and interest payment schedules of the ESOP Loan provided in Section 2.3 and Section 2.5 of this Agreement.
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Events of Default; Effect. The occurrence of either of the following events shall constitute an Event of Default hereunder:
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Related to Events of Default; Effect

  • Events of Default, Etc During the period during which an Event of Default shall have occurred and be continuing:

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

  • 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.

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

  • Events of Default Defined The following shall each constitute an "Event of Default" hereunder:

  • Certain Events of Default The following Events of Default will apply to the parties as specified below, and the definition of “Event of Default” in Section 14 is deemed to be modified accordingly:

  • Lease Events of Default The following events shall constitute Lease Events of Default hereunder (whether any such event shall be voluntary or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) and each such Lease Event of Default shall be deemed to exist and continue so long as, but only as long as, it shall not have been remedied:

  • Additional Events of Default The parties hereto acknowledge, confirm and agree that the failure of Borrower or any Guarantor to comply with any of the covenants, conditions and agreements contained herein or in any other agreement, document or instrument at any time executed by Borrower or any Guarantor in connection herewith shall constitute an Event of Default under the Financing Agreements.

  • Events of Default Remedies If any of the following events (“Events of Default”) shall occur:

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